BackBandhan Bank hikes bulk FD rates, now get up to 7.90% effective from today
The private sector lender Bandhan Bank hiked interest rates on bulk fixed deposits (FDs) of more than ₹2 Cr to ₹50 Cr and above.
PremiumThe private sector lender Bandhan Bank hiked interest rates on bulk fixed deposits (FDs) of more than ₹2 Cr to ₹50 Cr and above. According to the bank's official website, the new rates are in effect as of today, January 30, 2023. Following the revision, the bank is now providing fixed deposit customers with a maximum interest rate of 7.90% on deposit terms ranging from 365 days to less than 15 months.
Bandhan Bank Bulk FD Rates
The bank now promises an interest rate of 5.00% on deposits that mature in the next 7 to 15 days, and 5.80% on deposits that mature in the next 16 to 90 days. On deposits with tenors of 91 to 180 days, Bandhan Bank is now guaranteeing an interest rate of 6.25%, and on deposits with tenors of 181 to 364 days, the bank is now promising an interest rate of 6.75%. Deposits with maturities between 365 days and fewer than 15 months will now earn interest at a rate of 7.90%, while deposits with maturities between 15 months and less than 5 years will now earn interest at a rate of 6.15%. On a deposit tenor of 5 years to 10 years, the bank is promising an interest rate of 5.00%.
Bandhan Bank has mentioned on its website that “In case of premature withdrawal of deposit 1% penalty will be levied on the corresponding ROI for which the deposit is actually kept with the bank. Any deposit above ₹10 crore can be taken only after prior approval of treasury."
GNPA as of December 31, 2022 improved to 7.2% compared to 10.8% as on December 31, 2021, while Net NPAs as of December 31, 2022 improved to 1.9% compared to 3.0% as on December 31, 2021, according to Bandhan Bank. Loan portfolio growth (on book + off book + TLTRO + PTC) increased by 11.1% YoY and deposits by 21.0% YoY in the quarter ended December 2022, or Q3FY23. Total advances of Bandhan Bank (on book + off book + TLTRO + PTC) grew by 11.1% to ₹97,787.1 crore in Q3FY23 against ₹87,997.7 crore in Q3FY22.
In comparison to December 31, 2021, when total deposits were at ₹84,499.8 crore, Bandhan Bank reported a 21.0% growth to ₹1,02,283.2 crore as on December 31, 2022. Gross non-performing assets (NPAs) as of December 31, 2022 were ₹6,964.8 crore (7.2%) compared to ₹6,853.9 crore (7.2%) as of September 30, 2022, and ₹9,441.6 crore (10.8%) as of December 31, 2021. Bandhan Bank reported a net profit of ₹290.6 Cr in Q3FY23, as against ₹209.3 Cr in Q2FY23 and ₹859.0 Cr in Q3 FY22, registering a QoQ growth of 38.8% but a YoY fall of 66.2%.
There were 5,723 banking outlets as of December 31, 2022. In comparison to 1,176 branches and 4,450 banking units as of December 31, 2021, the network now has 1,250 branches and 4,473 banking units.
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