Public sector lender, Allahabad Bank has announced an increase in interest rates of fixed deposits by as much as 200 basis points. At the same time deposit rates of a particular slab have been reduced by 25 bps.

The revised rates will come into effect from February 18, 2011.

The 270-364 days deposit will now fetch the depositor an interest of 7.75% for amount less than Rs 1 crore.

The 5 to 10 year deposit slab will have a slashed rate of 8% now as against 8.25% earlier.

Deposits of tenor 1-2 years will have increased rate of 8.75% while 2-5 year deposit will have interest of 8.5%.

For high value deposits in the range of Rs 1 to 5 crore, there has been an interest hike in 2-3 year deposit to 8%.

The 3-5 year deposit will fetch interest of 7.75% while the 5-10 year deposit will have interest of 7.5%.