Bandhan Bank revises FD rates; check details
Bandhan Bank offers an interest rate of 3% on deposits maturing between seven days and thirty days and 3.5% on deposits maturing between 31 days and less than two months.
A deposit with a tenor of two months to less than one year will earn interest at a rate of 4.50%. An FD with a tenor between one year and 599 days will earn interest at a rate of 7.25%.
Deposits that mature in 600 days or less will now earn an interest rate of 7.50%, while those that mature in 601 days to less than five years will now earn an interest rate of 7.25%.
The bank is offering an interest rate of 5.85% on term deposits maturing between five years and 10 years.
|Maturity Bucket||Interest Rates||Rates for Senior Citizens|
|7 days to 14 days||3.00%||3.75%|
|15 days to 30 days||3.00%||3.75%|
|31 days to less than 2 months||3.50%||4.25%|
|2 months to less than 3 months||4.50%||5.25%|
|3 months to less than 6 months||4.50%||5.25%|
|6 months to less than 1 year||4.50%||5.25%|
|1 year to 599 days||7.25%||7.75%|
|600 days (1 year, 7 months, 22 days)||7.50%||8.00%|
|601 days to less than 2 years||7.25%||7.75%|
|2 years to less than 3 years||7.25%||7.75%|
|3 years to less than 5 years||7.25%||7.75%|
|5 years to up to 10 years||5.85%||6.60%|
Source: Bank Website
For pre-mature withdrawal
For pre-mature withdrawal from the deposit, a penal interest rate of 1 per cent will be applicable on the card rate, according to the bank’s website. “The card rate for premature closure will be lower of 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,” said Bandhan Bank.
In case of reinvestment deposits, the interest reinvested is post TDS recovery and hence the maturity amount for reinvestment deposits would vary to the extent of tax and compounding effect on tax for the period subsequent of deduction till maturity.