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Bandhan Bank revised interest rates on bulk fixed deposits (FDs) and as per the official website of the bank, the new rates are effective as of today December 06, 2022. Following the revision, the bank is now providing interest rates on deposits that mature in 7 days to 10 years that range from 3.25% to 5.00%. The maximum interest rate for deposits maturing in 365 days to less than 15 months is now 7.25%.

Bandhan Bank Bulk FD Rates

On deposits maturing in 7 days to 28 days, the bank is offering an interest rate of 3.25% and on those maturing in 29 days to 90 days, Bandhan Bank is now offering an interest rate of 5.55%. Deposits maturing in 91 days to 364 days will fetch an interest rate of 6.00% and those maturing in 365 days to less than 15 months will now fetch an interest rate of 7.25%. Bandhan Bank is now offering an interest rate of 6.15% on deposits maturing in 15 months to less than 5 years and the bank is offering an interest rate of 5.00% on those maturing in 5 years to 10 years.

Bandhan Bank Bulk FD Rates
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Bandhan Bank Bulk FD Rates (bandhanbank.com)

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."

Meanwhile, Yes Bank has announced an interest rate revision on fixed deposits of less than 2 Cr and the new rates take effect on December 5, 2022. As a result of the adjustment, the bank now offers interest rates on deposits with maturities ranging from 7 days to 120 months that fall between 3.25% and 6.75% for the general public and 3.75% to 7.50% for senior citizens. The general public will now receive a maximum interest rate of 7% on deposits with maturities between one and three years.

The Reserve Bank of India (RBI), which has raised the repo rate four times in a row, has compelled the banks to raise their fixed deposit (FD) rates. However, on FDs, some banks are providing rates that outpace inflation. The Monetary Policy Committee (MPC) meeting of the Reserve Bank of India began on December 5 and will last three days. On December 7, when the RBI will publish its decision about the repo rate adjustment, the meeting will come to an end. In the meanwhile, analysts are projecting another repo rate rise, which might drive fixed deposit interest rates higher.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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