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Bandhan FD - Scheme, Eligibility, Documents

Bandhan Bank Fixed Deposit Highlights

Last Updated 16th Jul 2021

Bandhan Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 3.00% to 5.50%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs 1000
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    Bandhan Bank FD

    Bandhan Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years. Apart from that, Bandhan Bank FD offers regular returns on fixed deposits ranging between 3.00% to 5.50%. For senior citizens, the interest rates on fixed deposits range between 3.75% to 6.25%. In addition to that, Bandhan Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Bandhan Bank Fixed Deposit Schemes

    Different type of Bandhan Bank term deposit products offered to the investors are listed as follows:

    Standard Fixed Deposits

    Description:

    Benefits of Bandhan Bank FD

    Bandhan Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are mentioned below:

    • Guaranteed returns: The best thing about Bandhan Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Bandhan Bank offers FD rates up to 5.50%. The interest rates offered on Bandhan Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Bandhan Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in an FD scheme is not only a reliable investment option but can also act as an asset. This is because Bandhan Bank fixed deposit allows one to borrow a secured loan against Bandhan Bank FD. Benefits of Loan Against FD of Bandhan Bank are as follow:
      • Loan against FD of Bandhan Bank offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the Bandhan Banks flexible repayment options.
      • The processing fee of Loan Against FD in the Bandhan Bank is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: Bandhan Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. Bandhan Bank offers fixed deposit for a minimum tenure of 7 days up to a maximum tenure of 10 years. Bandhan Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Bandhan Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs 1000. Apart from that, one can invest in the Bandhan Bank FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Bandhan Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Bandhan Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Bandhan Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Bandhan Bank FD

    Bandhan Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Bandhan Bank FD

    Bandhan Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    Credit Card Against Bandhan Bank FD

    Credit Cards againstBandhan Bank FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against Bandhan Bank FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in Bandhan Bank?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. Bandhan Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under Bandhan Bank?

    Bandhan Bank Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs 1000.

    What is the minimum amount for a fixed deposit in Bandhan Bank?

    The minimum amount required for a fixed deposit investment in Bandhan Bank fixed deposit is Rs 1000.

    What is the current interest rate on FD in Bandhan Bank?

    Currently, Bandhan Bank offers an interest rate ranging between 3.00% to 5.50% on its fixed deposits.

    What is the penalty for early withdrawal in Bandhan Bank?

    Bank charges penalty on premature withdrawal of fixed deposits. The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Bandhan Bank?

    Bandhan Bank fixed deposit can be opened with a minimum tenure of 7 days. The tenure of the Bandhan Bank fixed deposits ranges from 7 days to 10 years.

    Can I deposit additional amount in my Bandhan Bank FD account?

    No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

    Who is eligible for opening an FD account in Bandhan Bank?

    All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

    What documents are required to open an FD account in Bandhan Bank?

    The documents required to open an FD account in Bandhan Bank includes KYC documents and Passport size photos.

    In how many years FD doubled in the Bandhan Bank?

    The time Bandhan Bank fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the Bandhan Bank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a Bandhan Bank fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in Bandhan Bank schemes. It means that they are not eligible to invest in fixed deposits.

    Is the Bandhan Bank safe for FD?

    Yes, the Bandhan Bank is one of the safest avenues for any investments. Bandhan Bank is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the Bandhan Bank?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from Bandhan Bank are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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    Bandhan News - Jul 2021
    • 2021-04-13 : Bandhan Bank’s collection efficiency ratio at 96% in Q4
      Bandhan Bank reported an overall collection efficiency of 96% for the quarter ending March 2021. Total advances which include retail loans like home, personal, business, car, two-wheeler education and doctor loan along with business and mudra loans grew by 21% at ₹87,054 crores. Deposits which includes fixed and recurring deposits grew by 37% at ₹77,972 crores. Further, CASA deposits increased by 61 per cent at ₹33,827 crores.
    • 2020-07-16 : Bandhan Bank Q1 profit falls 32% at ₹550 crore
      Bandhan Bank posted a 32% drop in net profit at ₹550 crores for the quarter ended June 30, 2020, against ₹804 crores in the corresponding period last year. The Bank net interest income backed by retail loans like home, personal, gold, car and two-wheeler along with business loans and mudra loans grew by 15% to Rs 1,811 crore. In addition to this, the bank deposit which includes fixed and recurring deposits increased by 35.30% year-on-year to Rs 60,610 crore.
    • 2020-02-27 : Bandhan Bank to add 250 new banking outlets
      RBI relaxation spurred the Bandhan Bank to add 250 new banking outlet in the next one month. The increase in the branch is expected to bode well for business loans and retail loans like home and personal loans. Further, it will boost the Fds and Rds.
    • 2020-02-13 : Bandhan Bank revises interest rates for Term Deposits
      Bandhan Bank has revised interest rates for rupee term deposits w.e.f. Feb 13, 2020. The new rates for a tenure of 7 days to 14 days is 3.50%, for 15 days to less than 3 months the rate is 4.00%, for 3 months to less than 6 months the rate is 4.50%, and for 6 months to less than a year, it is 5.40%. For a period of 1 year to less than 3 years, the rate is 6.75% it is 6.60% for a tenure of 3 years to less than 5 years and 6.50 % up to 10 years.
    • 2020-01-09 : Bandhan Bank revised FD rates
      Bandhan Bank revised its FD rates which are in effect from 8 January 2020. Fixed deposits rates for 7 to 14 days is 3.50%, for 15 to days to 3 months it is 4%, for 3 months to 6 months the rate is 4.50% and rate for 6 months to 1 year is 6.70%. Further, FD rate for long tenors of 1 to 3 years stands at 6.95% and 3 to 10 years stands at 6.75%.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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