Bandhan Bank Revises Savings Account Rates, Get As High As 6.50% On This Balance Slab

The private sector lender Bandhan Bank has revised its interest rates on savings bank deposits. The new interest rates are applicable on Domestic / Non-Resident Rupee Savings Deposits. The bank is now offering a maximum return of 6.50% to savings account holders following the revision. As per the official website of the bank, the new rates are effective as of August 21, 2023.

Bandhan Bank Savings Account Interest Rates

On daily balance up to Rs 1 lakh, the bank is offering an interest rate of 3.00% and on daily balance above Rs 1 lakh to Rs 10 lakh on domestic and non-resident rupee savings bank accounts, Bandhan Bank is now offering an interest rate of 6%. Bandhan Bank is now offering an interest rate of 6.25% on a daily balance above Rs 10 lakh to Rs 10 crore and a maximum interest rate of 6.50% on a daily balance above Rs 10 crore to Rs 50 crore.

The aforementioned interest rates will be determined on a daily basis depending on the account's end-of-day balance. Interest will be charged at the following rates: 3.00% per annum for amounts up to Rs. 1 lakh; 6% per annum for incremental balances over and above Rs. 1 lakh up to Rs. 10 lakh; 6.25% per annum for incremental balances over and above Rs. 10 lakh up to Rs. 10 crore; and 6.50% per annum for incremental balances over and above Rs. 10 crore up to Rs. 50 crore. These interest rates will be paid on June 30, September 30, December 31, and March 31 on a quarterly basis as per Bandhan Bank.

The bank's PAT dropped by 18.66% YoY to Rs 721.05 crore for the quarter ending June 30, 2023 (Q1FY24). While NII in Q1FY24 was Rs 2,490.8 crore. The bank said that its loan portfolio increased by 6.7% YoY to Rs. 1.03 lakh crore, while its deposit growth was 16.6% YoY at Rs. 1.08 lakh crore. The CASA deposits held by Bandhan Bank are worth Rs 39,077 crore, the CASA ratio stood at 36%, and the GNPA as of June 30, 2023, dropped to 6.76% from 7.25% as of June 30, 2022. According to Bandhan Bank, its net non-performing assets (NPAs) as of June 30, 2023, were 2.18 percent as opposed to 1.92 percent as of June 30, 2022, and its net interest income was Rs. 2491 crore in Q1 FY24 as opposed to Rs. 2514 crore in Q1 FY23.

According to the bank, as of June 30, 2023, its PCR was 69.2%, its CRAR was 19.8%, Tier I was 18.8%, and its CRAR (including those with profit) was 20.5%. The bank reported that for Q1 FY24, its ROA & ROE (annualised) was at 1.9% and 14.4%, respectively. The customer base at the bank went up by about 7 lakh in Q1FY24, bringing the total to 3.07 crore. There were 6,140 banking locations as of June 30, 2023 while 4,598 banking units and 1,542 branches in the network.