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Bharat Bank FD Interest Rate

Bharat Co-operative Bank Ltd. was founded in 1978 with the vision of providing banking services to all of India. Starting with a profit of Rs.2,785 in its first year, the bank steadily grew, becoming ...Read More

Bharat 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)
Above 3 years to 5 years6 %6.5 %
7 Days upto 29 Days3.5 %3.5 %
30 Days upto 60 Days3.75 %3.75 %
61 Days upto 90 Days4 %4 %
91 Days upto 180 Days4.25 %4.25 %
181 Days to less than 1 year4.75 %4.75 %
1 year to 2 years7.15 %7.65 %
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Above 2 years to 3 years
7.3 %7.8 %
Above 5 years6.75 %7.25 %

Bharat Bank Fixed Deposit

Bharat Bank offers a diverse selection of fixed deposit options with flexible tenures, unique features, and competitive interest rates, providing customers with a variety of benefits to choose from. Bharat Bank's fixed deposit rates are highly attractive, making it an excellent option for both individuals and senior citizens seeking to grow their savings.

Let's discuss the types of FD offered by Bharat Bank in detail:

Regular Fixed Deposit: 

Bharat Bank's fixed deposit scheme requires a minimum investment of Rs.1,000 and offers a flexible tenure ranging from 7 days to 364 days. Customers can easily open their FD accounts through net banking or mobile banking, a preferred option for many investors compared to traditional methods of submitting forms at the branch office. 

It's important to note that: 

  • KYC must be updated to utilise online banking services.
  • Customers can choose their maturity instructions, nominate beneficiaries, and opt for auto-renewal with or without interest. 
  • Interest earned on the fixed deposit will be paid at maturity, along with the principal amount invested. 
  • Senior citizens can benefit from a higher FD rate. 
  • The bank allows for an overdraft or advance of up to 95% of the principal deposit. 
  • Customers can also enjoy high liquidity by opting for a penalty-free early withdrawal from the fixed deposit, subject to the terms and restrictions of the bank.

Monthly or Quarterly Fixed Deposit:

 Monthly and quarterly fixed deposits are similar to regular fixed deposits but differ in the way the interest is paid. While regular fixed deposits pay the interest at maturity, monthly and quarterly fixed deposits pay the interest monthly or quarterly, respectively. 

It's important to note that:

  • Bharat Bank allows individuals, minors, registered co-operative societies, registered public trusts, and HUFs to open these accounts with a minimum duration of one year and a maximum of 120 months, which can be extended by the bank at any time.
  • Customers can also avail of a loan of up to 95% of the deposit amount and enjoy the convenience of monthly or quarterly interest payments.
  • Nomination and auto-renewal facilities are available, making it easier for customers to manage their deposits.

Flexi Fixed Deposit: 

Bharat Bank's Flexi Fixed Deposit is a unique investment option that combines the flexibility of savings and current accounts with the high returns of fixed deposits. With this facility, customers can automate the transfer of funds to a fixed deposit account when the balance in their savings or current account reaches certain thresholds, and reverse the process when needed.

It's important to note that:

  • The minimum balance required to avail of this facility is Rs. 25,000, and funds exceeding Rs. 50,000 will be automatically swept out to a fixed deposit account in multiples of Rs. 10,000. 
  • The maximum amount per sweep is Rs. 5,00,000, and the tenure of the fixed deposit is 90 days. 
  • The FD account will be created automatically, and interest will be paid as per the interest rate for regular fixed deposits based on the tenure.
  • There are no charges for NEFT, RTGS, cheque book, demand draft, or bulk cash deposits with this facility, making it a convenient and cost-effective investment option for customers.

Bharat Deposit Tax Benefit: 

Investing in a tax-saving fixed deposit (FD) under Section 80C of the Income-tax Act, 1961, offers tax benefits to investors. The investment amount is eligible for a deduction of up to ₹ 1.5 lahks, subject to a 5-year lock-in period.

It's important to note that:

  • To open a 5-year tax saver FD, investors need a minimum deposit of ₹ 100, and the maximum investment amount allowed in a financial year is ₹ 1.5 lakh.
  • Unlike a standard FD, a Tax Saving FD offers a significantly higher effective interest rate due to the tax savings.
  • Premature withdrawal of the tax-saving FD is not allowed, and the account is not auto-renewed on maturity. 
  • Investors can choose to receive the interest monthly, but the interest rate will be discounted. 
  • Investing in a tax-saving fixed deposit can help investors save on taxes and build wealth over time.
  • A loan facility is not available in this FD scheme. 

Cumulative Fixed Deposit: 

Bharat Bank offers a fixed deposit scheme with a minimum investment amount of Rs.1,000 and a flexible tenure ranging from 12 to 120 months. 

It's important to note that:

  • Opening an account is hassle-free and can be done through net banking or mobile banking, provided your KYC is updated. 
  • The interest is compounded quarterly and reinvested with the original principal. 
  • Auto-renewal with and without interest is available, and the reinvestment plan requires a minimum investment period of one year.
  • You can obtain a loan of up to 95% of the deposit amount, plus interest, by pledging an FD certificate. 
  • Senior citizens are eligible for a higher interest rate, ranging from 0.50% to 1%, depending on the tenure of the FD.

Flexi Fixed Deposit:

In this scheme, the Bank provides extra benefits and ease to its customers. Flexi Fixed Deposit is a special kind of deposit where a depositor can enjoy both the liquidity of savings and current accounts and the high returns of fixed deposits. In this FD scheme, the funds automatically get transferred to your fixed deposit when the balance in your Savings or Current Account crosses specified limits & also provides a reverse process when there is a requirement of money in your Savings & Current Account from your Fixed deposit account.

It's important to note that:

  • The minimum balance required is Rs 25 lakhs;
  • The money will be Sweep out from the savings or current account to the fixed deposit if the balance exceeds Rs.50,000/-;
  • The funds will be converted to FD in multiples of Rs.10,000/-;
  • A Maximum FD that will be created per sweep is Rs.5,00,000/-;
  • Tenure of such FD will be 90 days only and FD will be created automatically post the sweep out for such tenure. 
  • The Bank provides some other benefits to the depositor too in this FD scheme like - Free Bulk Cash Deposit facility, 5 Free ATM transactions on other bank ATMs, Free NEFT/RTGS/Chequebook, Free DD/PO etc.

Pros of investing in Bharat Bank Fixed Deposit

  • Convenient- Having a savings account in Bharat Bank Allows one to open fixed deposits easily, and they can be liquidated whenever required.
  • DICGC Insurance- The amount invested with the Bank is covered by DICGC for the total sum of ₹ 5 lakhs. 
  • Minimum amount- Fixed deposits with Bharat Bank can be opened with an investment as low as ₹ 1000 and for tax saver FD as low as ₹ 100. 
  • Preference to senior citizens- We offer higher FD rates for senior citizens who have reached the age of 60 years 
  • Tax-benefits- Bharat Bank’s Tax-Saving FD offers exemptions under Section 80C, of the Income-tax Act, 1961 thus helping to save taxes.   
  • Auto-renewal option- The Bank offers an auto-renewal option for their FDs. It means at the time of maturity of the FD, it gets renewed automatically. This is helpful for investors as they do not have to take the pressure of renewing their FDs. 
  • Loan against FD: A loan against FD is available for up to 95% of the principal amount deposited
  • Nomination facility- Depositors can nominate beneficiaries for their investments made in Bharat BankFDs. 

Cons of investing in Bharat Bank Fixed Deposit

  • Not dynamic- Interest rates on FD are not dynamic. So, it fails to overcome the risk of inflation. 
  • Fixed-rate- Fixed deposits offer a fixed rate on the investment. Hence, no benefit can be availed for higher returns in cases of an increase in market interest rates.

Eligibility Criteria to Open a Fixed Deposit with Bharat Bank

 To invest in Bharat BankBank Fixed Deposits, the following are eligible-

  • Individuals
  • Minors
  • Registered Co-operative Societies
  • Registered  Public Trusts 
  • HUFs.

Documents Required to Open a Bharat Bank Fixed Deposit

 The following documents are required to invest in Bharat BankFixed deposits- 

  • FD application form
  • Government-approved identity proof (PAN Card, Aadhar Card, Driving License, Voter ID, Passport)
  • Government-approved address proof (Aadhar Card, Voter ID, Electricity Bill, Telephone Bill)
  • Aadhar Card
  • PAN Card

How To Open A FD Account with Bharat Bank

Fixed deposit accounts can be opened in both online and offline ways- 

Online method- 

Step 1: Log in to your account through the bank's website or mobile app.

Step 2: Navigate to the 'Open a Fixed Deposit' option.

Step 3: Fill in the application form with details such as the deposit amount, tenure, maturity instructions, nomination, and interest payout options.

Step 4: Once you have filled in the required details, review the form and click on 'Submit'.

Step 5: An OTP will be sent to your registered mobile number and email address. Step 6: Enter the OTP to complete the verification process.

Step 7: The deposit amount will be deducted from your linked savings account, and your fixed deposit account will be created.

Offline method- 

Step 1- Visit the bank branch.

Step 2- Take the FD application form. 

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

Step 4- Submit the form to the branch. 

Step 5: On successful verification of the details, your FD account will be created 

Bharat Bank Fixed Deposit Premature Withdrawal

  • The bank may levy a penalty on premature closure of a fixed deposit, calculated at the rate of interest applicable for the period that has elapsed minus 1%, subject to revision from time to time. However, in the case of death claims, no penalty will be charged for premature closure.
  • If a fixed deposit is renewed prematurely, a penalty may be imposed at the rate of interest applicable for the period that has elapsed minus 0.25%, provided that the deposit remains with the bank after reinvestment for a period longer than the remaining period of the original contract.

FAQs

Premature withdrawal in case of death? 

If any of the joint holders of a fixed deposit account passes away before the maturity date, the surviving account holder may opt for premature withdrawal if they wish to do so. This is subject to fulfilling the conditions outlined in the bank's Deposits Policy and Terms & Conditions for Fixed Deposits.

What is the tenure of interest payment?

Bank offers monthly, quarterly, half-annual, yearly, and at-maturity interest payout choices for its FD plans.

What happened to the maturity of minor FD maturity ?

The closure proceeds of a Fixed Deposit held in the name of a Minor will be transferred to the account of the Minor or paid by a Payorder in favour of the Minor.

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Bharat Bank

Calculate Bharat Bank FD Returns

₹1,00,000
Above 2 years to 3 years
Above 3 years to 5 years7 Days upto 29 Days30 Days upto 60 Days61 Days upto 90 Days91 Days upto 180 Days181 Days to less than 1 year1 year to 2 yearsAbove 2 years to 3 yearsAbove 5 years
7.3 %
Yes
No
Maturity Amount₹1,14,620

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