Bandhan Bank Hikes Fixed Deposit (FD) Interest Rates Effective From Today; Check Details

Bandhan Bank has hiked interest rates on fixed deposits of less than Rs 2 Cr. This followed the anticipated decision made by the Monetary Policy Committee of the Reserve Bank of India on Friday to maintain the benchmark interest rate at 6.50 per cent. The bank has increased the FD rates on retail domestic and non-resident rupee term deposits as of April 8, 2024. Bandhan Bank is now giving interest rates on domestic deposits that mature between 7 days to 10 years, ranging from 3.00% to 5.85%. The bank will offer a maximum return of 7.85% for the general public and 8.35% for senior citizens on deposits that mature in a year starting today.

Bandhan Bank FD Rates

On deposits maturing in 7 days to 30 days, the bank is now offering an interest rate of 3% and on those maturing in 31 days to less than 2 months, Bandhan Bank is now offering an interest rate of 3.50%. Bandhan Bank is now offering an interest rate of 4.50% on a deposit tenure of 2 months to less than 1 year and the bank is paying a rate of interest of 7.85% on resident term deposits maturing in 1 year. Deposits maturing in 1 year 1 day to 5 years will now pay an interest rate of 7.25% and those maturing in 5 years to up to 10 years will now fetch an interest rate of 5.85%.

On tax-saver fixed deposits of 5 years tenure, the bank is promising an interest rate of 7% to the general public and 7.50% to senior citizens.

"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 has mentioned on its website.

Chandra Shekhar Ghosh, the bank's managing director and chief executive officer, also announced his resignation today. Ghosh wrote a letter to the board of directors of Bandhan Bank indicating his wish to step down from his role as MD and CEO on 9 July 2024. The board accepted Ghosh's resignation. As stated in his resignation letter featured in the lender's regulatory filing, Ghosh chose to leave in order to pursue a broader strategic position within the organisation, even though the board approved his reappointment as MD & CEO for a further three years in November.

"Pursuant to the applicable provisions of the SEBI LODR and in continuation to our letter reference number BBL/530/2023-24 dated February 01, 2024 intimating about resignation of Mr. Shantanu Sengupta, Head - Retail Banking, we wish to update that Mr. Shantanu Sengupta has been relieved from the services of the Bank effective from the close of business hours on March 30, 2024. The Bank has ensured smooth transition of the portfolios handled by Mr. Sengupta. As informed earlier, Mr. Santosh G Nair is heading Consumer Lending & Mortgages, whereas remaining portfolios have been transitioned to other senior executives, who are reporting into Executive Director and Chief Business Officer ('ED & CBO'), Mr. Rajinder Kumar Babbar," said Bandhan Bank in a regulatory filing recently.