Following other lenders from the private and public space, new age private sector lender Bandhan Bank has also revised term or fixed deposit rates from July 4, 2022. The change has been implemented for deposits below Rs. 2 crore i.e. non-bulk deposits. Likewise, the current new rates are as listed below.
|Maturity Bucket||Interest Rates for Non-Senior Citizens||Interest Rates for Senior Citizens|
|7 days to 14 days||3.00%||3.75%|
|15 days to 30 days||3.00%||3.75%|
|31 days to Less than 2 months||3.50%||4.25%|
|2 months to less than 3 months||4.50%||5.25%|
|3 months to less than 6 months||4.50%||5.25%|
|6 months to less than 1 year||4.50%||5.25%|
|1 year to 18 months||6.25%||7.00%|
|Above 18 months to less than 2 years||6.25%||7.00%|
|2 years to less than 3 years||6.50%||7.25%|
|3 years to less than 5 years||6.50%||7.25%|
|5 years to up to 10 years||5.60%||6.35%|
So, based on the tenure of the deposit, deposit account holder with the bank can fetch anywhere between 3-6.5% per annum interest rate. For senior citizens, the rate goes up to 7.25% as they are eligible for higher 0.75% return over and above what general citizens fetch.
Also, note to be able to avail the senior citizen rates individuals need to submit age proof.
Thus as we can see in the table, senior citizens for tenures of 2 years to less than 5 years can earn the highest available return to them of 7.25%.
Also, the bank has revised savings account interest rate with effect from July 4, 2022 and based on the daily balance limit, the new revised interest rate at the bank ranges between 3-6% per annum.