Bandhan Bank Revises FD Rates Effective From Today With Returns Up To 8.35%

With effect from today, private lender Bandhan Bank altered the interest rates on fixed deposits of less than Rs 2 Cr. After the modification, the bank is now providing interest rates on tenors of seven days to ten years to the general public, ranging from 3.00% to 5.85%, and to elderly individuals, from 3.75% to 6.60%. Senior persons can receive 8.35% while non-senior citizens can get a maximum return of 7.85% on a 500-day deposit tenor (1 year, 4 months, and 13 days). The bank's official website states that the latest FD rates will take effect on December 4, 2023.

Bandhan Bank FD Rates

The bank is giving an interest rate of 3.00% on fixed deposits maturing in 7 to 30 days, and Bandhan Bank is offering an interest rate of 3.50% on those maturing in 31 days to less than 2 months. For deposits made between two months and less than a year, Bandhan Bank is giving an interest rate of 4.50%; for deposits made between one year and four hundred ninety-nine days, the bank is offering an interest rate of 7.25%. Deposits that mature in 501 days to less than 5 years will yield an interest rate of 7.25%, while those that mature in 500 days (1 year, 4 months, and 13 days) would provide an interest rate of 7.85%. On a deposit tenure of 5 years to up to 10 years, the bank is offering an interest rate of 5.85%.

On tax-saver deposits of 5 years, Bandhan Bank is promising an interest rate of 7% to the general public and 7.50% to senior citizens. Residents of India, Hindu Undivided Families (HUFs), and Non-Resident Organisations (NROs) are eligible for Tax Saver Fixed Deposits. Investing in Bandhan Bank Tax Saver Fixed Deposits can provide a maximum tax deduction of Rs 1,50,000 under Section 80C of the Income Tax Act, 1961.

Tax Saver Fixed Deposits cannot be booked with an auto-renewal feature or closed prematurely or partially before the 5-year lock-in term expires.

The above rates are applicable for Retail deposits less than Rs 2 crore.

"For pre-mature withdrawal; the Penal interest rate of 1% shall be applicable on the card rate. The card rate for premature closure will be lower of the rate for the original /contracted tenure for which the deposit has been booked or the rate applicable for the tenure for which the deposit has been in force with the Bank," mentioned Bandhan Bank on its website.