BackAt 7.80.%, Bandhan bank offers inflation-beating rates on bulk deposits from today
The interest rate is highest at 7.25% on FDs with a premature payment facility, while the rate is massive at 7.80% without the premature withdrawal facility. Bandhan Bank's bulk deposit interest rates are inflation-beating.
PremiumBandhan Bank has revised interest rates of bulk fixed deposits (FDs) with effect from September 26. The FDs range from ₹2 crore and above. The interest rate is highest at 7.25% on FDs with a premature payment facility, while the rate is massive at 7.80% without the premature withdrawal facility. Bandhan Bank's bulk deposit interest rates are inflation-beating. India's consumer price index (CPI) inflation currently is at 7% by August 2022.
FDs with premature payment facility
Bandhan Bank offers bulk FDs in the range of ₹2 crore to ₹50 crore and above. The interest rate is highest at 7.25% on these deposits on tenures from 365 days to less than 15 months.
While the interest rate is 6.15% on FDs from 15 months to less than 5 years. On the highest tenure of 5 years to 10 years, the bank offers a 5% rate on these FDs.
The interest rate is 6% on FDs maturing from 91 days to 364 days, while the rate is 5.05% on tenures of 46 days to 90 days. In the shorter period, 7 days to 45 days tenure, the rates range from 3.25% to 3.75%.
FDs without premature withdrawal facility
Just like above, FDs here range in the bulk of ₹2 crore to ₹50 crore and above. The rate is the same between 3.25% to 3.75% on tenures from 7 days to 45 days.
However, the bank offers 6.30% on 46 days to 90 days tenure, while the rate is 6.75% on 91 days to 364 days tenure.
The highest rate is 7.80% on tenures from 365 days to less than 15 months. While a depositor can earn up to a 7.40% rate on FDs maturing from 15 months to less than 5 years.
For the highest maturity period which is 5 years to 10 years, the bank offers a 5.50% rate.
On its website, Bandhan Bank said, 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. Also, Any deposit above ₹10 crore can be taken only after prior approval of treasury.
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