Bandhan Bank raises interest rates on fixed and saving deposits, all details here

Bandhan Bank has increased interest rates for savings accounts and fixed deposits under Rs 2 crores. As per the bank’s official website, the new rates are going into effect today (August 22). Savings account interest rates at Bandhan Bank are currently capped at 6.25%, while fixed deposit interest rates are capped at 7.00% for normal clients and 7.50% for senior citizens.

Bandhan Bank savings account rates

After the hike, Bandhan Bank will pay interest at a rate of 3.00% on daily savings account balances up to Rs 1 lakh and 6.00% on daily savings account balances between Rs 1 lakh and Rs 10 lakh. Bandhan Bank would now pay an interest rate of 6.25%, which would be the maximum applicable interest rate, on savings account daily balances over Rs 10 lakh to Rs 2 crores. On daily savings account balances above Rs 2 crore to Rs 10 crore and above Rs 10 crore to Rs 100 crores, Bandhan Bank will now pay an interest rate of 6%.

According to the bank, these interest rates are valid for both domestic and non-resident rupee savings bank accounts, and daily interest calculations will be based on the account holder's end-of-day information. On its website, Bandhan Bank states that “Interest of 3.00% p.a will be applied for amount up to Rs 1 lakh, 6% p.a will be applied on the incremental balance over and above Rs 1 lakh up to Rs 10 lakh, 6.25% p.a will be applied on the incremental balance over and above Rs 10 lakh up to Rs 2 crores and 6% p.a will be applied on the incremental balance over and above Rs 2 crores up to Rs 100 crores."

FD Rates at Bandhan Bank

On fixed deposits under 2 Cr that mature in 7 days to 30 days, Bandhan Bank will continue to pay a 3% interest rate, and on fixed deposits that mature in 31 days to less than 2 months, a 3.5% interest rate. Fixed deposits at Bandhan Bank will still pay an interest rate of 4.50% for those maturing in less than a year, while those maturing in less than two years will now pay an interest rate of 7%, up from 6.25% and a 75 basis point rise.

Interest rates on fixed deposits with maturities of two years or less were raised by 50 basis points by Bandhan Bank, from 6.50% to 7%. For fixed deposits with maturities ranging from 5 to 10 years, Bandhan Bank has kept the interest rate at 5.60%.