Bandhan Bank Fixed Deposit

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.

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

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.

• 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.

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.

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.

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.

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.