Fixed Deposit schemes help people earn high interests on their savings. FD schemes’ tenure varies from 7 days to up to 10 years. Interest rates offered on short tenure FDs are low whereas rates for long tenure deposits are relatively higher. Bandhan Bank offers a wide range of fixed deposit options for its customers. The bank offers different schemes with exclusive features.
Bandhan Bank FD Interest Rates for different tenure are as follows:
Interest Rates (in %)
|Regular Citizens||Senior Citizens|
|7 days to 14 days||3.50||4.25|
|15 days to 30 days||4.00||4.75|
|31 days to less than 2 months||4.00||4.75|
|2 months to less than 3 months||4.00||4.75|
|3 months to less than 6 months||4.50||5.25|
|6 months to less than 1 year||6.80||7.55|
|Above 1 year to less than 2 years||7.00||7.75|
|2 year to less than 5 years||6.80||7.55|
|5 years to less than 7 years||6.40||7.15|
|7 years to up to 10 years||6.40||7.15|
Disclaimer: Above rates are for fixed deposits below Rs. 1 crore. These rates are effective from 7 February 2018 and are liable to change as per bank discretion.
Bandhan Bank Fixed Deposit have some salient features of their own. Some of these features are as follows:
- The bank offers attractive interest rates on its range of FD schemes.
- Investors can open FD accounts through multiple channels such as online banking, mobile banking and by visiting the branch.
- Depositors can choose from various deposit plans with traditional as well as reinvestment features.
- Depositors get maximum liquidity on FD schemes with facilities such as part withdrawal and premature closure. That is, you can withdraw the funds accumulated in the FD partially during the tenure and even close the FD before the allotted time.
- Depositors also have the option to choose monthly or quarterly interest pay-outs and even quarterly compounding of interests.
- Another great feature of Bandhan Bank’s fixed deposit is that the bank can extend a loan or overdraft on the FD, should the depositor be in need of funds. This option is best for individuals who need funds immediately and have a low credit score, making it difficult for them to get a personal loan or any other unsecured loan..
- Depositors have to make a minimum deposit of Rs 1000 and in multiples of Re 1 thereafter in fixed deposit schemes. However, this minimum deposit amount may differ for every scheme.
Like all tax-saving FDs, Bandhan Bank’s tax-saver FDs help tax-paying citizens earn high interests on their investments. The key features are as follows:
- Investors can save up to a maximum of Rs 1,50,000 on taxable income under Section 80C of the Income Tax Act, 1961.
- The minimum deposit that can be made in this scheme is Rs 1,000 whereas the maximum amount allowed to be invested in one financial year is Rs 1.5 lakhs.
- Tax Saver FDs have a lock-in period of 5 or 10 years, depending on the tenure chosen by the investor.
- Tax-saving FDs do not allow premature withdrawal or partial withdrawal.
- Nomination facility is also available with these fixed deposits.
- Bandhan Bank FD Interest Rate is 6.50% on deposits made under the Tax Saver scheme.
The Bandhan Bank FD Premium scheme is designed especially for those customers who invest huge amounts to earn high interests on their investments. Investors have to deposit a minimum of Rs 1 crore to open a Bandhan Bank FD Premium account. The bank considers these customers as their valued clients and thus offers special privileges to them such as differential rate of interest on high value deposits. The depositor can choose tenure as per his wish which ranges from a minimum of 7 days to a maximum of 10 years. He can draw a loan or an overdraft on the existing FD scheme and also foreclose his account before maturity.
Bandhan Bank Fixed Deposit Standard scheme is offered to its customers that provides better returns after maturity. People with both short-term and long-term goals can invest in these schemes and utilise the idle money in their savings account to earn higher interests on their savings. Moreover, depositors get an option to take a loan or an overdraft in case of financial emergency. Some of the features of this scheme are mentioned below:
- Addresses both short- and long-term investment options with tenure ranging from 7 days to 10 years
- Bandhan Bank fixed deposit interest rate for this scheme is similar to other FD schemes.
- Allows choice of monthly and quarterly interest payout available
- Has a minimum deposit amount requirement of Rs 1000 and thereafter in multiples of Re 1
- Allows partial withdrawal
- Allows premature closure of FD under this scheme
- Offers loan or overdraft facility on these accounts
- Offers the option to auto renew the FD scheme after maturity
- Offers nomination facility under this scheme
- The bank also issues the TDS certificate as per the IT Act
Bandhan Bank’s Advantage FD scheme makes your savings grow faster by providing you the advantage of compounding interest rate. Depositors can invest from a minimum tenure of 6 months to a maximum tenure of 10 years. Salient features of this FD scheme are as follows:
- Compounding Bandhan Bank fixed deposit interest rates help deposits grow at a faster rate.
- Minimum deposit of Rs 1000 and in multiples of Re 1 thereafter.
- The tenure ranges from six months to ten years.
- Premature closure and part-withdrawal facility available.
- Loan against the FD or overdraft facility available.
- Automatic renewal of the FD on maturity.
- Nomination facility available.
- TDS certificate is issued by the bank as per the Income Tax Act.
This FD scheme is designed especially for those people who have a short-term financial goal in mind such as health, education, festival, marriage, travel, etc. This scheme helps depositors to fulfil their financial requirements in the shortest time possible. The compounding interest is reinvested in the scheme which helps in higher growth of the interest amount. This FD scheme has the following features:
- Growth-oriented scheme that enables the depositor to earn more interest on Bandhan Bank fixed deposits.
- Tenure ranging from six months to ten years depending on the investment goal.
- Minimum face value of this scheme is Rs 5,000.
- This FD scheme can be opened by single individuals as well as joint holders.
- Depositors can take a loan against this Bandhan Bank fixed deposit scheme.
- Overdraft facility is also available with this scheme.
- The FD is renewed automatically on maturity if the depositor does not opt out from the scheme.
- Nomination facility is available with the scheme.
- The bank issues the TDS certificate as per the Income Tax Act.
Senior citizens prefer investing in fixed deposits as these are risk-free and high earning financial instruments. The monthly payout option helps them to withdraw the interest on a regular basis which acts like a pension plan. Moreover, these schemes assure guaranteed returns and that too at high interest rates. Additional features such as premature withdrawal, partial withdrawal, etc. gives enough liquidity to these schemes. The option to take a loan against FDs also makes Bandhan Bank’s FD schemes a better option for investors. These features enable senior citizens to deposit their hard earned money and savings of their lifetime in these FD schemes.
Senior citizens residing in India get an additional 0.50% interest over the rates offered to regular citizens. NRI citizens do not get this privilege. Resident senior citizens have to submit the age proof at the time of availing the additional benefit. Bandhan Bank deposit rates range from 4% to 7.75% for a period of 7 days to 10 years to senior citizens.
- Depositors have to submit their PAN at the time of opening the account failing which the bank deducts TDS at a higher rate as per the Income Tax Act, 1961.
- Interests earned on fixed deposits are subject to Tax Deducted at Source as per the IT laws.
- 1% Penal interest rate is applicable on the card rate in case of premature withdrawal. The card rate for premature withdrawal is the lower of the rates at which the deposit was booked and the current rate offered by the bank on that day.
- The minimum tenure for fixed deposit schemes is 7 days. For withdrawals below this tenure, the bank pays no interest on the amount.
- The minimum tenure for NRE deposits is 1 year. No interest would be paid on withdrawal made before the completion of one year from the date of deposit.
Q. How can I open a fixed deposit in Bandhan Bank?
A. Bandhan Bank offers a number of ways through which an investor can open an Bandhan Bank FD. A depositor can open a fixed deposit online via internet banking and mobile banking as well as by visiting the bank. Users can check the IFS code of the bank online at Paisabazaar.
Q. Is PAN necessary for fixed deposit schemes?
A. The bank asks each of its investors to mandatorily provide their PAN at the time of booking the Bandhan Bank fixed deposit. In case the depositor does not provide the PAN, the bank deducts TDS at a higher rate as per the Indian Income Tax laws.
Q. Are NRI senior citizens eligible for senior citizen interest rates?
A. Only those senior citizens who reside in India are eligible for an additional 0.50% interest rate. This additional rate is applicable on deposits below Rs 1 Crore. Senior citizens also have to provide their age proof at the time of booking the FD to avail such benefits. NRI citizens do not get these benefits.
Q. Can NRE FDs be opened in Bandhan Bank?
A. Yes, Bandhan Bank offers NRE fixed deposit schemes but the minimum tenure under these schemes is one year. In case of premature withdrawal before one year, no interest is given to the depositor.
Q. How to check interests and maturity amount of Bandhan Bank fixed deposit schemes?
A. Depositors can check the maturity amount and interests payable at the end of tenure with the help of Bandhan Bank FD calculator.