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Bandhan Bank FD Interest Rate

Bandhan Bank was founded in 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 bankin...Read More

Bandhan Bank Fixed Deposit Interest Rates

Note: All interest rates are updated as of 30 Jan 2024
TenureFor General Citizen (p.a)For Senior Citizen (p.a)
7 days to 14 days3 %3.75 %
15 days to 30 days3 %3.75 %
31 days to less than 2 months3.5 %4.25 %
2 months to less than 3 months4.5 %5.25 %
3 months to less than 6 months4.5 %5.25 %
6 months to less than 1 year4.5 %5.25 %
1 year to 499 days7.25 %7.75 %
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500 days (1 year, 4 months, 11 days)
7.85 %8.35 %
501 days to less than 2 years7.25 %7.75 %
2 years to less than 3 years7.25 %7.75 %
3 years to less than 5 years7.25 %7.75 %
5 years to up to 10 years5.85 %6.6 %

Types of Bandhan Bank Fixed Deposits

  • Standard FD: It requires an investor to invest his money for a fixed peri, 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.
  • Premium FD: The premium FD provides monthly or quarterly interest payouts with a minimum of 2 crores and above. Premium FDs offer a higher interest rate and are popular among various investors.
  • Tax saving FD: Tax saving FDs, unlike standard FDs, cannot be booked for less than a period of 5 years. The amount invested is exempt from tax under section 80C, but the interest generated from the FD is liable to be taxed.  
  • Advantage FD: As the name suggests, In such FD investors can avail of loan and overdraft services against fixed deposit. Partial withdrawal and premature closure are also key advantages of this FD.
  • Dhan Samriddhi FD: This fixed deposit was prepared to fulfill the short-term goals of the investor where the tenure is started from 6 months to 10 years. The main feature of this FD is the compounded interest is reinvested in the same scheme.
  • Super Saver FD: The bank provides door-to-door collection services for small traders and daily wage earners with a tenure of 1 year.
  • Bandhan Bank Fixed Deposit Interest Rates: Generally, with the rise in repo rates, banks tend to increase FD rates and Loan rates, The repo rate by the RBI acts as a benchmark for banks, NBFCs, and other financial institutions. This is because the repo rate is the interest rate at which the RBI lends money to the banks.

Bandhan bank offers several advantages ranging from assured returns to availing an overdraft facility against your fixed deposit depending on its tenure.

Pros and Cons of Investing in Bandhan Bank’s FD

Pros:

  • Interest is paid on a monthly or quarterly basis.
  • One can continue to invest till maturity.
  • One can save tax by investing into 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 are 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.

Cons:

  • Interest earned on fixed deposits are not tax-free and subject to is tax as per your applicable slab rate. able.
  • Also in some cases, banks deduct TDS at the time of paying the fixed deposit interest. So if the individual has income below the basic exemption limit as defined under the Income-tax Act, he/she will still have to file the Income Tax return to claim the refund of TDS deducted by the bank
  • Historically Fixed Deposits have given lower returns as compared to Mutual Fund and equity instruments

Bandhan Bank FD Eligibility Criteria

  1. Resident Indians
  2. Senior citizens
  3. Members of HUF
  4. 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 or Aadhar Card.
  • For Address proof - PAN Card, Driving License, Passport, Voter’s ID or Aadhar 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

        Step 1- Download the Bandhan Bank mobile application from the app store or play store and login.

        Step 2- Select menu option, under the ‘Save’ tab, select the ‘Deposit’ option to proceed.

        Step 3- Select ‘Open Fixed Deposit’ option.

        Step 4- Enter all the personal details and also enter the nominee details.

        Step 5- Verify all the details and Click confirm to book a new deposit.

  • Offline way

        Step 1- Visit the bank branch.

        Step 2- Take the FD application form. 

        Step 3- Fill the required details and submit the necessary documents. 

        Step 4- Submit the form to the branch. 

        Step 5- On successfully processing the application, Bank will provide an FD receipt.

  • Through Internet banking

        Step 1- Login to the Bandhan Bank NetBanking account.

        Step 2- In the main menu, select the ‘Fixed Deposit’ option and choose the type of deposit.

        Step 3- Fill in all the relevant details along with nominee details.  

        Step 4- Verify all the details and click on ‘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.

Tax implications on interest  Fixed Deposits

  1. The interest earned on all types of FDs is included in the total income and is taxable as per the prevailing slab rate.
  2. As per section 80C of the Income-tax Act, 1961, the investor gets an exemption of ₹1,50,000 in tax saver FD investment.
  3. In the case of a senior citizen (Age above 60 years), a deduction of up to ₹50,000 is available and for non-senior citizens up to ₹40,000.
  4. If the PAN is not provided then, in that case, 20% TDS is levied.
  5. In case your total income is below the taxable limit i.e. ₹ 2.5 lakhs, you can avoid TDS by submitting Form 15G to the bank.
  6. In the case of senior citizens if your total income is below the taxable limit then you can avoid TDS by submitting Form 15H to the bank.

FAQs

Can I avail 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?

Yes, 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 fixed deposit account in person.

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 Deposit?

The interest rate offered by Bandhan Bank 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.

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Bandhan Bank

Calculate Bandhan Bank FD Returns

₹1,00,000
500 days (1 year, 4 months, 11 days)
7 days to 14 days15 days to 30 days31 days to less than 2 months2 months to less than 3 months3 months to less than 6 months6 months to less than 1 year1 year to 499 days500 days (1 year, 4 months, 11 days)501 days to less than 2 years2 years to less than 3 years3 years to less than 5 years5 years to up to 10 years
7.85 %
Yes
No
Maturity Amount₹1,10,753

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