Bandhan Bank, a private sector lender, hiked interest rates on fixed deposits 2 cr by 50 bps. New FD rates for retail deposits to be effective from February 6, 2023 2 crores. 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 a maximum of 8.50%. This limited time offer comes with one of the highest interest rates on fixed deposits in the banking sector as per the recent adjustments of the bank. According to Bandhan Bank, this increase in rates on fixed deposits is the second time in a span of three months.
Bandhan Bank FD Rates
On fixed 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 deposit tenure of 2 months to less than 1 year and the bank is now promising an interest rate of 7.25% on deposit tenure 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 deposit tenure ranging from 5 years to 10 years, Bandhan Bank is offering an interest rate of 5.85%. The above rates are valid under Retail Deposit 2 crores, and senior citizen rates are exclusively available for Indian residents; NRI are not eligible.
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Bandhan Bank mentions on its website that “For Premature Withdrawal; A penal interest rate of 1% will be applicable on the card rate. The rate for premature closure of the card will be lower of the rate for the original/contracted period for which the deposit is booked or the rate applicable for the period for which the deposit with the bank is applicable.”
Bandhan Bank now has 5,723 banking units serving 2.86 crore customers across 34 out of 36 states and union territories of India.
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