New Delhi: State-owned Allahabad Bank slashed fixed deposit rate by 0.25 percent for a particular maturity.

The bank has decided to revise the interest rate downward from existing 9.50 percent to 9.25 percent on term deposit with maturity period of one year to less than two years, Allahabad Bank said in a BSE filing.

The new rate would be effective from tomorrow, it added. However, interest rates on other maturities remain unchanged.

Earlier this month, another public sector Bank of India (BoI) slashed interest rate on fixed deposits by 0.25 percent on select maturities.

Interest rate on fixed deposit of BoI for maturity between 2 and 3 years was reduced by 0.25 percent to 9 percent. With the revision, BoI's interest rate on 3-10 years fixed deposit would come down to 9 percent from 9.25 percent.

This public sector lender Allahabad Bank also reported a 55.36 percent growth in its net profit for the quarter ending March 31, 2012, at 4 billion against 2.58 billion for the same period last year.