Bandhan Bank Raises Interest Rates on Fixed and Savings Deposits: Details Inside

Bandhan Bank, a private sector lender, has raised interest rates on savings accounts and term deposits below 2 crores. According to the bank’s official website, the new rates will come into effect on August 22, 2022. Bandhan Bank will now offer a maximum interest rate of 6.25% on savings accounts and a maximum interest rate of 7, 00% for regular customers and 7.50% for seniors. citizens on term deposits.

Bandhan Bank Savings Account Rate

Bandhan Bank will now pay an interest rate of 3.00% on daily savings account balances up to 1 lakh, and 6.00% on daily savings account balances of 1,000,000 and 10,000,000. On daily savings account balances greater than 10,000,000 2 crore, Bandhan Bank would now give an interest rate of 6.25%, which would be the maximum applicable interest rate. Bandhan Bank will now pay an interest rate of 6% on the daily balances of the above savings accounts 2 crore to 10 crores and daily balances from above savings accounts 10 crore to 100 crores.

These interest rates are applicable on domestic and non-resident savings bank accounts in rupees and daily interest calculations will be made using the end of day of the savings account holder’s account, according to the bank. Bandhan Bank mentioned on its website that “interest of 3.00% per annum will be charged for an amount up to 1 lakh, 6% per annum will be applied on the extra balance above 1 lakh up to 10 lakh, 6.25% per annum will be applied on additional balance beyond 10 lakh up to 2 crore and 6% per annum will be applied on the extra balance above 2 crore up to 100 crore.”

Show full picture

Bandhan Bank Savings Account Rate (bandhanbank.com)

Bandhan Bank exchange rate

Bandhan Bank will continue to charge 3% interest rate on term deposits 2 Cr which mature in 7 days to 30 days, and an interest rate of 3.5% on term deposits which mature in 31 days to less than 2 months. At Bandhan Bank, term deposits with a maturity between 2 months and less than 1 year will always earn an interest rate of 4.50%, while those with a maturity between 1 year and less 2-year bonds will now benefit from an interest rate of 7%, compared to 6.25% previously. and an increase of 75 basis points. Bandhan Bank raised interest rates on term deposits maturing in 2 years to less than 5 years by 50 basis points, from 6.50% to 7%. Bandhan Bank kept the interest rate unchanged on term deposits with maturities ranging from 5 to 10 years at 5.60%.

Bandhan Bank exchange rate

Show full picture

Bandhan Bank exchange rate (bandhanbank.com)

“For a premature withdrawal; the Penal Interest Rate of 1% will be applicable on the rate of the card. The rate for the card in the event of premature closure will be lower than the rate of the original/contractual mandate for which the deposit was reserved or the rate applicable to the mandate for which the deposit was in force with the bank,” Bandhan Bank said. on its website.

Catch all the trade news, market news, breaking news and latest updates on Live Mint. Download the Mint News app to get daily market updates.

More less

To subscribe to Mint Bulletins

* Enter a valid email

* Thank you for subscribing to our newsletter.

Leslie M. Gill