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This Private Sector Bank Revises Interest Rates On Savings Accounts
Bandhan Bank, one of India's most well-known and leading private-sector lenders, has revised its interest rates on saving bank deposits. Bandhan Bank has more than 5000 banking outlets spread across 34 of India's 36 states and union territories, and more than 2 crore active customers across the country. On November 1, 2021, the bank updated its interest rates on domestic and non-resident rupee savings deposits.
Following the most recent revision, an interest rate of 3% per annum will be applied to amounts up to Rs. 1 lakh, 5% per annum will be applied to incremental balances over Rs 1 lakh up to Rs 10 lakh, 6% per annum will be applied to incremental balances over Rs 10 lakh up to Rs 2 crore, and 5% per annum will be applied to incremental balances over Rs 2 crores up to Rs 10 crores. These interest rates will be determined regularly depending on the account's end-of-day balance. These interest payments are made by the bank at every calendar quarter on June 30, September 30, December 31 and March 31.
Bandhan Bank Savings Account Interest Rates
| Domestic and Non-Resident Rupee Savings Bank Account | Interest Rate (p.a.) |
|---|---|
| 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% |
| Domestic / Non-Resident Rupee Savings Deposit Interest Rate Chart, w.e.f. November 1, 2021 |
On the other hand, Punjab National Bank is also all set to revise savings account interest rates on 1st December 2021. Saving Fund Account Balances of less than Rs. 10 lakh will drop 10 basis points effective from December 1, 2021, while Saving Fund Account Balances of Rs. 10 lakh and above will forfeit 5 basis points. To know in brief, please click here.
