A spatially homogeneous and anisotropic locally rotationally symmetric Bianchi type-I spacetime with cosmological term Λ in f(R,T) theory has been studied. The exact solution of the field equations is obtained under a variation law of the Hubble parameter (H) which yields a time dependent deceleration parameter (Banerjee and Das in Gen. Relativ. Gravit. 37:10, 2005). The model presents a cosmological scenario which describes early deceleration and late time acceleration. The physical parameters of the model have been analysed.