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Bandhan FD Interest Rates

Bandhan FD Rates 2020

Last Updated 17th Sep 2020

Bandhan Bank is one of most reliable FD providers amongst a number of FD providers in the market. Bandhan Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on Bandhan Bank FD is 6.25%. Latest Bandhan Bank FD interest rate for senior citizens, on the other hand ranges between 4.00% to 7.00%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 3.25% 4.00%
15 days to 30 days 3.75% 4.50%
31 days to 1 month 29 days 3.75% 4.50%
2 months to 2 months 29 days 3.75% 4.50%
3 months to 5 months 29 days 4.25% 5.00%

Bandhan Fixed Deposit (FD)

Bandhan Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of Bandhan Bank Fixed Deposit are:

  • Deposit Amount: Bandhan Bank FD can be opened with an amount as a low to up to .
  • FD Tenure: Ranges between 7 days to 18 months.
  • Interest Rate Range: 3.25% p.a. to 6.25% p.a.
  • Senior Citizens FD Rate: 4.00% to 7.00% p.a.
  • Highest Interest Rate: As per today’s rate, Bandhan Bank’s highest interest rate on FD is 6.25% offered for a tenure of 18 months.
  • Safety of Bandhan Bank Deposits: Bandhan Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: Bandhan Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes:

Bandhan Bank Best FD Plan

We need to compare tenure wise latest FD rate of Bandhan Bank to choose the tenure at which it provides the highest interest rate. Bandhan Bank FD rates are best for the deposits with a tenure of 1 year 1 day to 1 year 5 months 25 days, wherein the current FD rate of interest is 6.25% p.a

If one is looking to invest in short term deposits with Bandhan Bank, FD interest rates range from 3.25% p.a. to 5.15% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Bandhan Bank FD rates for senior citizens range from 4.00% to 5.90% p.a.

If one is looking to invest in long term deposits, Bandhan Bank FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 6.00%. Senior citizens are offered special rates from bank with highest deposit rates of 6.75% p.a. on long term FDs.

Fixed Deposits of Bandhan Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Bandhan Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

FD in Bandhan Bank – Premature Withdrawal

Premature closure of Term Deposit with Bandhan Bank is along with the lower interest rate of than the contracted rate. The penal provisions for premature closure on Bandhan Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Bandhan Bank

Bandhan Bank offers loan up to 0% against its own deposit. Note that Bandhan Bank will not give you loan against FD of any other bank. Bandhan Bank offers Loan against FD at the rate of 4.25% to 7.25%

FD Account Opening Process at Bandhan Bank

To open a Fixed Deposit account in Bandhan Bank, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Bandhan Bank FD after reading the terms and conditions.

Nomination Facility on Bandhan Bank FD

Bandhan Bank offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Bandhan Bank fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

FAQs

What is the highest FD rate for Bandhan Bank?

You can earn a maximum interest of 6.25% on Bandhan Bank fixed deposit.

Are there any special rates for senior citizens FD of Bandhan Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 3.25% to 6.25%. Compared to this, the rate of senior citizens FD are in the range of 4.00% to 7.00%.

Can I deposit additional amount in my 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.

Is it possible to change the tenure of my existing fixed deposit account with Bandhan Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Bandhan Bank without their PAN card

  • TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

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

Current interest for FD in Bandhan Bank ranges between 3.25% - 6.25%.

Can a customer open a FD account online in Bandhan Bank?

Yes, you can submit your application for opening a FD account on the website of Bandhan Bank. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in Bandhan Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 6.25%. For Bandhan Bank FD the number of years in which your FD will get doubled is; 72/6.25 = 12


Bandhan News - Sep 2020
  • 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%.
  • 2019-10-24 : Bandhan Bank earns profit in Q2
    Bandhan Bank reportedly earned a net profit near 100 percent in the second quarter of the present fiscal year. The reported net profit is Rs 487.65 crores. The bank claims that the resultant profit is due to the total amount of deposits made in the quarter, which increased to 49.26% to Rs 49,195 crores.
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