Home / Industry / Banking /  Bandhan Bank revises interest rates on savings bank deposits: Details here

The private sector lender Bandhan Bank has altered its savings account interest rates. According to the bank's official website, the new rates take effect on September 30, 2022. These new rates would apply to both domestic and non-resident rupee savings bank accounts, according to the lender. Following the change, the bank is now permitting savings accounts to earn up to 6.50% in interest. This announcement made by Bandhan Bank came after the Reserve Bank of India (RBI) on September 30 announced a 50 basis points hike in the repo rate, which now stands at 5.9 per cent.

Bandhan Bank savings account interest rates

The bank is now giving an interest rate of 3.00% on savings accounts with a daily balance of up to 1 lakh, while Bandhan Bank is now offering an interest rate of 6.00% on savings accounts with a daily balance of 1 lakh or more up to 10 lakh. On savings accounts with daily balances above Rs. 10 lakh to Rs. 2 crores, Bandhan Bank is now offering an interest rate of 6.25%. On savings accounts with daily balances above Rs. 2 crores to Rs. 10 crores, the bank is now offering an interest rate of 6.25%. Savings accounts will now give a maximum interest rate of 6.50% if your daily balance is between 10 crore and 50 crore.

Here is the Domestic / Non-Resident Rupee savings deposit interest rates chart, w.e.f. September 30, 2022

Bandhan Bank savings account interest rates
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Bandhan Bank savings account interest rates (bandhanbank.com)

According to Bandhan Bank's guidelines, interest is paid on the last day of each calendar quarter on June 30, September 30, December 31, and March 31 which is computed daily based on the account's end-of-day balance amount.

For savings account holders, 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."

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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