Bandhan Bank offers fixed deposits for various tenures that might be suitable for people with varied investment and savings goals. The rates offered by Bandhan Bank are among the most lucrative ones in the market and are especially well-placed in the longer investment tenures. The bank encourages a habit of saving through providing a great rate of return for expenses planned in the future.
Salaried individuals, individuals working for a private sector company, government body, proprietorship, business partnerships, organisations, Hindu Unified Families (HUF) as well as senior citizens can open a fixed deposit account with Bandhan Bank.
Bandhan Bank offers various FD schemes with competitive interest rates and multiple benefits. The following are the FD schemes offered by the bank -
The minimum amount required to open an FD account at Bandhan Bank is Rs.100 for Recurring Deposits and can vary between Rs. 1000 to Rs. 5000 for other schemes. Fixed Deposit Premium is the only scheme with the highest minimum deposit at Rs. 100,00,000.
The maximum amount that can be deposited in Bandhan Bank FD schemes is at the discretion of the bank, though the Tax Saver scheme can have a deposit of no more than Rs. 1,50,000 per annum.
Fixed deposits from Bandhan Bank have tenures from as low as 7 days to as high as 120 months. 7 days being the minimum period for Fixed Deposit Premium scheme only and for others it may be from 6 months. The maximum period is 120 months that is available under all schemes. Some schemes may have a compulsory lock-in period during which the funds can’t be transacted with. It offers short term, medium term and long term deposits.
Bandhan Bank fixed deposits can be opened through the assistance of its executives offline. The bank offers the ease to enter details of the interested customer and thereafter the bank executives handhold the customer through the entire process. Additionally, one has the option to download and fill in all applicable details in one of the three forms available on the bank’s website. The forms also relate if any other necessary documents are required for the process.
The lowest interest rate offered for Fixed Deposits is 4.00% for a term deposit starting from 7 days and the highest interest rate offered is 8.50% for terms ranging from 12 to less than 36 months. Deposits for senior citizens have a 50 bps increment over the standard advertised rates.
Yes, Bandhan Bank offers tax saver fixed deposits in the form of Fixed Deposit Tax Saver Scheme which offers tax benefits under section 80C of the Income Tax Act.
Tax will be deducted at source for fixed deposits with Bandhan Bank and TDS certificate will be made available to the account holder.
Bandhan Bank offers six different fixed deposit schemes aimed at varied needs and they have tenures ranging from 7 days to 120 months. While schemes allow a regular interest payout option, tax saver option helps in benefiting through 80C of Income Tax Act and FD Premium guarantees a rapid growth of funds.
Bandhan Bank offers an additional 0.50% rate of interest on the normal advertised rate of interest for senior citizens on fixed deposits.
Yes, premature withdrawals and closures are permitted under some fixed deposit schemes offered by Bandhan Bank.
Bandhan Bank is a relatively new bank still in its fledgling state. While non-individual and individual entities are allowed to operate fixed deposit accounts in the bank, such provisions are not yet available through the bank. It might be available in the near future.
There are 2 new products launched by the Bandhan Bank, the international Visa debit card and NRI accounts. They have proved to the banking sector that they are not just a rural bank, and they are looking to expand their horizons. The bank is looking to diversify their operations beyond microcredit, they are also looking to tie up with taxicab company Ola, in order to finance car loans to the drivers attached with them. The debit card introduced by the bank, is a chip-based card offered by their partners Visa International. In relation to the NRI accounts, Bandhan Bank has many of their customer who have remittances sent to India, so that's when the focus to cater to them was needed. The NRI services are available in selected branches, and NRIs can open NRE account under 2 variants, under Premium or Standard.
16th February 2016