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Bandhan Bank Fixed Deposit Rate
A Fixed Deposit (FD) is one of the most popular financial instruments among the general population in India as it is a safe and reliable investment which provides a higher rate of interest than a regular savings account. It is considered to be a low-risk form of saving. The rewards are proportionately low as well when compared to investing in the stock market, for example, but the returns are free from volatility and fluctuation.
Money can be deposited in an FD account for a period that typically ranges from 7 days to 10 years. Banks are free to set their own FD interest rate which in India can generally range from 3.5% - 8% (or more) depending on the tenure and amount among other factors. If you have some extra money that you wish to invest, opening an FD is a simple and safe option, which requires minimal documentation. A Fixed Deposit is one of the most popular ways of investing money. Conservative investors prefer investing in an FD account as it is a safe form of investment that gives assured returns.
About Bandhan Bank Fixed Deposit Rate
Bandhan Bank Deposit Rates
The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. The general rule of thumb is, the longer the term of deposit, the higher the rate of interest, though a bank may also offer a lower rate of interest for a longer tenure if the rates are expected to fall in the future.Bandhan Bank Interest Rates typically range from 3% - 9% per annum.
Bandhan Bank FD rates
Following is an overview of Bandhan Bank Term Deposit Rates and Bandhan Bank Short-Term Fixed Deposit Interest Rates.
Bandhan Bank Interest Rates on Fixed Deposits 2015 – 2016:
(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with Bandhan Bank directly.)
Domestic / NRO / NRE Term Deposit Interest Rates for deposits less than Rs. 1 Crore
| Tenor | Rates (% per annum) |
|---|---|
| 7 days to – 14 days | 3.50% |
| 15 days to – 30 days | 4.00% |
| 31 days to Less than 2 months | 4.00% |
| 2 Months to Less than 3 Months | 4.00% |
| 3 Months to Less than 6 Months | 4.50% |
| 6 Months to Less than 1 Years | 7.00% |
| 1 Year to Less than 2 Years | 8.25% |
| 2 Years to Less than 3 Years | 8.00% |
| 3 Years to Less than 5 Years | 7.75% |
| 5 Years to Less than 7 Years | 7.50% |
| 7 Years up to 10 Years | 7.50% |
Bandhan Bank FD Interest Rates for Senior Citizens
Bandhan Bank offers special Senior Citizen FD Rates which is generally marginally higher than the rates applicable on a regular FD. It provides seniors with that extra buffer in their golden years. Senior citizens are entitled to get an extra 0.50% interest rate across all maturities. The Senior Citizen Rates are only for Resident Indians and do not apply to NRIs. Also, submission of proof of age is mandatory to avail of Senior Citizen Rates.
How to Calculate Bandhan Bank Fixed Deposit Interest
There are many online websites that have easy-to-use FD calculators. You can use these online resources to help you identify how much interest you will earn on your principal amount. Using online FD calculators is easy and saves you the hassle of calculating it manually. All you need to do is enter the amount to be deposited, number of years, and the rate of interest per annum – and the calculator will do the rest and present you with a breakup of the interest earned and the maturity amount. The FD calculator gives an accurate estimate of the returns on your principal amount instantly.
Using an online resource helps in determining how much you want to invest and helps identify the final maturity amount.
You can also calculate the interest earned and the maturity value on the principal amount using the following formula.
Calculate Bandhan Bank FD Rate
A = P x (1 + r/n)nt
I = A - P
Where
A = Maturity Value
P = Principal Amount
r = Rate of Interest
t = Number of Years
n = Compounded Interest Frequency
I = Interest Earned
Bandhan Bank FD Premature Withdrawal Penalty
While investing in an FD account, take into consideration potential situations where you might be in urgent need of funds. Once you deposit an amount into the FD, you cannot withdraw from it, unlike with a savings account.
You can, however, break the deposit upon payment of a penalty. Bandhan Bank typically charges a nominal penalty for premature withdrawal which is communicated to you at the time of application of FD Deposit.
Bandhan Bank Fixed Deposit Rates FAQ
1. For how long can I book an FD with Bandhan Bank?
Deposits can be made for period that ranges from 7 days to 10 years.
2. Is tax deducted for FD deposits?
Yes, if the interest accrued reaches a particular slab in the financial year, then TDS is deducted. Keep in mind that submission of Income Tax PAN No. is mandatory. If you fail to do so, TDS will be deducted at a higher rate as per prevailing Indian Income Tax laws.
3. What is the minimum deposit required?
You can avail of a Bandhan Bank Fixed Deposit for a minimum of Rs.1, 000 and in multiples of Rs.1 thereafter.
4. I want to book an FD with Bandhan Bank. How do I do it?
You can open a Fixed Deposit Account easily through a number of channels. If you are an existing customer, you can book an FD online or using Phone Banking. If you are a first-time customer you can visit your nearest Bandhan Bank branch.
5. What is the minimum tenure for NRO terms deposits? What are the withdrawal options?
The minimum tenure for Domestic as well as NRO term deposits is 7 days. No interest is payable for deposits prematurely withdrawn within the period of 7 days from the date of deposit.
6. What is the minimum tenure for NRE deposits?
The minimum tenure for NRE term deposits is 1 year.
Latest & Update Bandhan Bank Fixed Deposit Rate News
Bandhan Bank Offers Upto 8.35% Interest For Senior Citizens on FD Through Its Inspire Programme26 Dec 2023
Bandhan Bank has launched the programme, ‘INSPIRE’, exclusively for senior citizens. Through this programme, the interest rate offered is 8.35% p.a. on FDs of tenure 500 days and 7.5% p.a. for tax saver FDs. Through this "INSPIRE programme, senior ci...
Read moreBandhan Bank has launched the programme, ‘INSPIRE’, exclusively for senior citizens. Through this programme, the interest rate offered is 8.35% p.a. on FDs of tenure 500 days and 7.5% p.a. for tax saver FDs. Through this "INSPIRE programme, senior citizen customers can avail the already existing benefits like preferential interest rates, priority banking services, and doorstep banking facilities. They can also avail additional benefits which the programme provides such as special discounts on purchase of medicines, diagnostic services and medical treatments, concessions on doctor consultation, and medical check-ups as well as dental care offered through partner healthcare service providers. Further, the bank also plans to include features like direct contact to phone banking officers to make the banking experience user friendly and convenient for senior citizens.
Bandhan Bank Fixed Deposit Rate - Customer Reviews
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