Bandhan Bank Fixed Deposit Schemes Review (Updated 30-Aug-2019)
Many banks are offering interest rates of 6% to 6.5% on fixed deposit schemes. Several investors are looking towards private banks which are offering highest interest rates. Bandhan Bank Fixed Deposit schemes offer upto 7.65% interest rates. What are various FD schemes offered by Bandhan Bank? What are various interest rates for such schemes? Should you opt for Bandhan Bank FD Schemes?
Overview about Bandhan Bank
Bandhan bank is an Indian financial and banking service provider with its headquarter situated in India. It got its license from RBI on 23rd December 2014 to start full-fledged. Its financial holding is maintained by Bandhan Financial Services Ltd, which is the first micro financial company in India.
Also Read: Latest Bank FD Interest Rates for Feb-2017
What are various Bandhan Bank Fixed Deposit Schemes?
Bandhan bank provides different types of fixed deposit scheme with many benefits and competitive interest rates. Let us see the types of FD schemes of the bank.
1) Fixed Deposit Premium
This scheme is for high value funds.
The minimum deposit in this scheme is Rs 1 crore.
The customer can get an overdraft and loan facility in this scheme.
The rate of interest is differential in this category.
FD Scheme for 7 days to 10 year period.
2) Fixed Deposit Standard
This scheme is for regular deposits.
Minimum deposit of Rs 1,000.
It provides a better interest rate than saving account.
The amount of fund to be deposit is low in this scheme.
The customer gets loan and overdraft facility with automatic renewal facility.
It gives a monthly or quarterly interest payout.
3) Fixed Deposit Advantage
In this scheme income grows faster as the customer can enjoy the advantage of compounding interest.
The minimum amount of deposit is Rs 1,000.
You can avail premature closure or part withdrawal in this scheme.
The customer gets loan and overdraft facility.
Nomination facility available under this scheme.
4) Fixed Deposit Dhan Samriddhi
In this scheme the money grows faster in short period of time.
Suitable for those who have financial goals like education, marriage etc.,
Tenure is 6 months to 10 years.
Minimum deposit amount is Rs 5,000.
The customer gets the benefit of overdraft and loan.
You can open a single or joint account.
Automatic renewal and nomination facility also available under this scheme.
5) Fixed Deposit Tax Saver
This scheme is good for working people who wants to enjoy high rates of interest on their deposits and easy tax benefits under sec 80.
The customer gets high interest as well as tax saving.
The minimum deposit amount is Rs 1,000 and maximum Rs 150,000 under this scheme.
Tenure is 5 to 10 years.
Easy nomination facility is also available here.
6) Recurring Deposit
This recurring deposit scheme is good for people who set aside a fixed amount from their saving for regular and slow savings.
The minimum amount of deposit is Rs 100.
Tenure is 6 months to 10 years.
The customer can open a single or joint account and gets a passbook.
Overdraft after 6 months can be availed.
Nomination facility is also available.
What are Savings Bank Interest Rates?
If the customer maintains a daily balance of Rs1 lakh, the interest rate is 4.25% per annum and if he maintains a daily balance above Rs 1 Lakhs, the interest rate is 6% per annum.
The customer gets interest quarterly.
What are Interest Rates on Fixed Deposits
3.5% – 7 to 14 days
4% for 15 days to 3 months.
4.5% Interest from 3 to 6 months
7% interest – 6 months to 1 year
6.8% interest – 1 year
7.35% interest – 1 year to 18 months
7.5% interest – 18 months to 2 years
7.65% interest – 3 years to 10 years.
An additional 0.50% interest is given to senior citizens of India with the above rates by submitting the age proof
All the rates are applicable on all amounts below 1 crore.
All premature closure will get interest rates of 1% less on all tenure
As per IT rules TDS certificate will be issued on interest earned on fixed deposits. PAN card submission is mandatory for TDS.
No interest on premature withdrawal on both 7 days and 1 year tenure will be given.
The above rates are applicable for all Residents, NRO and NRE.
Minimum tenure for NRE term deposits would be 1 year.
Frequently Asked Questions (FAQs)
How to open a Bandhan bank FD account?
You can open account either through the website http://www.bandhanbank.com/ or by visiting to any of the Bandhan bank branch. You can call on +91 33 6633 3333 OR 1800 258 8181 (Toll Free) for more info.
How to access account?
You can access your account either through net banking, mobile banking or Bandhan bank ATMs.
How to change address, email ID and contact details?
Visit to any Bandhan bank branch, fill and submit the application form with address proof or send an authorized letter with the duly signed application form and an address proof to the branch where you have opened your account. To change email ID or contact details, you can get the application form either from website or branch, fill in the details, sign and submit form at branch.
Also Read: Best High Return Investment Options for 2017
Should you investin Bandhan Bank Fixed Deposit Schemes?
Banks are currently offering low interest rates on Fixed Deposits. You can also look for company FD Schemes, however they are high risk. You can look for private banks like Bandhan Bank, Rathnakar Bank (RBL) (7.5%) and Repco Bank (7.5%) which are offering high FD rates. Alternatively you can invest in debt mutual funds which can offer higher returns, however not guaranteed.
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Bandhan Bank Fixed Deposit Schemes
If I want make a fixed deposit for 1 yr. Then is there any requirement to make a savings account at bandhan bank?
If I want to invest money in this bank ,if per month Rs 100 for ten years then what Wii be the total amount we get and at what rate is 7.5or8%
I am 25 yrs old IT professional with 30k take home salary and no loans. I have 1 lakhs as an emergency fund in my saving account. Please suggest do I need to increase the fund to 1.8 lakhs(6 months salary). Also, where should I keep my emergency fund. Should I continue to keep it in saving bank account.
Also, my total FD is 1.4 lakhs. and mutual fund investment is a 50k.
Hi Subhojit, Nice to hear about you. You don’t need to consider 6 month salary as emergency fund. But you can consider 6 months expenses as emergency fund. You can invest in debt funds or bank FD for that. Since you alreay have Rs 1.4 Lakhs in FD, check if this is sufficient for 6 months and balance invest in FD or debt funds.
I want to know more about it
I am Skandha aged 56 years. I have a lump sum of 5 Lac and looking to invest in mutual funds which will give decent returns (around 12% per yr) with low risk but should not have locking period as I might need to withdraw the money anytime for any emergency purpose. Can you suggest best mutual funds to invest?
Hi Skandha, You cannot get guaranteed returns of 12% from mutual funds year on year. You can get such returns if you can invest for long term. You can invest in MIP mutual funds which can provide regular returns but not guaranteed. You can see this article.