Bandhan Bank offers recurring deposit schemes to its customers to enable them to save regularly in order to build up a lump sum over time. The Bandhan Bank RD Interest Rates ranges from 6.40% to 7.10% p.a. for term periods ranging from 6 months to 10 years for regular citizens. For senior citizens, the recurring deposit rates offered by Bandhan bank is even better with the lowest rate of return being 7.15% p.a. for a tenure of 5-10 years, and the highest being 7.85% p.a. offered for a tenure of 2 years to less than 5 years. So, for Senior citizens are entitled to an additional 0.75% p.a. over and above the regular RD interest rates.
Listed below are the interest rates offered by Bandhan Bank w.e.f. 9 April 2018, according to the tenure selected by the customer.
|Tenure||Regular RD Interest Rates (p.a)||Senior Citizen RD Interest Rates (p.a)|
|6 Months to Less than 1 Years||6.80%||7.55%|
|Above 1 year to less than 2 years||7.05%||7.80%|
|2 Years to Less than 5 Years||7.10%||7.85%|
|5 Years to Less than 7 Years||6.40%||7.15%|
|7 Years up to 10 Years||6.40%||7.15%|
*The above interest rates are for investments less than Rs.1 crore
Get the Highest Bandhan Bank RD Interest Rates
Bandhan Bank Recurring Deposit Schemes offered to its customers via which they can invest a certain amount every month over the tenure of their deposit and receive a lump sum at the time of maturity. The lump sum would include compound interest payable on the amount with the interest rates among the highest offered.
Bandhan Bank Recurring Deposits can be availed by domestic as well as NRE (Non Resident Externals) depositors making it possible for everyone to build their wealth by investing a set sum over a period of time. A minimum of Rs. 100 is to be deposited every month in the Recurring Deposit and the tenure can be for as short as 6 months and as long as 10 years.
In the event of the monthly amount being late, Bandhan Bank charges its customers a nominal penalty fee. Another advantage is the overdraft facility that is available to Recurring Deposit holders with a tenure of 6 months or more.
Bandhan Bank Short Term Recurring Deposit Interest Rates
Bandhan Bank offers Recurring Deposits for short-term tenures ranging from 6 months to a year. The rate of return ranges from 6.80% to 7.00% p.a. for regular citizens and 7.55% to 7.75% for senior citizens in case of short-term recurring deposits. The rates mentioned in the table are for deposits amounting to less than Rs. 1 crore.
Bandhan Bank Medium and Long term Recurring Deposit Interest Rate
The bank also offers medium-term Recurring Deposits which range from over 1 year to 5 years. The interest payable on these deposits ranges from 7.00% to 7.10% p.a. for regular citizens and 7.80% to 7.85% for senior citizens.
The bank’s long-term Recurring Deposits range from above 5 years to 10 years, which is the longest tenure for such a deposit. The bank pays depositors an interest of 6.40% upon maturity for these tenures for regular citizens and 7.15% for senior citizens.
Bandhan Bank NRO/NRE Recurring Deposit Interest Rate
Bandhan Bank also provides the Recurring Deposit scheme for Non Resident External (NRE) and Non Resident Ordinary (NRO) individuals. This enables individuals with this status to operate and invest in deposits.
The NRE Recurring Deposits have similar tenures as those of the regular Recurring Deposits, that is, of short-term, medium-term and long-term tenures.
The short-term Recurring Deposit for an NRO depositor has a minimum tenure of 1 year with the depositor standing to receive interest of 7.00% p.a. for regular citizen and 7.75% p.a. for a senior citizen on the amount deposited at the time of maturity.
The medium-term Recurring Deposit for NRE/NRO with a tenure ranging from 2 years to 5 years pays out at 7.40% for regular citizens and 8.15% for senior citizens.
The long-term tenure pays out an interest of 6.40% for regular citizens and 7.15% for senior citizens for deposits ranging from 5 years to 10 years.
Bandhan Bank Recurring Deposit Senior Citizens Interest Rate
The interest rate for senior citizens who hold Recurring Deposits with the bank is higher than the regular deposit schemes. All depositors above the age of 60 are eligible for the higher rates. Senior citizens will receive 0.75% more than the regular deposit interest rate for their deposits.
FAQs On Bandhan Bank Recurring Deposit Account
- Who is eligible to open a recurring deposit account with Bandhan bank?
- Any individual or two individuals can jointly open a recurring deposit account with Bandhan bank.
- A minor who is at least 10 years old.
- A minor who is less than 10 years old with under the supervision of a natural or legal guardian can open a recurring deposit account with Bandhan bank.
- For a collective group or institution to avail the facility of opening a recurring deposit account with Bandhan bank, it can be a proprietorship, a partnership organisation, a commercial organisation, a trust, association, club or a society.
- An illiterate person can also open a RD account with Bandhan bank.
- What is the minimum amount that one requires to open a recurring deposit account with Bandhan Bank?
- What is minimum term period for which the money has to be deposited in a recurring deposit account with Bandhan bank?
- What are the different ways in which a person can open a recurring deposit account with Bandhan bank?
- What are the documents to be submitted to open a recurring deposit account with Bandhan bank?
- Application form
- Passport size photograph of the applicant
- PAN card, ID card and a proof of address of the applicant
- KYC documents if the bank asks for it.
The following people or institutions are eligible to open a recurring deposit account with Bandhan bank:
The minimum amount that one requires to open a recurring deposit account with Bandhan bank is Rs.100.
The minimum term period for which the money has to be deposited in a recurring deposit account with Bandhan bank is 6 months.
The person who wants to open a recurring deposit account with Bandhan bank can either do it on the Bandhan bank website or can visit the nearest branch of the bank and submit the form.
The documents required for opening a recurring deposit account with Bandhan bank are: