Bandhan Bank offers up to 8% interest on senior citizen FD

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Bandhan Bank revised interest rates across fixed deposits on amounts below Rs 2 crore with effect from January 5, 2023. After the revision, the bank will now offer interest rates between 3% and 7.50% for regular citizens and 3.75% to 8% for senior citizens.

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 BucketInterest RatesRates for Senior Citizens
7 days to 14 days3.00%3.75%
15 days to 30 days3.00%3.75%
31 days to less than 2 months3.50%4.25%
2 months to less than 3 months4.50%5.25%
3 months to less than 6 months4.50%5.25%
6 months to less than 1 year4.50%5.25%
1 year to 599 days7.25%7.75%
600 days (1 year, 7 months, 22 days)7.50%8.00%
601 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%6.60%

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.

Reinvestment deposits
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.

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