|Tenure||Rate (%)||Senior Citizen Rate of interest (%)||NRI (%)|
|6 Months to Less than 1 Years||7||7.5||7|
|Above 1 year to less than 3 years||7.25||7.75||7.5|
|3 Years to Less than 5 Years||6.9||7.4||7|
|5 Years to Less than 7 Years||6.5||7||7|
|7 Years up to 10 Years||6.5||7||7|
Get the Highest Interest Rate on Recurring Deposits at Bandhan Bank
Bandhan Bank offers Recurring Deposit schemes to its customers, by 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 offers Recurring Deposits for 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 7 days 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 Deposits Interest Rate
Bandhan Bank offers Recurring Deposits at short term tenures beginning at a year. The interest rate payable on these deposits is 8.25 % per annum on maturity. These rates 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 8% to 8.25% to 8%, with the rate falling as the tenure increase. This is due to the fact that Recurring Deposits pay compound interest, with the interest being compounded every quarter.
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 7.75% upon maturity for these tenures.
Bandhan Bank NRO/NRE Recurring Deposit Interest Rate
Bandhan Bank also provides the Recurring Deposit scheme for Non Resident Externals (NRE’s) 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 and long term tenures.
The short term Recurring Deposit has a minimum tenure of 1 year, and the depositor stands to receive interest of 8% on the amount deposited at the time of maturity.
The medium term Recurring Deposit for NRE/NRO pays out 8.25% to 8% for medium term deposits, with the tenure ranging from 2 years to 5 years.
The long term tenure pays out an interest of 7.75% 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 0.50% more than the regular deposit interest rate for their deposits.