Bandhan Bank hikes FD rates with up to 8.00% on this tenor effective from today
1 min read . Updated: 06 Feb 2023, 02:35 PM IST
Premium- Bandhan Bank, a private sector lender, increased interest rates on fixed deposits worth under ₹2 Cr by up to 50 bps.
Bandhan Bank, a private sector lender, increased interest rates on fixed deposits worth under ₹2 Cr by up to 50 bps. From February 6, 2023, the new FD rates will be in effect for retail deposits up to ₹2 crore. The bank has introduced a special tenor of 600 days (1 year, 7 months, and 22 days), on which the general public will now get a maximum interest rate of 8.00% and senior citizens would receive a maximum interest rate of 8.50%. This limited-time offer comes with one of the highest interest rates on fixed deposits in the banking sector according to the bank's recent adjustment. According to Bandhan Bank, this increase in rates on fixed deposits is the second one in three months period.
Bandhan Bank FD Rates
On term deposits maturing in 7 days to 30 days, the bank is offering an interest rate of 3.00% and on those maturing in 31 days to less than 2 months, Bandhan Bank is offering an interest rate of 3.50%. Bandhan Bank is offering an interest rate of 4.50% on a deposit tenor of 2 months to less than 1 year and the bank is now promising an interest rate of 7.25% on a deposit tenor of 1 year to 599 days.
Deposits maturing in 600 days (1 year, 7 months, 22 days) will now fetch an interest rate of 8.00% and those maturing in 601 days to less than 5 years will now fetch an interest rate of 7.25%. On a deposit tenor of 5 years to up to 10 years, Bandhan Bank is offering an interest rate of 5.85%. The aforementioned rates are valid for retail deposits under ₹2 crore, and senior citizen rates are exclusively available to Indian residents; NRIs are not eligible.
Bandhan Bank has mentioned on its website that “For pre-mature withdrawal; the Penal Interest Rate of 1% shall be applicable on the card rate. The card rate for premature closure will be lower of the rate for the original/contracted tenure for which the deposit has been booked or the rate applicable for the tenure for which the deposit has been in force with the bank."
Bandhan Bank now has 5,723 banking units servicing 2.86 crore customers throughout 34 of India's 36 states and union territories.
