Bandhan Bank hikes savings account interest rates, now earn up to 6.50%
The private sector lender Bandhan Bank has hiked interest rates on savings bank deposits.
PremiumThe private sector lender Bandhan Bank has hiked interest rates on savings bank deposits. As per the official website of the bank the new interest rates are effective as of March 03, 2023. Following the announcement, savings account customers of Bandhan Bank can earn up to 6.50% interest rates on their deposits.
Bandhan Bank Savings Account Interest Rates
Bandhan Bank offers a 3.00% interest rate on domestic and non-resident rupee savings bank accounts with a daily balance of up to ₹1 lakh, and a 6.00% interest rate on savings accounts with a daily balance of above ₹1 lakh to ₹10 lakh. Bandhan Bank pays an interest rate of 6.25% on savings accounts with a daily balance of ₹10 lakh to ₹10 crore, and it now pays a rate of 6.50% on savings accounts with a daily balance of ₹10 crore to ₹50 crore.
Bandhan Bank has mentioned on its website that “Interest of 3.00% p.a will be applied for amount up to ₹1 lakh, 6% p.a will be applied on the incremental balance over and above ₹1 lakh up to ₹10 lakh, 6.25% p.a will be applied on the incremental balance over and above ₹10 lakh up to ₹10 crore and 6.50% p.a will be applied on the incremental balance over and above ₹10 crore up to ₹50 crore."
Interest is calculated daily based on the end-of-day clear balance in the account at Bandhan Bank, and it is paid quarterly on June 30, September 30, December 31, and March 31.
Bandhan Bank, headquartered in Kolkata, upped its marginal cost of funds-based lending rates (MCLR) by 16 basis points (bps) across tenures on Tuesday. According to the Bandhan Bank website, the revised rates went into effect on February 28, 2023.
Bandhan Bank has 2.86 crore customers and counting, 5,759 banking facilities located throughout 34 out of 36 states and union territories in India, 429 accessible, voice-enabled ATMs, and 17+ lakh CSR participants, making it a trustworthy bank for citizens.
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