Allahabad Bank has reduced the interest rate by 0.15% per annum i.e. from existing 9.05% per annum to 8.90% per annum on domestic retail term deposits scheme with maturity period of one year to less than five years, with effect from Nov. 10, 2014.

The bank reported 49% decline in net profit at Rs 1.41 billion for the second quarter ended September on higher tax outgo and fall in other income.

The bank's net profit in the corresponding quarter of 2013-14 stood at Rs 2.75 billion. Total income increased from Rs 53.03 billion for the quarter ended Sept. 30, 2013 to Rs 54.16 billion for the quarter ended Sept. 30, 2014.

Shares of the company declined Rs 1.7, or 1.44%, to settle at Rs 116.15. The total volume of shares traded was 356,450 at the BSE (Wednesday).