Bandhan Bank, a private sector lender, reported an interest rate hike on term deposits and savings accounts. The revised interest rates came into effect on July 4, 2022 and the bank now offers savings account holders a maximum interest rate of 6.25% and an interest rate of 3.00% – 5 .60% to the general public and 3.75% – 6.35% to seniors on term deposits of less than ₹2 cr.
Bandhan Bank exchange rate
The bank will continue to grant an interest rate of 3.00% on deposits made between 7 and 30 days, and Bandhan Bank has maintained its interest rate of 3.50% on term deposits whose maturity is between 31 days and less than 2 months. The bank raised interest rates on term deposits maturing in 2 months to less than a year from 3.50% to 4.50%. On deposits of 1 year or less than 2 years, Bandhan Bank will now pay an interest rate of 6.25%, down from 5.75%.
The bank raised interest rates on term deposits maturing in 2 years to less than 5 years by 25 basis points, from 6.25% to 6.50%. The bank kept its interest rate steady at 5.60 percent for long-term deposits of five to ten years. All tenors would be subject to an additional 0.75% seniors premium on top of the normal rate. Seniors will now benefit from a maximum interest rate of 7.25% on term deposits maturing in 2 years or less than 5 years.
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Bandhan Bank Savings Account Interest Rate
For savings accounts with a daily balance of up to ₹1 lakh, the bank will now grant an interest rate of 3%, and for accounts with a daily balance between ₹1,000,000 and ₹10 lakh, Bandhan Bank will now offer an interest rate of 5%. The bank now grants a maximum interest rate of 6.25% on savings bank deposits from above ₹10,000,000 ₹2 crore, which is significantly higher than fixed deposit interest rates at some of the major banks. In fact, Bandhan Bank savings account holders will now receive an interest rate of 6.00% on daily balances. ₹2 crore to ₹10 crores and daily balances above ₹10 crore to ₹100 crores.
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