This Private Bank Now Offers 8.5% Interest To Senior Citizens On 600 Days FD

Private as well as public sector commercial banks have increased interest rates on fixed deposits (FDs) across tenors over the past 10 months since the Reserve Bank of India (RBI) began to raise repo rates, the recent hike happened in February 2023. With the hike in repo rates, and FD rates hike by banks, investors have the option of selecting special tenor term deposits over standard ones in order to maximize fixed deposit earnings.

Bandhan Bank FD Rates

Bandhan Bank, a private sector bank, is one of the banks paying high interest rates on Fixed Deposits. The bank offers FDs on an amount under Rs 2 Crore. It has recently, on February 6, 2023, hiked the interest rates on FDs for retail deposits up to Rs 2 crore.

The interest rates offered by the bank on FDs for the tenure of 7 days to 10 years range from 3% to 8% for the general public. The bank for the same tenure offers interest rates on FDs to senior citizens from 3.75% to 8.50%. The above rates are applicable for Retail deposits less than Rs 2 crore

The bank offers the highest interest rates on the special tenure of 600 days (1 year, 7 months, and 22 days). On the special tenure the general public will get a maximum interest rate of 8% and senior citizens would get a maximum interest rate of 8.50%.

Retail Domestic/Non-Resident Rupee Term Deposit Interest Rates effective from February 06, 2023

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 599 days	7.25%	7.75%
600 days (1 year, 7 months, 20 days)	8.00%	8.50%
601 days to less than 2 years	7.25%	7.75%
2 years to less than 3 years	7.25%	7.75%
3 years to less than 5 years	7.25%	7.75%
5 years to up to 10 years	5.85%	6.60%

Source - bandhanbank.com

Please Note -

• Senior Citizen Rates are only for Resident Indians and do not apply to NRIs.
• Submission of proof of Age is mandatory to avail Senior Citizen Rates.
• 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.
• Minimum tenure for Domestic & NRO term deposits is 7 days and no interest is payable for deposits prematurely withdrawn within the period of 7 days from the date of deposit.
• Minimum tenure for NRE term deposits is 1 year and no interest is payable for deposits prematurely withdrawn within the period of 1 year from the date of deposit.
• In case, of reinvestment deposits, the interest reinvested is post TDS recovery and hence the maturity amount for re-investment deposits would vary to the extent of tax and compounding effect on tax for the period subsequent of deduction till maturity.