Bandhan Bank Recurring Deposit 2025
Bandhan Bank RDs are investments that allow investors to save small amounts regularly. The bank has a tenure of 6 months to 10 years, and the interest rates vary with the tenure. Bandhan Bank RD rates range between 4.5% to 7.25% p.a. for regular citizens. For senior citizens, the RD rates range between 5.25% to 7.75% p.a. The RD rates of Bandhan Bank are higher than their saving account rates. The Bandhan Bank RD rate of interest differs based on the investor’s age, investment tenure, RBI policies and economic conditions in the country.
Bandhan Bank is a private commercial bank that was established in 2014 by Bandhan Financial Holdings Limited. Headquartered in Kolkata, the bank has a base capital of over Rs.3, 000, 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 northeastern regions of the country, where it is contributing to 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.
Also, Check - Bandhan Bank FD Rates
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 an RD offline can visit one of the bank's branches, where they can collect a copy of the form and submit it 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 out the form on the bank's website, after which the bank will verify the information and notify the individual as soon as the recurring deposit is opened.
FAQs on Bandhan Bank RD
- What are the limits of minimum and maximum recurring deposits?
In Bandhan Bank, the minimum deposit amount is Rs.100 per month. However, there is no maximum deposit amount set by the bank.
- What are the documents needed to open an RD account with Bandhan Bank?
To open an RD account with Bandhan Bank, you need to submit the duly filled RD account opening form, scanned copies of PAN Card, Aadhar Card, driving license, utility bills, birth certificate, passport, and passport size photographs.
- How to open a Bandhan Bank RD account?
Bandhan Bank RD account can be opened both online and offline. For online account opening, you have to visit the official website of Bandhan Bank. On the other hand, in case of offline account opening you need to visit the nearest branch of Bandhan Bank. To invest in Bandhan Bank RD, you need to submit all the valid documents such as duly filled RD application form, passport size photos, scanned copies of Permanent Account Number (PAN) Card, Voter ID, Aadhar card, utility bills, and a driving license.
- Can I open an RD account with Bandhan Bank for a minor?
Yes, you can open an RD account with Bandhan Bank for a minor.
- Can I renew my Bandhan Bank RD account?
Yes, you can definitely renew your Bandhan Bank RD account. However, you need to follow the norms set by the bank regarding the same.
- Can I opetn a joint RD account with Bandhan Bank?
Yes, you can open a joint RD accoun with Bandhan Bank.
- Is the overdraft, nomination, and passbook facility provided by Bandhan Bank to its RD account holders?
Yes, Bandhan Bank RD account holders get the overdraft, nomination, and passbook facility.
- Is Tax Deducted at Source (TDS) applicable on RD interest earned?
Yes, TDS is applicable on RD interest amount earned.
- Can I open my RD account with Bandhan Bank without a PAN Card?
No, PAN Card is mandatory to open an RD account with Bandhan Bank.
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