Bandhan Bank FD Interest Rates: Latest Interest Rates, Key Features and Schemes
Updated on April 26, 2023
Written by Manish Kothari
CEO Zfunds
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Bandhan Bank FD Interest Rates 2023
Bandhan Bank is determined on serving the underbanked and unbanked population of the country. It offers great financial services and banking solutions in the form of liability and asset products and services. It offers microfinance, regular banking services, semi-urban and rural customers and affordable housing finance loans.
It initiated its operation in the year 2001 as an NPO that stood for financial inclusion and women empowerment through sustainable livelihood creation. It turned into an NBFC after a few years. They offer deposits with a tenure ranging from 7 days to 10 years and have recently revised their FD interest rates with effect from June 2021. The returns range from 3% to 6.35% per annum.
In this article, we are going to talk in detail about the Bandhan Bank Fixed Deposits and their interest rate. Let’s get started.
Watch this video to know more about Bandhan Bank FD Rates 2023
Eligibility
| Who can open | Resident Individuals, HUF, Partnership firms, Sole Proprietorship firms, Family Trust, Clubs, societies, Association and Companies including group companies. |
| Can NRI deposit in Bajaj finance FD? | Yes |
| Investment Amount | Min: Rs. 1,000 Max: Rs. 2 Crore |
| Tenure | Min: 7 days Max: 10 years |
Documents Required
- Passport size photographs - Latest.
- Proof of Address which can be any documents such as passport, Driving License, Voter ID Card, Driving License, Aadhar Card, etc.
- Certified proof of signature which can be any documents among passport, PAN or License.
- Certified proof of identity which can be any document such as PAN, Passport, Voter ID, Aadhar etc.
Key Features
Minimum and maximum investment:
The minimum fund requirement here is Rs. 1000 only. The minimum amount differs in different types of FDs offered by them. Nevertheless, there doesn’t exist any upper cap except for tax saving GDs where the limit is Rs. 1.5 lacs.
Premature Withdrawal:
All AU bank FDs can be prematurely withdrawn except for tax saving Fixed Deposits. Also, they charge a penalty on the interest for all withdrawals of this nature irrespective of the tenure of investment which depends on the terms and conditions of the bank.
Loan against FD:
It offers loans against their FDs. Investors can get around 90% of the Fd amount as a loan from them and also the interest for the loan will be 1.5 to 2% above the FD interest rate. Additionally, the tenure of the loan is limited to the tenure of the FD with Bandhan bank.
Auto-renewal and nomination:
An investor can opt for facilities like auto-renewal and nomination through which they can nominate their beneficiaries for their FDs.
Additional payments:
Investors can’t deposit an additional amount in Bandhan bank FDs once it has been initiated. Nevertheless, investors can initiate a fresh FD with the bank with the new amount.
Updated Bandhan Bank Fixed Deposit Interest Rates 2023
Bandhan Bank recently revised its interest rates on fixed deposits. Here are the revised rates effective from 28th December 2022. These rates are applicable on domestic term deposits of up to Rs. two crores.
| Period | Per Annum Interest Rate (w.e.f. 28th December 2023) | Per Annum Interest Rate for Senior Citizens (w.e.f. 28th December 2023) |
| 7 days to 15 days | 5.00 | 5.75 |
| 16 days to 28 days | 5.80 | 6.50 |
| 29 days to 45 days | 5.80 | 6.05 |
| 46 days to 90 days | 5.80 | 6.25 |
| 91 days to 180 days | 6.25 | 6.50 |
| 181 days to 364 days | 6.75 | 7.00 |
| For 365 Days | 7.90 | 8.40 |
| For 366 Days | 7.90 | 8.90 |
| For 367 days to less than 15 Month | 7.90 | 8.40 |
| 15 Months to less than 2 years | 6.15 | 6.65 |
| 2 years to less than 3 years | 6.15 | 6.65 |
| 3 years to less than 5 years | 6.15 | 6.40 |
| 5 years to 10 years | 5.00 | 5.00 |
Latest Bandhan Bank Fd Rates are effective from 06 February 2023. The Fixed Deposit rates are subject to change from time to time.
Revised Bandhan Bank Bulk Deposit Interest Rates 2023
Apart from regular term deposits, Bandhan Bank bulk deposit interest rates have also been revised recently. Check out the new rates effective from 28th December 2022 below.
| Period | Per Annum Interest Rate (Rs. 2 Cr to 10 Cr) | Per Annum Interest Rate (Above Rs. 10 Cr to less than Rs. 25 Cr) | Per Annum Interest Rate (Rs. 25 Cr to less than Rs. 50 Cr) | Per Annum Interest Rate (Rs. 50 Cr and above) |
| 7 days to 15 days | 5.00 | 5.00 | 5.00 | 5.00 |
| 16 days to 28 days | 5.80 | 5.80 | 5.80 | 5.80 |
| 29 days to 45 days | 5.80 | 5.80 | 5.80 | 5.80 |
| 46 days to 90 days | 5.80 | 5.80 | 5.80 | 5.80 |
| 91 days to 180 days | 6.25 | 6.25 | 6.25 | 6.25 |
| 181 days to 364 days | 6.75 | 6.75 | 6.75 | 6.75 |
| 365 days | 7.90 | 7.90 | 7.90 | 7.90 |
| 366 days | 7.90 | 7.90 | 7.90 | 7.90 |
| 367 days to less than 15 months | 7.25 | 7.25 | 7.25 | 7.25 |
| 15 months to less than 2 years | 6.15 | 6.15 | 6.15 | 6.15 |
| 2 years to less than 3 years | 6.15 | 6.15 | 6.15 | 6.15 |
| 3 years to less than 5 years | 6.15 | 6.15 | 6.15 | 6.15 |
| 5 years to 10 years | 5.00 | 5.00 | 5.00 | 5.00 |
These Bandhan Bank FD interest rates are available for term deposits with premature payment facility.
Types of Bandhan Bank Fixed Deposits
There are several types of Bandhan Bank fixed deposits, and you can choose one based on your needs and convenience.
Standard Fixed Deposit
Bandhan Bank Standard Fixed Deposit accounts are for short and long term deposits with monthly and quarterly interest payouts. These FDs have a minimum deposit amount of INR 1000.
Premium Fixed Deposit
In case you have a substantial amount of funds, then a Bandhan Bank Premium Fixed Deposit account can be a great option for you. The minimum amount for these deposits is INR two crores. Moreover, partial withdrawals and premature closures of the FD are also available here. Additionally, these earn you more attractive Bandhan Bank FD interest rates.
Tax Saver Fixed Deposit
Wouldn’t it be great if your fixed deposits could also act as tax saver instruments and lower your tax liability? Well, Bandhan Bank Tax Saver Fixed Deposits can do this job for you! These deposits have a double advantage of higher interest rates and tax benefits. You can deposit up to INR 150000 (in a financial year) in a Bandhan Bank Tax Saver Fixed Deposit to enjoy tax benefits. It is worthwhile noting that the minimum duration for these FDs is five years. The minimum deposit amount here is INR 1000.
Advantage Fixed Deposit
Let compounding work for you with Bandhan Bank Advantage Fixed Deposit. Start your FD with just INR 1000 in deposits of six months to 10 years.
Dhan Samriddhi Fixed Deposit
Bandhan Bank Dhan Samriddhi Fixed Deposits are designed to offer high returns in the short term. It reinvests interest in the same scheme to help you grow your deposit fast. The minimum amount required to earn Bandhan Bank FD interest rates here is INR 5000.
FAQs about Bandhan Bank Fixed Deposits and Interest Rates
Q: What is the latest/Curent FD Rates in 2023 for Bandhan Bank.
A. Bandhan Bank offers FD rates of 3.00-8.00% p.a. to the general public and 3.75-8.50% p.a. to senior citizens.
Q. What is the difference between Bandhan Bank tax-saver fixed deposits and Bandhan Bank regular fixed deposits?
A. Tax-saver FDs are dual-purpose investment instruments. These allow depositors to not only earn fixed returns on their funds but also save tax. Hence, they have double benefits for deposits. You can enjoy up to INR 1,50,000 tax exemption under Section 80C of the Income Tax Act using these FDs. However, it is critical to note that tax-saver term deposits have a lock-in period of five years. Therefore, it is advisable to deposit funds that you are sure to not need in the next five years in a Bandhan Bank tax-saver fixed deposit.
Q. How often do Bandhan Bank fixed deposit interest rates change?
A. Bandhan Bank reserves the right to change fixed deposit interest rates at any point, without any notice.
Q. Do the latest Bandhan Bank fixed deposit interest rates 2023 apply to my ongoing fixed deposit?
A. The revised Bandhan Bank FD interest rates are only applicable to new or renewed fixed deposits. You will continue to earn the same interest rate on your existing Bandhan Bank term deposit.
Q. What is the maximum tenure for a Bandhan Bank fixed deposit?
A. Ten years is the longest tenure for a Bandhan Bank term deposit. You can always choose to renew your fixed deposit upon maturity.
Q. Is partial withdrawal or premature closure facility available in Bandhan Bank fixed deposits ?
A. The availability of these facilities depends on the type of FD. For instance, while Bandhan Bank Standard Fixed Deposits allow you to withdraw your funds before the maturity, partially or fully, Tax Saver Fixed Deposits have a lock-in period of five to ten years.
Q. What are the different Bandhan Bank FD interest payout options available ?
A. You can choose from monthly and quarterly interest payout options.
Q. What is the highest Bandhan Bank FD interest rate for senior citizens?
A. Bandhan Bank fixed deposit interest rates for senior citizens can go up to 8 percent. The highest interest rate for regular citizens is 7.5 percent.
Q. What is the minimum duration for fixed deposit in Bandhan Bank ?
A. You can create a Bandhan Bank fixed deposit for just 7 days and earn up to three percent interest on your savings.
Also Read :
SBI Bank Fixed Deposit Interest Rates
SBI Bank Senior Citizen FD Rates