This private bank revises bulk FD rates; earn up to 7.70% without premature facility
Under the latest revision, the bank is offering between 3.25% to 7.25% interest rates with a premature withdrawal facility, however, the interest rate is higher without a premature withdrawal payment option.
Kolkata-based private banker, Bandhan Bank has revised its interest rates on bulk fixed deposits with effect from Wednesday onward. Under the latest revision, the bank is offering between 3.25% to 7.25% interest rates with a premature withdrawal facility, however, the interest rate is higher without a premature withdrawal payment option. As much as a 7.7% rate can be earned on a little over 1-year tenure without a premature withdrawal facility. The interest rates are on bulk FDs ranging from ₹2 crore to ₹50 crore and above.
FD rates with premature payment facility:
The bank offers the highest rate of 7.25% on tenures for 365 days to less than 15 months, while the rate is 6% on tenures from 91 days to 364 days, and between 15 months to less than 5 years.
A depositor can earn up to a 5.05% rate on FDs maturing 46 days to 90 days tenure, and 5% on the highest tenure of 5 years to 10 years.
On the short-term period, 7 days to 45 days, the interest rate is between 3.25% to 3.75% on these FDs.
The rates are similar on FDs from ₹2 crore to ₹50 crore and above.
FDs without premature payment facility:
On FDs from ₹2 crore to ₹50 crore and above, the bank offers a 7.70% rate on tenures from 365 days to less than 15 months. The rate is 6.75% on tenures from 91 days to 364 days, and from 15 months to less than 5 years.
A 6.75% rate is offered on tenures of 91 days to 180 days, while the rate is 6.30% on 46 days to 90 days tenures. On the highest tenure of 5 years to 10 years, the interest rate is 5.50%.
The interest rate is 3.25% to 3.75% on short tenures from 7 days to 45 days.
Under this facility, the bank stated, 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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