Interest for 3 years
Note: All interest rates shown below are as on 22nd Jun 2021
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 1 month||3%||3.75%|
|1 month 1 day - 5 months 26 days||3.5%||4.25%|
|5 months 27 days - 11 months 30 days||4.5%||5.25%|
|1 year - 2 years 11 months 29 days||5.5%||6.25%|
|2 years 11 months 30 days - 4 years 11 months 29 days||5.25%||6%|
|4 years 11 months 30 days - 9 years 11 months 29 days||5%||5.75%|
Bandhan Bank is focussed on serving the unbanked and underbanked population of India. It offers world-class banking solutions and financial services in the form of asset and liability products and services. It offers regular banking services, microfinance, MSME, and affordable housing finance to urban, semi-urban and rural customers. Bandhan Bank started in 2001 as a not-for-profit enterprise that stood for financial inclusion and women empowerment through sustainable livelihood creation. It turned into a non-banking financial company (NBFC) a few years later. The bank has a balance sheet size of Rs. 91700 Crs as on 31st March 2020 The bank recorded a profit of Rs 3000 Crs in FY20
3% - 5.5%
3.75% - 6.25%
FD Rate for Seniors
₹ 2 Crores
Flexible tenure & partial withdrawal facility, without the hassle of opening a savings account.
|Investment Amount||For 3 years with interest of 5.25%||For 5 years with interest of 5%|
|₹ 1 lakh||₹129943||₹128336|
|₹ 2 lakh||₹259886||₹256672|
|₹ 5 lakh||₹649716||₹641679|
|₹ 10 lakh||₹1299432||₹1283359|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹105641||₹ 101764|
|Total Investment Amount||₹ 100000||₹ 100000|
|Total Interest Gained||₹5641|
|Income Tax on Wealth Gained||₹ 12898||₹ 13092|
|Bank Name||FD Interest Rates|
|Dhanlaxmi Bank||5.4% - 5.9%|
|Tamilnad Mercantile Bank||5.5% - 5.5%|
|IDBI Bank||5.3% - 5.8%|
|Bank of India||5.15% - 5.65%|
|Sundaram Finance||6.25% - 6.75%|
|AU Small Finance Bank||6.25% - 6.75%|
|Canara Bank||5.5% - 6%|
|Axis Bank||5.4% - 5.9%|
|Mahindra Finance||6.3% - 6.55%|
|PNB Housing Finance Ltd||6.6% - 6.85%|
|IDFC First Bank||5.75% - 6.25%|
|State Bank of India||5.3% - 5.8%|
|HDFC Bank||5.15% - 5.65%|
|Bank of Baroda||5.1% - 5.6%|
|LIC Housing Finance||5.75% - 6%|
|Tamil Nadu Power Finance||7.75% - 8.25%|
|Jammu & Kashmir Bank||5.3% - 5.8%|
|Bajaj Finance||6.5% - 6.75%|
|Yes Bank||6.25% - 7%|
|RBL Bank||6.3% - 6.8%|
|Punjab and Sind Bank||5.3% - 5.8%|
|Kotak Mahindra Bank||5.1% - 5.6%|
|IndusInd Bank||6% - 6.5%|
|Central Bank of India||5% - 5%|
|DCB Bank||6.5% - 7%|
|Fincare Small Finance Bank||6.25% - 6.75%|
|DBS Bank||5.5% - 5.5%|
|Indian Overseas Bank||5.2% - 5.7%|
|Karur Vysya Bank||5.5% - 6%|
|Equitas Small Finance Bank||6.35% - 6.85%|
|City Union Bank||5.5% - 6%|
|SCB Bank||5.35% - 5.85%|
|Karnataka Bank||5.5% - 5.9%|
|South Indian Bank||5.5% - 6%|
|HDFC Ltd Fixed Deposit||6.05% - 6.3%|
|Bank of Maharashtra||4.9% - 5.4%|
|ICICI Housing Finance Company||6.05% - 6.3%|
|ESAF Small Finance Bank||5.75% - 6.25%|
|Indian Bank||5.15% - 5.65%|
|Shriram Finance||8% - 8.4%|
|Federal Bank||5.35% - 5.85%|
|ICICI Bank||5.15% - 5.65%|
|Ujjivan Small Finance Bank||6.75% - 7.25%|
|Post Office||5.5% - 5.5%|
|Punjab National Bank||5.1% - 5.6%|
|Union Bank of India||5.4% - 5.4%|
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Bandhan Bank offers multiple fixed deposits for various tenures with different interest rates to its investors. The interest rate on Bandhan Bank FDs is higher in their savings account. One can invest in Bandhan Bank FDs through both online and offline modes with just a minimum investment of INR 1,000. This article covers Bandhan Bank FD, its features and interest rates in detail.
Following are the Bandhan Bank Fixed Deposit schemes:
Premium Fixed Deposits offer preferential interest rates to high-value depositors. Also, depositors can avail loan or overdraft or can foreclose the deposit in case of emergencies.
An individual can invest their idle savings in the Standard Fixed Deposit and meet their goals faster. The scheme offers better interest rates than the savings account. It also provides a loan and overdraft facility in case of emergencies against the deposit amount.
The scheme allows partial withdrawal or premature closure and also has an automatic renewal facility. Additionally, the bank issues TDS certificates as per the Income Tax Act.
Depositors can park their savings into the Tax Saver fixed deposit and enjoy dual benefits – high interest rates and tax benefits. Deposits up to INR 1,50,000 into this fixed deposit qualify for tax deduction under Section 80C of the Income Tax Act.
The deposit scheme has a lock-in period, and hence one can’t close prematurely or withdraw the deposit amount.
The Advantage Fixed Deposit gives depositors the advantage of compounding interest. One can realise their goals and dreams faster. Depositors can avail loan and overdraft facility against their deposit amount. Also, the scheme allows partial withdrawal or premature closure in case of emergencies. Furthermore, there is an option for the auto-renewal of the deposits. The bank also issued a TDS certificate as per the Income Tax Act.
The scheme offers faster growth in the shortest time. The deposit amount grows faster with compound interest being reinvested into the scheme. This fixed deposit is a growth-oriented scheme that helps in meeting financial goals such as marriage, education, travel, etc., in the shortest time. Depositors can open a single or joint account. Also, the fixed deposit offers a loan or overdraft facility and auto-renewal facility. Furthermore, the bank issues TDS certificates as per the Income Tax Act.
Tenure: The tenure of a Bandhan Bank FD ranges from seven days to ten years. Also, one cannot change the tenure of their Bandhan Bank FD once it has commenced.
Minimum and maximum investment: The minimum investment in Bandhan Bank FD is INR 1,000. The minimum investment for each type of Bandhan Bank FD is different. However, there is no limit on the maximum amount of investment except for tax saving FD, which is INR 1,50,000.
Bandhan Bank FD rates: Bandhan Bank FD rates range between 3% and 6% for regular citizens and between 3.75% and 6.75% for senior citizens. Moreover, Bandhan Bank offers an additional 0.75% interest to senior citizens on their FDs. Bandhan Bank pays interest every quarter on June 30th, September 30th, December 31st, and March 31st.
Premature withdrawal: All Bandhan Bank FDs can be withdrawn prematurely except for the tax-saving FD. The bank charges a penalty if the deposits are withdrawn before the completion of FD tenure. The penalty is as per the terms and conditions of Bandhan Bank.
Loan against FD: Bandhan Bank offers loans against their FDs. Investors can get up to 90% of the deposit amount as a loan against their Bandhan Bank FD investment. Also, the interest rate for the loan will be 1.5%-2% above the FD interest rate. Moreover, the tenure of the loan is limited to the tenure of the Bandhan Bank FD.
Nomination facility: Bandhan Bank FD investors can nominate beneficiaries for their FDs.
Auto-renewal: Investors can opt for auto-renewal of their Bandhan Bank FDs.
Safety: The Deposit Insurance Scheme of RBI covers all Bandhan Bank deposits. The scheme covers all Bandhan Bank deposits up to INR 5,00,000.
Additional payments: Investors cannot deposit an additional amount in a Bandhan Bank FD once it has commenced. However, they can open a fresh Bandhan Bank FD with the new amount.
One can open a Bandhan Bank FD account through various modes such as Internet Banking, Mobile App and offline.
The following steps will help an individual to open a Bandhan Bank FD account through internet banking:
The following steps will guide in opening an FD account through Bandhan Bank Mobile App:
To open a Bandhan Bank FD account offline, one has to visit the nearest Bandhan Bank branch. Fill the Bandhan Bank FD application form and submit all the necessary documents along with the deposit amount. On successfully processing the application, Bandhan bank will provide an FD receipt.
To invest in Bandhan Bank FDs, one would require the following documents:
The following are eligible to open a Bandhan Bank FD:
Bandhan Bank offers recurring deposits to its depositors. Bandhan Bank recurring deposits have a minimum tenure of six months and a maximum tenure of 5 years. Depositors can open an RD account either by going to the Bandhan Bank branch or online using internet banking. The interest rate for regular citizens on Bandhan Bank RDs is in the range of 5.4% to 6.75%, and for senior citizens, it is in the range of 6.15% to 7.5%.
Only investment in Bandhan Bank Tax Saving FD qualifies for tax saving up to INR 1,50,000 per annum. Investment in no other Bandhan Bank FDs qualifies for tax saving under Section 80C of the Income Tax Act. The interest income from Bandhan Bank FD is taxable as per the investor’s income tax slab rates. Moreover, the interest income is subject to a TDS of 10% if the income from Bandhan Bank FD exceeds INR 40,000 per annum. For senior citizens, the limit is INR 50,000 per annum. Also, if the investor doesn’t disclose PAN Card details to the Bandhan Bank, then the TDS rate will be 20%.
To know in how many years Bandhan Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be the number of years Bandhan Bank FD will double. For example, for a tenure of 2-3 years, the FD interest rate for senior citizens is 6.75%. An investor can double the investment amount by investing for this tenure in Bandhan Bank FD in 10.66 years (72/6.75).
Bandhan Bank FD rates range between 3% and 6% for regular citizens and between 3.75% and 6.75% for senior citizens. Moreover, Bandhan Bank offers an additional 0.75% interest to senior citizens on their FDs. Bandhan Bank pays interest every quarter on June 30th, September 30th, December 31st, and March 31st.
Bandhan Bank guarantees returns in the form of interest on their FDs. Moreover, the Deposit Insurance Scheme of RBI covers all Bandhan Bank deposits. Also, the scheme covers all Bandhan Bank deposits up to INR 5,00,000. Hence Bandhan Bank FDs are safe for investment.
The highest FD rate in Bandhan Bank is 6% for regular citizens for a tenure of 2-3 years. The highest Bandhan Bank FD rate for senior citizens is 6.75% for a tenure of 18 months to 3 years.
All resident individuals, minors, NRIs, HUFs, partnership firms and also companies are all eligible to invest in Bandhan Bank FDs.
The minimum investment in Bandhan Bank FD is INR 1,000. However, there is no limit on the maximum amount of investment in Bandhan Bank FD.
Yes, investors can open a Bandhan Bank FD account online through their internet banking facility.
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