Established in 2013, the Bharatiya Mahila Bank was started in order to empower women to be financially independent.
In order to cater to women, the bank allowed only women to open an account. However, the Bharatiya Mahila Bank now allows everyone to open an account.
Apart from various financial services and products, the bank also offers fixed deposit accounts. The minimum tenure for an FD account is 7 days and the maximum is 10 years.
The Bharatiya Mahila Bank officially merged with the State Bank of India in 2017 along with 5 other banks. Rates of interest will be according to the State Bank of India.
Rate of interest for Bharatiya Mahila Bank fixed deposits of less than Rs.1 crore are:
| Tenure bracket | Regular FD rates (per annum) | Senior Citizens FD rates (per annum) |
|---|---|---|
|
1 week to 45 days |
5.75% |
6.25% |
|
46 days to less than 6 months |
6.25% |
6.75% |
|
6 months to 7 months |
6.35% |
6.85% |
|
More than 7 months to less than 1 year |
6.40% |
6.90% |
|
12 months to less than 2 years |
6.70% |
7.20% |
|
2 years to less than 36 months |
6.75% |
7.25% |
|
3 years to less than 60 months |
6.80% |
7.30% |
|
5 years upto 10 years |
6.85% |
7.35% |
The Bharatiya Mahila Bank also offers fixed deposit accounts to Non-Resident Indians who wish to deposit their earnings from abroad along with gaining good rates of interest. NRIs are given the option of depositing their money in Indian rupee as well as in foreign currency.
The different types of term deposits for NRI deposits are:
NRO term deposits give the Non-resident Indians to deposit their money in the Indian rupee. The tenure for an NRO term deposit ranges from a minimum of 7 days to a maximum of 10 years. Senior citizens are not entitled to additional interest.
The amount deposited in an NRO term deposit is subjected to tax and only partially repatriable.
The NRO term deposit interest rates are the same as the interest rates of domestic term deposits offered by the Bharatiya Mahila Bank.
In the case of NRE term deposits by Bharatiya Mahila Bank, the amount deposited is tax-free and there are also no charges for premature withdrawal. Apart from this, the deposited amount is also completely repatriable.
1 year to a maximum of 10 years is the range of tenure for a NRE term deposit and the minimum amount required to open the account is Rs.1000.
Interest rates for Bharatiya Mahila Bank NRE term deposits are:
| Tenure | Rate of Interest (below Rs.1 crore) % p.a. | Rate of Interest (Rs.1 crore-Rs.10 crore) % p.a. | Rate of Interest (Rs.10 crore and above) % p.a. |
|---|---|---|---|
|
1 year up to less than 24 months |
6.70% |
6.70% |
6.70% |
|
24 months up to less than 3 years |
6.75% |
6.75% |
6.75% |
|
36 months up to less than 4 years |
6.80% |
6.80% |
6.80% |
|
60 months to 120 months |
6.85% |
6.85% |
6.85% |
If a customer wishes to deposit his or her earnings in the foreign currency, this term deposit by Bharatiya Mahila Bank is advisable.
The FCNR term deposit accepts major currencies around the world such as the Great Britain Pound, United States Dollar, Euro, Australian, Japanese Yen and Canadian Dollar.
The minimum amount required to open an FCNR term deposit account with Bharatiya Mahila Bank is 1000(USD, GBP, JPY, CAD, EUR, AUD).
The interest rates for FCNR term deposits are:
| Tenure/Currency(interest) | JPY | USD | CAD | GBP | AUD | EUR |
|---|---|---|---|---|---|---|
|
1 year(12 months) |
0.02% |
3.63% |
2.55% |
1.43% |
1.96% |
0.01% |
|
More than 12 months to less than 2 years |
0.02% |
3.63% |
2.55% |
1.43% |
1.96% |
0.01% |
|
24 months to less than 3 years |
0.05% |
3.55% |
2.70% |
1.62% |
2.04% |
0.01% |
|
36 months to less than 4 years |
0.05% |
3.58% |
2.76% |
1.72% |
2.11% |
0.01% |
|
48 months to less than 5 years |
0.05% |
3.61% |
2.79% |
1.80% |
2.37% |
0.10% |
|
5 years |
0.05% |
3.62% |
2.81% |
1.86% |
2.47% |
0.15% |
RFC term deposit is similar to FCNR in terms of depositing money in foreign currency. This type of term deposit is ideal for customers who are living abroad but wish to move to India permanently.
Deposits in an RFC term deposit can be made only in 3 major foreign currencies which are the Euro, United States Dollar and the Great Britain Pound.
Tenure for an RFC deposit ranges from a minimum of 1 year to 3 years and the minimum amount required is 1000(USD, EUR, GBP).
Rate of interest for RFC term deposits are:
| Tenure/Currency(interest) | EUR | USD | GBP |
|---|---|---|---|
|
More than 12 months to less than 2 years |
0.01% |
3.63% |
1.43% |
|
24 months to less than 3 years |
0.01% |
3.55% |
1.62% |
|
3 years |
0.01% |
3.58% |
1.72% |
Bharatiya Mahila Bank revised its FD rates this year and the rates have been effective since August. Listed below are the changes in respect to Bharatiya Mahila Bank FD interest rates effective from August 2016.
The rate of interest for FDs with tenure of 120 days has been changed from 7% to 6.50%. The interest rate for a FD of tenure 1 year has been reduced from 7.90% to 7.25%. Deposits between 1-3 years comes at a rate of interest of 7.25%. The interest rate for deposits with tenure more than 3 years has been changed to 7%.
26 August 2016
Bharatiya Mahila Bank (BMB) has revised its interest rate on fixed deposits of less than Rs. 1 crore for a period of 1 year. The interest rate has been reduced from 7.9 percent earlier to 7.75 percent with effect from January 21, 2016. However, the annualised yield from an FD of less than Rs. 1 crore for 1 year would be 7.98 percent.
There is no change in interest rates for fixed deposits of any other tenor or amount. The bank does not allow deposits of Rs. 1 crore or more for a period of more than 1 year. Senior citizens get 0.5 percent additional interest on all maturities for deposits below Rs. 1 crore. They are not eligible for any additional interest for bulk deposits of Rs. 1 crore or more.
4 February 2016
The rates for deposits across banks and financial institutions in India have seen deductions post the repo rate cut by the Reserve Bank of India. Bharatiya Mahila Bank offers FDs at extremely competitive and attractive interest rates, with unmatched features designed to simplify banking, while helping both the bank and customers grow together. Interest rates offered by Bharatiya Mahila Bank vary depending on the term of a particular fixed deposit, with different terms having different interest rates.
The interest rates on term deposits less than Rs. 1 crore for the period of 1 year, with effect from November 13, 2015, have been revised. The current rate of interest rose by 0.25% and is 7.90% as against the previous rate of 7.75%. Interest rate for fixed deposits more than Rs. 1 crore with 1 year tenure increased by 0.10% to 7.60% from the previous 7.50%.
20 November 2015
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