Bandhan Bank is a private commercial bank that was established in the year 2014 by Bandhan Financial Holdings Limited. Headquartered in Kolkata, the bank has a base capital of over Rs. 3, 000 core in spite of being a new entrant to the banking sector.
The first bank to be set up in the post-Independence era in the east, the bank offers a wide range of products and services to its customers, with an emphasis on quality.
The bank already has over 500 branches scattered across the country and is expanding with every passing day. While it has a presence across the country, the bank’s area of focus is the north and north eastern regions of the country, where they are contributing towards the development effort.
Bandhan Bank Recurring Deposits (RD)
The bank offers Recurring Deposits to its customers at very attractive rates and tenures, making it possible for everyone to save and earn from those savings.
Similar to a term deposit, a Recurring Deposit allows depositors to make small deposits over a period of time instead of one large lump sum. The interest accrued on these deposits is compounded over the tenure of the deposit, resulting in the depositor receiving a significant sum of money on the deposit’s maturity.
The bank’s Recurring Deposit scheme can be availed by all individuals above the age of 18 years either singly or jointly. The RD can be opened for a tenure ranging from 6 months to 10 years, with the minimum deposit amount being Rs. 100. Subsequent deposits made should be in multiples of Rs. 1, making it possible for everyone to keep up with the monthly payments.
Features of Bandhan Bank Recurring Deposit:
- Overdraft facility for tenures over 6 months available
- Flexible monthly instalment amount in multiples of Rs. 1
- Nomination facility for depositor/s available
- Quick and easy method of remitting deposit amount every month
Bandhan Bank Recurring Deposit Interest Rates
The Bandhan Bank provides its Recurring Deposit customers with very competitive rates that are the best in the market. The rate for the shortest tenure, i.e. of 6 months, is 8 %, while the rate for a 1 year tenure is 8.25 %.
Medium term deposits will attract interest of 8.25 % per annum for less than 3 years, while deposits with a tenure up to 5 years will receive 8 % per annum.
For long term deposits with tenures above 5 years and up to 10 years, the interest rate payable is 7.75 % per annum.
How to Open a Bandhan Bank Recurring Deposit
Opening a Recurring Deposit with Bandhan Bank can be done both offline as well as online.
Individuals who wish to open a RD offline can visit one of the bank’s branches, where they can collect a copy of the form and submit the same along with the required documents. The bank would then process the documents and on successful verification, the Recurring Deposit would be opened.
Individuals applying online can fill in the form on the bank’s website, after which the bank would verify the information and notify the individual as soon as the Recurring Deposit is opened.