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Bandhan Bank Fixed Deposit

Updated 06 Dec 2023

Bandhan Bank was founded 2001 as a Microfinance company and converted into NBFC in 2006. In 2015, It started as a universal bank. The bank provides different banking services covering retail and corporate/wholesale banking. The bank provides fixed-term deposits to its investors.

Fixed Deposits (FDs) are investment instruments wherein money can be deposited for a fixed tenure with the bank. FDs give a higher interest yield compared to a savings account.


This article gives you details about Bandhan Fixed Deposits.

Types of Bandhan Bank Fixed Deposits

  • Standard FD
  • Premium FD
  • Tax saving FD
  • Advantage FD
  • Dhan Samriddhi FD
  • Super Saver FD

Benefits of Investing in Bandhan Bank’s FD

  • Interest is paid on a monthly or quarterly basis.
  • One can continue to invest till maturity.
  • One can save tax by investing in tax-saving fixed deposits.
  • Bandhan provides a nomination facility so a Fixed Deposit account holder can assign a nominee for the amount deposited.
  • Partial withdrawal or premature closure is also available.
  • The bank provides automatic renewal of FDs.The amount invested with the Bank is covered by DICGC insurance for the total sum of ₹ 5 lakhs.

Features of Bandhan Bank FD

Standard FD

  • An investor must invest money for a fixed period at a predetermined interest rate. 
  • Standard FD tenures vary from 7 days to 10 years. 
  • This is the most popular FD option chosen by investors.
  • The interest rate for this ranges from 3.00% to 7.85% for the general public and 3.75% to 8.35% for senior citizens.

Premium FD

  • The premium FD provides monthly or quarterly interest payouts of at least 2 crores and above. 
  • Premium FDs offer a higher interest rate and are popular among various investors.
  • The interest rate for this ranges from 3.00% to 7.85% for the general public and 3.75% to 8.35% for senior citizens.

Tax-saving FD

  • Unlike standard FDs, tax-saving FDs cannot be booked for less than 5 years. 
  • The amount invested is exempt from tax under section 80C, but the interest generated from the FD is liable to be taxed.  
  • Based on the tenor of 5 years, the interest rate for this ranges from 3.00% to 7.85% for the general public and 3.75% to 8.35% for senior citizens.

Advantage FD

  • As the name suggests, investors can avail of loan and overdraft services against fixed deposits in such FD. 
  • Partial withdrawal and premature closure are also key advantages of this FD.
  • The interest rate for this ranges from 3.00% to 7.85% for the general public and 3.75% to 8.35% for senior citizens.

Dhan Samriddhi FD

  • This fixed deposit was prepared to fulfil the short-term goals of the investor, where the tenure is from 6 months to 10 years. 
  • The main feature of this FD is the compounded interest is reinvested in the same scheme.
  • The interest rate for this ranges from 3.00% to 7.85% for the general public and 3.75% to 8.35% for senior citizens.

Super Saver FD

  • The bank provides door-to-door collection services for small traders and daily wage earners with a tenure of 1 year.
  • The interest rate for this ranges from 3.00% to 7.85% for the general public and 3.75% to 8.35% for senior citizens.

Bandhan Bank FD Eligibility Criteria

  • Resident Indians
  • Senior citizens
  • Members of HUF
  • NRIs are eligible to open their fixed deposit accounts with Bandhan Bank.

One can start a fixed deposit with a minimum amount of ₹ 1,000. (Except Premium and Dhan Samriddhi FDs). There isn't any maximum limit for the fixed deposit amount.

Documents required for Bandhan Bank FD account

Banks require the below-listed documents for completing the Mandatory Know Your Customer (KYC) procedure before opening an account for its customer.
 

For Identity Proof and Signature Proof

  • PAN Card
  • Driving License
  • Passport
  • Voter’s ID
  • Aadhar Card

For Address proof

  • PAN Card
  • Utility Bill
  • Bank account Passbook (Updated and should not be more than 3 months old)
  • Form 15H or Form 15G.

How to Open an FD with Bandhan Bank

Through Mobile App

  • Download the Bandhan Bank mobile application from the app or play store and log in.
  • Select the menu option; under the ‘Save’ tab, select the ‘Deposit’ option to proceed.
  • Select the ‘Open Fixed Deposit’ option.
  • Enter all the personal details and also enter the nominee details.
  • Verify all the details and Click confirm to book a new deposit.

Offline way

  • Visit the bank branch.
  • Take the FD application form.
  • Fill in the required details and submit the necessary documents.
  • Submit the form to the branch.
  • The Bank will provide an FD receipt on successfully processing the application.

Through Internet banking

  • Login to the Bandhan Bank NetBanking account.
  • In the main menu, select the ‘Fixed Deposit’ option and choose the type of deposit.
  • Fill in all the relevant details along with nominee details.  
  • Verify all the details and click ‘Submit’ to book a new fixed deposit.

Premature Withdrawal of FD

For premature withdrawal, the Penal Interest Rate of 1% shall be applicable on the card rate. The card rate for premature closure will be lower than the rate for the original/contracted tenure for which the deposit has been booked or the rate applicable for the tenure for which the deposit has been in force with the bank.

Breaking an FD through various modes

Using Internet Banking

  • Log into your Bandhan Bank web banking portal.
  • Navigate to the 'Fixed Deposits' section.
  • Search for and click on the 'Premature Withdrawal' or 'Terminate FD' option.
  • Choose the FD you're considering dissolving and verify.
  • Follow the on-screen directions to finalise the withdrawal.

Via Mobile Banking

  • Open the Bandhan Bank mobile application.
  • Access the 'FD' or 'Deposits' tab.
  • Opt for the early termination or 'FD termination' feature.
  • Identify the FD you wish to end and validate the details.
  • Proceed as per the app's guidance to complete the process.

At a Local Branch

  • Visit the closest Bandhan Bank branch to you.
  • Inform the bank representative about your desire to dissolve the FD.
  • They will provide you with an 'FD premature closure' form. Ensure you complete it accurately.
  • Be prepared to showcase the original FD document and any necessary ID.
  • Once approved, the money, less any charges, will be deposited into your associated bank account.

Telephonic Process

  • Dial the customer support number of Bandhan Bank.
  • State your intention to end your FD early.
  • The bank representative will instruct you further and share essential details.

FAQs

Can I avail of a loan against my Bandhan Bank Fixed Deposit?

Yes, Bandhan Bank offers loans against fixed deposits. The loan amount offered can be up to 90% of the deposit amount, and the interest rate charged on the loan is generally lower than that of other loans.

Can I open a Bandhan Bank Fixed Deposit account online?

You can open a Bandhan Bank Fixed Deposit account online through the bank's website or mobile app. You can also visit a Bandhan Bank branch and open a personal fixed deposit account.

What is the minimum and maximum deposit amount for Bandhan Bank Fixed Deposit?

The minimum deposit amount for Bandhan Bank Fixed Deposit is ₹ 1000, and there is no maximum limit.

What is the interest rate offered by Bandhan Bank on Fixed Deposits?

The interest rate Bandhan Bank offers on its fixed deposit varies based on the tenure and deposit amount chosen by the customer. The interest rate currently ranges from 3.00% to 6.50% per annum.

Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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