Public sector lender Allahabad Bank has announced a hike in its interest rates of fixed deposits.

The new rates will come to effect from today, September 05, 2011.

The interest rates of deposits having tenor from 1 year to less than 2 years has been revised to 9.5%, a 50 bps hike over the previous rates.

The revised rates are applicable only for deposits amounting upto Rs 5 crore.