Overview of Bandhan Bank Fixed Deposit

Fixed Deposits from Bandhan Bank

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.

Who can open an FD account with Bandhan Bank?

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.

What are the FD schemes offered by 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 -

• Fixed Deposit Premium - This deposit scheme is aimed at high value customers with large funds and it offers a differential rate of interest along with a loan and overdraft facility
• Fixed Deposit Standard - A regular fixed deposit scheme that offers low deposit amounts, loan/overdraft facility with automatic renewal and nomination options
• Fixed Deposit Tax Saver - A fixed deposit scheme that allows standard savings to avail tax benefits and a high rate of return as well as a nomination facility
• Fixed Deposit Advantage - A nomination facility enabled fixed deposit drafted especially for expenses that aren’t too far in the future and it also allows premature closure or withdrawal in times of need
• Fixed Deposit Dhan Samriddhi - Meant for fulfilling long term goals like education, marriage, travel etc. in a relatively short span of time, this scheme can also have joint depositors
• Recurring Deposit - Encouraging a steady saving habit with low deposits, this scheme can aid in providing a stable financial resource for long or short term goals

What is the minimum amount required to open an FD account with Bandhan 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.

What is the maximum amount that can be deposited in an RBL FD account?

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.

What is the minimum and maximum period for which funds can be held in as fixed deposits with Bandhan Bank?

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.

What is the procedure to open a fixed deposit account at Bandhan Bank?

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.

What are the interest rates offered on Bandhan Bank fixed deposits?

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.

Does Bandhan Bank offer tax saver fixed deposits?

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.

Are FD accounts with Bandhan Bank taxable?

Tax will be deducted at source for fixed deposits with Bandhan Bank and TDS certificate will be made available to the account holder.

What are the main features of Bandhan Bank fixed deposit schemes?

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.

Does Bandhan Bank offer senior citizens special rates on their fixed deposits?

Bandhan Bank offers an additional 0.50% rate of interest on the normal advertised rate of interest for senior citizens on fixed deposits.

Does Bandhan Bank allow premature withdrawal of fixed deposits?

Yes, premature withdrawals and closures are permitted under some fixed deposit schemes offered by Bandhan Bank.

Can NRIs open a fixed deposit account with 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.