Private sector lender Bandhan Bank has increased interest rates on select fixed deposit (FD) schemes by up to 20 basis points.
The revised rates offer higher returns to both regular and senior citizen customers, with senior citizens now getting a maximum interest rate of 7.95%.
The move comes at a time when several banks are reviewing their deposit schemes, while the Reserve Bank of India (RBI) has kept the repo rate unchanged at 5.25% due to ongoing inflation concerns.
Senior Citizens Get the Highest Return on This FD Tenure
According to Bandhan Bank, senior citizens can now earn a maximum interest rate of 7.95% on fixed deposits with a tenure of 2 years to less than 3 years. Regular customers will receive 7.45% interest on the same tenure.
The bank is also offering senior citizens an interest rate of 7.75% on fixed deposits with a tenure of 3 years to less than 5 years. For regular customers, the interest rate for this tenure is 7.25%.
Bandhan Bank FD Interest Rates: Full List
| FD Tenure | Regular Customers | Senior Citizens |
|---|---|---|
| 7 days – 14 days | 2.95% | 3.70% |
| 15 days – 30 days | 2.95% | 3.70% |
| 31 days – less than 2 months | 3.45% | 4.20% |
| 2 months – less than 3 months | 4.20% | 4.95% |
| 3 months – less than 6 months | 4.20% | 4.95% |
| 6 months – less than 1 year | 4.20% | 4.95% |
| 1 year | 7.00% | 7.50% |
| 1 year 1 day – 1 year 9 months | 7.00% | 7.50% |
| 1 year 9 months 1 day – less than 2 years | 7.00% | 7.50% |
| 2 years – less than 3 years | 7.45% | 7.95% |
| 3 years – less than 5 years | 7.25% | 7.75% |
| 5 years – 10 years | 5.85% | 6.60% |
Savings Account Holders Also Continue to Get Higher Interest
Apart from fixed deposits, Bandhan Bank will continue offering an interest rate of 6.5% on savings account balances above Rs 5 lakh and up to Rs 10 lakh.
This remains one of the higher savings account interest rates offered by private sector banks.
Higher Interest Rates for NRI Customers Too
Bandhan Bank recently increased interest rates on Foreign Currency Non-Resident (Bank) or FCNR(B) deposits for NRI customers as well.
The bank is now offering an interest rate of 7.1% on US dollar-denominated FCNR(B) deposits of USD 1 million and above with a tenure of 3 to 5 years. For deposits of up to USD 1 million, the bank is offering an interest rate of 7%.
With these revised rates, Bandhan Bank is aiming to attract both domestic and NRI depositors looking for higher and stable returns on their investments.
