• Recurring Deposit
  • Bandhan Bank RD Interest Rates
Bandhan Bank RD Interest Rates

Bandhan Bank RD Interest Rates

small finance

Bandhan Bank RD Interest Rates July 2024

TenureNormal Citizen RD RateSenior Citizen RD Rate
3 Months to 6 Months4.50%5.25%
6 Months to 9 Months4.50%5.25%
9 Months to 1 Year4.50%5.25%
1 Year to 2 Years7.25%7.75%
2 Years to 3 Years7.25%7.75%
3 Years to 5 Years5.85%6.60%
5 Years to 10 Years5.85%6.60%

Note: All interest rates shown above are as on 1st November 2023

Bandhan Bank RD Scheme Details

Tenure
6 Months - 10 Years
Public Interest Rates
4.50% to 7.25%
Senior Citizen Interest Rates
5.25% to 7.75%
Minimum Deposit Amount
Rs. 100
Premature Withdrawal
1%
Highest Rates for Public
7.25%
Highest Rates for Senior Citizen
7.75%

Bandhan Bank Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 5.85%For 5 years with interest of 5.85%
₹ 50,0001,51,4602,53,662
₹ 1 lakh3,02,9205,07,324
₹ 2 lakh6,05,84110,14,649
₹ 5 lakh15,14,60125,36,622
₹ 10 lakh30,29,20350,73,244

Compare Bandhan Bank vs Punjab National Bank Recurring Deposit

vs
Punjab National Bank
Bandhan Bank
Bandhan Bank
Maturity Amount3,02,9203,02,621
Total Investment Amount3,00,0003,00,000
Total Interest Gained2,9202,621

Compare RD Interest Rates of Other Banks

Bank NameRD Interest Rates
Punjab National Bank
Punjab National Bank
4.40% to 6.50%
City Union Bank
City Union Bank
5.75% to 6.50%
BOI Bank
BOI Bank
4.50% to 6.50%
Canara Bank
Canara Bank
5.25% to 6.90%
Indian Bank
Indian Bank
3.50% to 6.70%
BOB Bank
BOB Bank
4.50% to 7.05%
Central Bank of India
Central Bank of India
4.50% to 6.75%
Karur Vysya Bank
Karur Vysya Bank
6.00% to 7.00%
Union Bank of India
Union Bank of India
4.30% to 6.70%
Tamilnad Mercantile Bank
Tamilnad Mercantile Bank
5.75% to 7.00%
Karnataka Bank
Karnataka Bank
5.25% to 7.00%
Dhanlaxmi Bank
Dhanlaxmi Bank
6.50% to 6.75%
South Indian Bank
South Indian Bank
4.50% to 6.50%
Federal Bank
Federal Bank
5.00% to 7.30%
Bank of Maharashtra
Bank of Maharashtra
4.50% to 6.00%
Indian Overseas Bank
Indian Overseas Bank
4.50% to 6.80%
UCO Bank
UCO Bank
4.50% to 6.50%
RBL Bank
RBL Bank
4.75% to 7.50%
State Bank of India
State Bank of India
4.50% to 7.00%
IDBI Bank
IDBI Bank
4.50% to 6.80%
Axis Bank
Axis Bank
4.75% to 7.10%
HDFC Bank
HDFC Bank
4.50% to 7.10%
ICICI Bank
ICICI Bank
4.75% to 7.00%
Indusind Bank
Indusind Bank
4.75% to 7.50%
Kotak Mahindra Bank
Kotak Mahindra Bank
4.00% to 7.10%
Yes Bank
Yes Bank
5.00% to 7.75%
IDFC First Bank
IDFC First Bank
5.00% to 7.50%
Equitas Small Finance Bank
Equitas Small Finance Bank
7.25% to 8.20%
Capital Small Finance Bank
Capital Small Finance Bank
4.75% to 7.15%
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank
4.75% to 7.50%
Fincare Small Finance Bank
Fincare Small Finance Bank
5.75% to 8.25%
ESAF Small Finance Bank
ESAF Small Finance Bank
5.25% to 8.50%
North East Small Finance Bank
North East Small Finance Bank
4.00% to 7.50%
Suryoday Small Finance Bank
Suryoday Small Finance Bank
5.00% to 8.50%
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank
6.50% to 8.00%
Jana Small Finance Bank
Jana Small Finance Bank
4.00% to 8.50%
DBS Bank
DBS Bank
3.00% to 7.50%
Post Office
Post Office
6.90% to 7.50%

Frequently Asked Questions

What is the current interest rate of RD in Bandhan Bank?

The current highest Bandhan Bank RD rates for general citizen range from 4.50% to 7.25% and for senior citizen it ranges from 5.25% to 7.75% today 2024-07-24

How to open rd account in Bandhan Bank?

Bandhan Bank RD account can be opened with a minimum deposit of Rs. 100 with tenure ranging 6 Months - 10 Years. Bandhan Bank recurring deposit account can be opened online or by visiting Bandhan Bank branches with any ID proof like PAN card, Aadhar card, voter ID, or driving licence etc.

How to close rd in Bandhan Bank?

You can close your RD a/c online through "Close A/c" tab or by visiting the branch, this may cost you a penalty. The current premature closer penalty in Bandhan Bank RD is 1%.

How to calculate maturity and interest in Bandhan Bank recurring deposit ?

The maturity amount in Bandhan Bank recurring deposit account can be calculated by using A = P x(1 + R / N) ^ (NT) formula.
Where:
A: Maturity Amount
P: Recurring Deposit Amount
N: Number of times the interest is compounded
R: annual interest rate
T: Tenure
Example:
If you open recurring deposit account at the Bandhan Bank for 5 years and planed to invest INR 50,000.The current Bandhan Bank RD interest rate for 5 year is 5.85%.So using the above formula the maturity amount will be - Rs. 34,89,411.

What is Bandhan Bank RD interest rates for 1 year in 2024 ?

The Bandhan Bank recurring deposit for 12 months or 1 year is 7.75% for senior citizen and 7.25% for others.

Calculate Bandhan Bank Returns

36
3.2 %

1,00,000

Total Investment

0

Wealth Gained

0

Maturity Amount

Invest in SIP to earn ₹37,83,253 moreExplore Best SIP Plans

About Bandhan Bank Recurring Deposit

Bandhan Bank RDs are investments that allow investors to save small amounts regularly. The bank has a tenure of 6 months to 10 years, and the interest rates vary with the tenure. 

Bandhan Bank RD rates range between 4.5% to 7.25% p.a. for regular citizens. For senior citizens, the RD rates range between 5.25% to 7.75% p.a.. One can estimate the returns from their Bandhan RD investment using the Bandhan Bank recurring deposit calculator. The RD rates of Bandhan Bank are higher than their saving account rates. The Bandhan Bank RD rate of interest differs based on the investor’s age, investment tenure, RBI policies and economic conditions in the country.

When investors earn interest from RD investment, it is taxable as per their income tax slab rates. Also, investors have to file this income under the head ‘Income from other sources’ while filing their income tax returns. Moreover, the bank has to deduct a TDS of 10% if the interest income exceeds INR 40,000 (INR 50,000 for senior citizens). Furthermore, this rate is applicable if the investor submits their PAN card details. Else, the TDS rate is 20%.

Bandhan Bank Recurring Deposits Features

  • Tenure: The Bandhan bank recurring deposit tenure ranges between 6 months to 120 months, in multiples of 3 months
  • Minimum and Maximum Deposit Amount: The minimum amount of investment in Bandhan bank RD is INR 100, and in its multiples thereafter. However, there is no limit on maximum investment.
  • Tax and TDS: Bandhan bank RDs do not qualify for tax saving. The interest income that one earns from Bandhan bank RDs is taxable as per the individual’s respective income tax slab rates. Moreover, Bandhan bank deducts a TDS of 10% if the interest income per annum exceeds INR 40,000 (INR 50,000 for senior citizens). The 10% TDS is applicable only when PAN details are furnished; else the bank deducts TDS at 20%.
    One can determine whether Bandhan bank RD interest income is above or below the TDS threshold limit using the Bandhan Bank RD Calculator. Also, investors can calculate their income tax liability using Scripbox’s Income Tax Calculator.
  • Premature withdrawal: Bandhan bank allows investors to prematurely withdraw their recurring deposits. However, Bandhan bank charges a penalty depending on their banking norms. Usually, the charges are between 1-2%. 
  • Nomination Facility: Depositors can nominate beneficiaries for their Bandhan Bank RDs.
  • Convenience: Opening and managing recurring deposit investments are easy and convenient through Bandhan bank’s online portal.
  • Loan Facility: Bandhan Bank allows investors to take a loan after 3 months of RD account opening.

Bandhan Bank RD Account Eligibility and Documents Required

Eligibility: Following is the eligibility criteria for opening a Bandhan Bank RD account

  • Resident Individuals, including minors
  • HUFs
  • Sole Proprietary firms
  • Partnership firms
  • Companies
  • Associations and trusts
  • NRI’s

The above entities must have a savings account with Bandhan Bank and NRIs must have an NRE or NRO account. 

Deposit and account: One can open a Bandhan Bank recurring deposit account with a minimum investment of INR 100 and in multiples thereafter. However, there is no limit on the maximum investment amount for Bandhan Bank RD.

Documents Required:

  • PAN Card,
  • Aadhar Card,
  • Driving licence,
  • Government ID card,
  • Senior Citizen Card
  • Utility bills,
  • Passport,
  • Bank statement with cheque,
  • Certificate or ID card issued by the post office

Withdrawal: Bandhan Bank allows investors to prematurely withdraw their RD investment, however, with a penalty. The bank charges a penalty on the interest rate which varies depending on the banking policies. Usually, the penalty charges are between 1-2%. 

Nomination: Bandhan Bank RDs have a nomination facility where the account holder can nominate beneficiaries.

Types of Bandhan Bank Recurring Deposit Schemes

Bandhan Bank offers the following recurring deposit schemes:

Recurring Deposits

  • Tenure: 6 months – 120 months (in multiples of 3 months)
  • Minimum Deposit Amount: INR 100, and in multiples of it thereafter.
  • Maximum Deposit Amount: No limit
  • Tax Deducted at Source: Applicable
  • Nomination Facility: Available
  • Premature closure: Available, however, with a penalty of 1-2% depending on banking norms. 
  • Penalty for late deposits: If the instalment is delayed beyond the stipulated due date and grace days, then banks will charge a penalty as per their norms. 

Conclusion

Bandhan Bank RDs are considered a good investment for investors who can save small amounts of money regularly. Also, they are low-risk investments as they offer guaranteed returns. Therefore, investors who are looking for guaranteed returns from their investments can consider recurring deposits. However, one has to understand the taxes that they have to pay on interest earned on Bandhan Bank RD investments.

Frequently Asked Questions

What are the limits on the minimum and maximum deposits?

The minimum deposit amount for Bandhan Bank RD is INR 100 per month. And, there is no maximum amount of investment in Bandhan bank RD.

Can I open a recurring deposit account for a minor?

Yes, one can open a Bandhan RD account on behalf of a minor.

How to apply for Bandhan Bank RD?

One can open a Bandhan Bank RD account through offline and online modes. For online mode, one has to visit the Bandhan website. And for offline mode, one has to visit the nearest branch of Bandhan Bank.
To be able to invest in Bandhan Bank RD, one needs to have all valid documents. They need to have a Bandhan RD application form, duly filled and signed and passport-size photographs. For identity proof, they need a PAN card, Aadhar card, voter ID, and driving licence and for residence proof, they need an Aadhar card, utility bills, and a driving licence. For age proof, they need a birth certificate, matriculation certificate, and PAN card. 

Is it possible to renew an RD account?

Yes, it is possible to renew a Bandhan Bank RD account. However, the renewal is possible as per Bandhan Bank norms and rules.

Resources

  1. Bandhan Mutual Funds
  2. Bandhan Fixed Deposit
  3. Bandhan FD Calculator
  4. Bandhan SIP Calculator