This Private Sector Bank Alters Interest On Savings Account: Now Get Up To 6%

Bandhan Bank offers a variety of savings accounts, including Elite Savings Account, Premium Savings Account, Advantage Savings Account, Respect Programme - For Senior Citizens, Standard Savings Account, Special Savings Account, Sanchay Savings Account, Corporate Salary Accounts, BSBDA Savings Account, and BSBDA-Small Savings Account for customers looking to open a savings account. With benefits such as 24-hour customer assistance, limitless cash transactions at branches, and an online application procedure, the bank also offers an interest rate of up to 6% on savings accounts. This interest rate has been recently revised by the bank and is in effect from November 1, 2021.

Bandhan Bank Savings Account Interest Rates

On November 1, 2021, Bandhan Bank updated its interest rates on domestic and non-resident rupee deposit accounts. Following the most recent modification, savings account holders can now receive the maximum interest rate of 6% on balances of above Rs 10 lakh to Rs 2 crore in domestic and non-resident rupee savings bank accounts. Here are the latest interest rates on savings accounts of Bandhan Bank.

Domestic and Non-Resident Rupee Savings Bank Account	Interest Rate (per annum)
Daily Balance up to Rs 1 lakh	3.00%
Daily Balance above Rs 1 lakh to Rs 10 lakh	5.00%
Daily Balance above Rs 10 lakh to Rs 2 crore	6.00%
Daily Balance above Rs 2 crore to Rs 10 crore	5.00%
Source: Bank Website. W.e.f. November 1, 2021

According to Bandhan Bank's Q2 FY2021-22 figures as of October 2021, the bank's loan portfolio climbed 6.6 percent Y-o-Y in Q2 FY 21-22, deposits climbed by 23.9 percent Y-o-Y in Q2 FY 21-22, and retail deposit to total deposits was 84 percent. During the quarter, the bank attracted 0.8 million new customers, bringing its overall customer base to 24.3 million. The bank restructured an EEB portfolio worth Rs 34.9 billion and a non-EEB portfolio worth Rs 2.68 billion during Q2FY21-22, totaling Rs 37.58 billion. During the quarter, the bank announced an increased provision of Rs 15 billion on NPA accounts, leading to a PCR of 74 percent, up from 62 percent in Q1FY22. Bandhan Bank has also provided additional standard assets provision of Rs 21 billion and provision on restructured assets provision of Rs 10.3 billion, totaling Rs 46.3 billion. The bank's gross nonperforming assets (NPA) remained 10.8% and its net nonperforming assets (NPA) were 3%.