Bandhan Bank, a private sector lender, has reported a rise in the interest rate on fixed deposits and savings accounts. The revised interest rates went into effect on July 4, 2022, and the bank now offers savings account holders a maximum interest rate of 6.25 per cent and an interest rate of 3.00% – 5.60% to the general public and 3.75% – 6.35% to senior citizens on fixed deposits of less than ₹2 Cr.
Bandhan Bank FD Rates
The bank will continue to give a 3.00 per cent interest rate on deposits made between 7 and 30 days, and Bandhan Bank has maintained its 3.50 per cent interest rate on fixed deposits with maturities between 31 days and less than 2 months. The bank increased interest rates on term deposits maturing in 2 months to less than 1 year from 3.50 per cent to 4.50 per cent. On deposits of 1 year or less than 2 years, Bandhan Bank will now give an interest rate of 6.25 per cent, up from 5.75 per cent.
The bank increased interest rates on fixed deposits maturing in 2 years to less than 5 years by 25 basis points, from 6.25 per cent to 6.50 per cent. The bank has kept its interest rate steady at 5.60 per cent for long-term deposits of five to ten years. All tenors would be subject to an additional 0.75 per cent premium for elderly individuals, over and above the standard rate. Senior citizens will now get a maximum interest rate of 7.25 per cent on term deposits maturing in 2 years or less than 5 years.
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Bandhan Bank Savings Account Interest Rates
For savings accounts with a daily balance of up to ₹1 lakh, the bank will now give an interest rate of 3 per cent, and for accounts with a daily balance of between ₹1 lakh and ₹10 lakh, Bandhan Bank will now offer an interest rate of 5 per cent. The bank is now giving a maximum interest rate of 6.25 per cent on savings bank deposits of above ₹10 lakh to ₹2 crore, which is significantly higher than the fixed deposit interest rates of some of the leading banks. In fact, Bandhan Bank savings account holders will now receive an interest rate of 6.00 per cent on daily balances over ₹2 crore to ₹10 crore and daily balances above ₹10 crore to ₹100 crore.
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