Bandhan Bank incorporated as a wholly owned subsidiary of Bandhan Financial Services was granted in principal approval by RBI for opening bank in April 2014 and full fledged banking was started by bank with 501 branches on 23rd August’2015. Bank is headquartered in Kolkata and most of the branches as of now are either in rural areas or in un-banked areas which is a positive factor for banks deposit growth.
Base rate for taking various loans as of now is 12% which is quite high as per industries current average. However, Banks major focus as of now is on deposits and there are various schemes offered for the same. Bank has various schemes for opening savings account like Premium sb account, Advantage+ sb account, Standard + savings account, sanchay+ savings account & special+ savings account.
Bandhan Bank Interest Rates on FD
|Best Interest Rate for 6 Months < 1 Year||6.80%|
|Best Interest Rate for 1 Year < 2 Years||7.30%|
|Best Interest Rate for 2 Years < 3 Years||7.40%|
|Best Interest Rate for 3 Years < 4 Years||7.40%|
|Best Interest Rate for 4 Years < 5 Years||7.40%|
|Best Interest Rate for 5 Years and Above||6.40%|
Various schemes for opening fixed deposits in bandhan bank are as below:
FD PREMIUM+ (Differential rate of interest available but minimum amount is Rs. 1 crore)
FD ADVANTAGE+ (Compounding if interest rates as well as part closure option available, minimum amount ranges from Rs.1000 to multiples of Rs.1)
FD DHAN SAMRIDDHI+ (Premature or part closure, quarterly or monthly interest payout option, minimum amount ranges from Rs.1000 to multiples of Rs.1)
FD TAX SAVER+ (Tax saving option from Rs.1000 to Rs.1,50,000 with higher interest and savings for long term- minimum 5 years)
RECURRING DEPOSITS+ (Monthly investment option from Rs.100 to multiples of Rs.1, loan available after 6 months)
Key Benefits of Fixed Deposits in Bandhan Bank
- Bandhan Bank offers FD interest rates up to 8.00% per annum.
- Interest on deposits with Bandhan Bank is compounded annually.
- Bandhan Bank accepts deposits starting at Rs.1000 for various tenures.
- For senior citizens Bandhan Bank offers higher interest rate over and above rates mentioned above
Bandhan Bank Fixed Deposit.
- Premature Withdrawal-You may break you FD and withdraw your money subject to minimum stipulated requirements.
- Bandhan Bank offers loan against its own deposit.
- Applicable rate of interest on loan against FD is typically 0.5% to 2% over the fixed deposit rate.
- You can claim Tax exemption in Bandhan bank by submitting 15G/15H.
- Recurring Deposit Rates are same as FD Rates in Bandhan Bank
- In Bandhan Bank you can take quarterly or monthly payouts from your Fixed Deposits.
- Open a Fixed Deposit Account easily through a number of channels like Internet or Phone Banking or simply by visiting you nearest Bandhan Bank branch.
KYC documents required in Bandhan Bank - PAN card, address proof and photo.
Digital products/Apps by Bandhan Bank
Through mBandhan, you can access all your account information including balances and transaction history for your current accounts, savings accounts, cash credit accounts, loans, fixed and recurring deposits. You can also pre-close your deposits online and have funds credited to your selected account instantly.
mBandhan lets you perform funds transfers between your own accounts and to your beneficiary accounts with Bandhan Bank and other banks in real time. You can also add and delete beneficiaries for Bandhan Bank and other bank transfers.
You can also avail of multiple services like ordering a new cheque book online, checking the status of your cheques and marking stop payments on your cheques online. You can view a list of your debit cards and can hotlist these online if needed.