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Introduction

Bandhan Bank offers a wide range of savings accounts for different types of investor needs. All the Bandhan Bank Savings Accounts have an interest in the range of 3%-7.15%. Also, Bandhan Bank offers phone banking, net banking, and mobile banking facilities. Furthermore, it allows investors to withdraw freely from non-Bandhan bank ATMs up to 25 transactions. The article covers Bandhan Bank savings account, its features, benefits, interest rates and types in detail.

Bandhan Bank Savings Account – Features and Benefits

Features of Bandhan Bank Savings Account

Minimum account balance: The minimum account balance for Bandhan Bank varies for different accounts. Following is the minimum balance requirements:

Maximum account balance: Also, there is no limit on the maximum amount of balance in Bandhan Bank savings accounts.

Nomination facility: Bandhan Bank allows its account holders to nominate a beneficiary.

ATM card facility: Bandhan Bank has ATMs spread across the entire country. The bank doesn’t charge any fee for cash withdrawals from their own ATMs. For non-Bandhan Bank ATMs, the bank charges a fee of INR 20 per transaction once the depositor has exhausted the free transactions.

Savings Account TypeAverage Monthly Balance Requirement
Premium Savings AccountRs. 1, 00, 000
Advantage Savings AccountRs. 25, 000
Sanchay Savings AccountRs. 2, 000
Standard Savings AccountRs. 5, 000
Special Savings AccountRs. 5, 000
GOS Savings AccountNil
TASC Savings AccountNil
BSBDA Savings AccountNil
BSBDA-Small Savings AccountNil

Benefits of Bandhan Bank Savings Account

A safe form of investment: Saving in Bandhan Bank savings account is considered safe as the money is not subject to volatility.

High interest rates: Bandhan Bank offers high interest rates when compared to other banks on their savings accounts.

Easy to operate: Bandhan Bank account holders can operate their bank account through net, phone, mobile and branch banking.

Internet banking: Bandhan Bank offers internet banking facility to its customers. Furthermore, through net banking, one can transfer money and pay bills. They can also shop online and make balance enquiries. Moreover, they can also invest in bank deposit schemes like fixed deposits and recurring deposits.

Mobile and phone banking: Through Bandhan Bank mobile and phone banking, one can make IMPS transfers. They can also make balance enquiries and shop online. Moreover, they can make payments, and invest online in bank deposit schemes like fixed deposits and recurring deposits.

24*7 customer care: Bandhan Bank offers 27*7 assistance to its customers and addresses their customer queries.

Bill payments: One can schedule their bills and investments through Bandhan Bank. Also, depositors need not worry about paying their bills every month. All they have to do is have enough balance in their account.

Bandhan Bank Savings Account Interest Rates

Following are the interest rates on savings account of Bandhan Bank:

Savings Account TypeInterest Rate
Daily Balance up to INR 1 Lakh3%
Daily Balance above INR 1 Lakh to INR 10 crores6%
Daily Balance above INR 10 crores to INR 50 crores6.55%
Daily Balance above INR 50 crores7.15%
Note: Bandhan Bank savings account interest rates are subject to change

Interest on Bandhan Bank savings account is guaranteed. Also, the interest is paid to the account holder every quarter as per the Reserve Bank of India rules. Furthermore, interest on Bandhan Bank savings account is taxable under the head ‘Income from Other Sources’. The account holders have to show their interest income while filing their income tax returns.

However, under Section 80TTA of the Income Tax Act, 1961, all individuals and HUFs can claim a tax deduction on the interest income. The tax benefit under Section 80TTA is up to INR 10,000 per annum on the interest income from a bank savings bank account. Also, the interest income from cooperative society and post office savings account is eligible for deduction under Section 80TTA. One can use an Income Tax Calculator to estimate their tax liability.

How to open a Bandhan Bank Savings Account?

One can open the Bandhan bank savings account by either visiting the nearest bank branch or online. Opening the Bandhan bank savings account online is simple, and the following are the steps:

  • Firstly, visit the Bandhan bank website.
  • Secondly, under the ‘Products’ menu, select the ‘Savings Accounts’ section.
  • Then read and understand about all the features, benefits, terms and conditions of all the Bandhan Bank savings accounts. Upon shortlisting the desired account, click on the ‘Apply Now’ button.
  • Enter the details following details to proceed Full Name, Mobile Number, Email ID, City and Pin code.
  • Fill out all the details in the online application form.
  • Finally, submit the application form at the nearest bank branch, where the representative will verify all the documents.
  • Upon successful verification, the bank will issue a starter kit, and one can start using the savings account.

However, before opening the Bandhan Bank Savings account, an individual should meet the following eligibility criteria:

  • Hindu Undivided Families (HUFs)
  • Individuals, either singly or jointly.
  • Trusts, government bodies, associations, religious institutions, clubs etc

Following are the documents required to open Bandhan Bank savings account:

  • Duly filled account opening form
  • Latest passport size photographs of the applicant
  • Proof of Ids and Signature
  • Proof of Address
  • For Identity proof
    • Voter ID, Driving License
    • Aadhar Card
    • PAN Card
    • Senior Citizen Card
    • Any Government ID card.
  • For Residence proof
    • Aadhar Card
    • Utility bills
    • Passport
    • Bank statement with cheque
    • The certificate is given by Post Office

Furthermore, it is important to provide self-attested copies of all documents. Also, the applicant should show the original documents at the time of verification.

Types of Savings Bank Accounts

Following are the types of Bandhan Bank Savings Accounts:

  • Neo + Savings Account
  • Elite Savings Account
  • Premium Savings Account
  • Advantage Savings Account
  • Standard Savings Account
  • Sanchay Savings Account
  • Special Savings Account
  • GOS Savings Account
  • TASC Savings Account
  • BSBDA Savings Account
  • BSBDA – Small Savings Account

Types of Savings Bank Accounts: In Detail

Neo + Savings Account

Neo + Savings Account is an instant digital savings account that is swift, simple and also secure. One can easily open the account through a paperless and contactless process. All that one needs is an Aadhaar Card number and PAN card for opening the account.

  • Account Opening is done in five easy steps and also in five minutes.
  • Minimum Balance: INR 5,000
  • 24/7 access to the account
  • Free online fund transfers
  • Instantly utility bill payments
  • Free Debit Card and also attractive shopping offers

Elite Savings Account

The Elite savings scheme is designed for a select few clients. Also, the bank appoints an experienced Branch Manager. Furthermore, the account holder enjoys preferential banking services, special offers, insurance cover and many more. In addition to this, one can avail benefits on shopping, travel, online payments, etc. 

  • Hassle free banking
  • No service charge and also unlimited transaction benefits
  • Attractive interest rates
  • Exclusive lifestyle benefits
  • Unlimited cash transactions
  • Cheque facility: Available
  • Nomination Facility: Available
  • Monthly e-statement of account
  • Debit Card: Available
  • Net, Phone and Mobile Banking facility: Available
  • SMS and Email transaction Alert: Available

Eligibility Criteria:

Average Monthly Balance: INR 5,00,000

OR

Fixed deposit of INR 25,00,000

OR

Total Relationship Value (TRV): INR 15,00,000 (Savings bank minimum deposit: INR 2,00,000 and rest in FD).

Premium Savings Account

The Premium savings account offers preferential relationship experience, complimentary smart banking benefits and also lifestyle privileges.

  • Average Monthly Balance: INR 1,00,000
  • Cash deposit limit at branches is free up to INR 20,00,000 per month
  • Passbook is available
  • Cheque facility is available
  • Nomination Facility is available
  • Monthly e-statement of account
  • Debit Card is available
  • Net, Phone and Mobile Banking facility is available
  • SMS and Email transaction Alert is available

Advantage Savings Account

The scheme offers better access to savings and also a bouquet of additional services. It offers high interest rates, transaction limits and also a host of complimentary services.

  • Average Monthly Balance: INR 25,000
  • Free Cash deposit limit up to INR 10,00,000 per month
  • Any branch banking facility is available
  • Passbook is available
  • Cheque facility is available
  • Nomination Facility: Available
  • Debit Card: Available
  • Net, Phone and Mobile Banking facility: Available
  • SMS and Email transaction Alert: Available

Standard Savings Account

The standard savings account is a low maintenance account that offers high interest.

  • Monthly Average Balance: INR 5,000
  • Free Cash deposit limit up to INR 5,00,000 per month
  • Any branch banking facility: Available
  • Passbook: Available
  • Cheque facility: Available
  • Nomination Facility: Available
  • Debit Card: Available
  • Net, Phone and Mobile Banking facility: Available
  • SMS and Email transaction Alert: Available

Sanchay Savings Account

The scheme offers a head start to the savings journey of an individual. With minimum balance, the account is easy to open, maintain and also access. Furthermore, the scheme is secured with all standard benefits and facilities.

  • Monthly Average Balance: INR 2,000
  • Free Cash deposit limit up to INR 2,00,000 per month
  • Any branch banking facility: Available
  • Passbook: Available
  • Cheque facility: Available
  • Nomination Facility: Available
  • Debit Card: Available
  • Net, Phone and Mobile Banking facility: Available
  • SMS and Email transaction Alert: Available

Special Savings Account

The scheme was specially designed to meet the banking and also transactional needs of the differently abled. Also, it is a low balance account that can be operated through net banking, mobile app and phone banking as well. Furthermore, the bank offers cash and cheque pick up and drop facility from home.

  • Average Quarterly Balance: INR 5,000
  • Free Cash deposit limit up to INR 5,00,000 per month
  • Passbook is available
  • Cheque facility is available
  • Debit Card is available
  • Net, Phone and Mobile Banking facility is available

GOS Savings Account

GOS is a zero balance account for government grants. Furthermore, the scheme is designed to support the State and Central government departments, agencies and bodies. The scheme facilitates the authorised subsidies and grants to reach the beneficiaries.

  • Minimum Balance is nil
  • Cheque facility is available
  • DD and PO on Bandhan Bank Location is available
  • Free internet banking and also free doorstep banking
  • Free consolidated monthly and annual statement of account

TASC Savings Account

TASC is a savings account for Trust, Association, Society and Club. Hence, it is for non profit entities.

  • Minimum Balance is nil
  • Free cash deposit limit of INR 25,00,000 or 20 times the last month average balance, whichever is higher.
  • Electronic Fund Transfer Facility is available
  • Cheque facility is available
  • DD and PO on Bandhan Bank Location is available
  • Free internet banking and also free doorstep banking
  • Free consolidated monthly and also annual statement of account

The TASC Account cannot be opened by the following:

  • Government bodies or departments depending on their budgetary allocations and functions.
  • Municipal corporations and committees
  • Panchayat Samitis
  • State housing board
  • Water and sewage, drainage board, metropolitan development, etc.
  • Any political party, business or trading concern, whether a proprietary or partnership or company or an association.

BSBDA Savings Account

The BSBDA account is a scheme for the common man. It is a zero balance account with no fuss and also no frills. Furthermore, the account comes with all basic banking facilities.

  • Minimum balance requirement is nil and also no upper limit of maximum balance
  • Interest similar to a regular savings bank account
  • Free ATM-cum-debit card and also free passbook

BSBDA – Small Savings Account

The BSBDA small savings account is also for the common man, where account opening and maintenance is easy. Furthermore, it is a zero balance account with minimum documentation. Moreover, the bank allows the account holder a 12 month period to apply for any missing KYC documents. In addition to this, another 12 months to submit them.

  • Minimum balance requirement is nil and also no upper limit of maximum balance
  • Free ATM-cum-debit card without any annual maintenance charges and also free passbook

Frequently Asked Questions

What is the minimum balance in a Bandhan Bank savings account?

The minimum monthly balance requirement for Bandhan Bank savings accounts is in the range of INR 0 to INR 1,00,000.

Does Bandhan Bank offer the facility of internet banking on a savings account?

Yes, Bandhan Bank has internet banking facilities on its savings accounts.

At what frequency will the interest be paid to me?

Bandhan Bank pays interest on a quarterly basis to its customers on their savings account. Also, it is as per the Reserve Bank of India norms.

What are the balance non – maintenance Charges on Bandhan Bank Savings Account?

Bandhan Bank doesn’t charge its customers for non maintenance of balance in their savings accounts.

What are the Bandhan Bank ATM Transaction charges on Savings Account?

Bandhan Bank savings account holders can withdraw unlimited times a month from Bandhan Bank ATMs. However, the bank will charge INR 20 per transaction if their customers have used other non-Bandhan Bank ATMs. Also, the number of free transactions vary for different accounts and are in the range of 5-25 times.

Does Bandhan Bank offer Debit Card to the account holder?

Yes, Bandhan Bank offers a debit card to its account holders.