About Bandhan Bank FD
| Started On | 2015 |
| Head Quarters | Kolkata |
| CRISIL Rating | NA |
| CEO | Chandra Shekhar Ghosh |
| Listed on exchange as | Bandhan Bank Ltd. |
| ICRA Rating | NA |
Bandhan Bank FD Rates 2022
| Tenure | Regular customers | Senior citizens |
|---|
Features and Benefits of Bandhan Bank FD
- Tax savings and better returns are a win-win situation.
- Nomination opportunity is offered as a tax advantage under Section 80C of the Income Tax Act.
- In the event of an emergency, the deposit may be forfeited.
- Preferential rates for deposits without the premature facility with terms ranging from 91 days to three years
- Deposits in excess of Rs. 10 crores can be made with the treasury's consent.
- There is an option for auto-renewal.
- There is a nomination facility provided.
- Deposits can be withdrawn in full or in part.
Types of Bandhan Bank FD Schemes
FD Tax Saver
- Bandhan Bank Tax Saver FD is intended to assist clients in saving on income taxes by investing their money.
- They have the opportunity to claim deductions under Section 80C of the Income Tax Act of 1961 while filing their ITR.
- 5–10 years tenure
- Amount of Deposit: Rs. 1000 – Rs. 1.5 lakh
- Interest Rates: Interest Compounding
- Senior Citizen Rates: 0.75% additional interest
- Premature Withdrawal: This option is not accessible.
FD Premium
- This FD, as the name implies, offers premium FD interest rates for large deposits. This plan does not apply to regular Bandhan Bank FD interest rates.
- Such FD plans are classified as bulk deposits and hence yield a greater rate of interest.
- Minimum tenure: 7 days – 10 years The amount of the deposit is Rs. 1 crore.
- Senior Citizen Rates: N/A
- Premature Withdrawal: This option is available (1% penalty)
- Overdraft/Loan against FD: Available.
FD Standard
- Standard FD by Bandhan Bank is a form of the fixed deposit that is excellent for meeting short and long-term financial objectives.
- It offers investors flexible tenure options as well as higher Bandhan Bank FD rates when compared to savings account interest rates.
- Minimum tenure: 7 days – 10 years The amount of the deposit is Rs. 1,000.
- Interest Rate: Monthly/quarterly compounded interest
- Senior Citizen Rates: 0.50% additional interest (for deposits up to Rs. 1 crore)
- Premature Withdrawal: This option is available.
- Overdraft/Loan against FD Service: Available
FD Advantage
- The FD Advantage is intended to give the benefits of compounding interest earned. The plan allows you flexibility in terms of investing time as well as deposit quantity.
- Customers may invest in simple multiples of Rs. 1 after making a minimum investment of Rs. 1,000, making the plan extremely cost-effective.
- Minimum tenure: 6 months – 10 years The amount of the deposit is Rs. 1,000.
- Interest Compounding: Interest is compounded quarterly.
- Senior Citizen Rates: 0.50% additional interest (for deposits up to Rs.1 crore)
- Premature Withdrawal: This option is available.
- Overdraft/Loan against FD Facility: Available Options
FD Dhan Samriddhi
- This strategy is intended to give investors with larger profits in a shorter period of time.
- This is a growth-oriented fixed deposit program that seeks to generate high returns based on Bandhan Bank FD rates.
- Minimum tenure: 6 months – 10 years 5,000 rupees as a deposit
- Treatment of Interest: Interest compounding
- Premature Withdrawal: This option is available.
Term wise Bandhan Bank FD Rates
Short-Term Deposits
The Period that begins from 7 days to 1 year or less than a year are known as short term fixed deposits, and their interest rates start from 3.00% to 5.75% depending on the number of days of the deposit for general customers, and it is from 3.75% to 6.00% for the senior citizens.
Medium-Term Deposits
A Medium-term fixed deposit, that is, from 1 year to 5 years, withhold interest rates are 5.75% to 5.50% for general customers and is 6.50% to 6.25% for senior citizens according to the period of lock-in.
Long-Term Deposits
A Long-term FD goes from 5 years and more, and the interest rate is 5.50% for general customers, and it is 6.25% for senior citizens.
Bandhan vs Other Banks' FD Rates
| Name | Tenure | Interest rate |
|---|
How to invest in Bandhan Bank FD?
A Bandhan Bank FD account can be opened through different modes like Mobile App, Internet Banking, and offline.
1) Internet Banking
Follow the below-mentioned steps for opening a Bandhan Bank FD account via internet banking-
- Sign in to the Bandhan Bank NetBanking account.
- Under the main menu, choose the ‘Fixed Deposit’ and select the type of FD.
- Fill out all the required information, maturity instructions, nominee details, etc.
- For completing the deposit opening process, click on 'Submit'.
2) Through Mobile App - Bandhan Bank App
Follow the steps mentioned ahead to open an FD account via Bandhan Bank App-
- Download the Bandhan Bank App and sign in.
- In the ‘Fixed Deposit’ option, choose the type of FD.
- Fill out all the necessary information, nominee details, and maturity instructions.
- Complete the deposit opening process by clicking on 'Submit'.
3) Opening Bandhan Bank FD Offline
For opening a Bandhan Bank FD account via offline mode, one has to visit the nearest Bandhan Bank branch. Fill out the Bandhan Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the Bandhan bank.
Eligibility to Open an Bandhan Bank FD Account
Individuals or entities satisfying the following criteria can opt for a fixed deposit in Bandhan Bank–
- Resident individuals
- HUFs
- NRIs
- Partnership firms
- Minors
Documents Required to Open Bandhan Bank FD
The following documents have to be furnished for opening a Bandhan Bank FD –
- PAN Card
- Passport size photos
- Form 15G or Form 15H.
- Address proof (Voter ID, Aadhar Card, electricity bill, Passport, etc.)
- Identity proof (PAN Card, Aadhar Card, Driver’s license)
FAQs
What are the documents required for the FD?
What are the documents required for the FD?
Bandhan Bank requires the following papers to be supplied in order to start an FD scheme:
- Identification using a photograph (PAN Card, Aadhaar Card, etc.)
- Proof of residency (Aadhaar Card, Passport, Voter ID Card, etc.)
- a passport-sized picture (s)
- Form 15G/15H of the PAN Card
Which of the two rates will be applied at the time of maturity payment if the current FD rate is lower than the rate at the time of investment?
Which of the two rates will be applied at the time of maturity payment if the current FD rate is lower than the rate at the time of investment?
Once the Bandhan Bank fixed deposit interest rates are established at the time of plan purchase, investors will only get returns based on those fixed rates. Existing customers are not affected by rate changes.
What is the highest FD rate offered by Bandhan Bank?
What is the highest FD rate offered by Bandhan Bank?
Bandhan Bank is now giving a maximum interest rate of 5.75 percent for terms of more than 18 months – less than 3 years.
What exactly is a non-callable FD?
What exactly is a non-callable FD?
A non-callable FD is a deposit scheme in which the investor is not permitted to withdraw funds before the account matures.
Is it possible to withdraw funds from a Bandhan Bank tax-saving FD at any time?
Is it possible to withdraw funds from a Bandhan Bank tax-saving FD at any time?
No, the tax-saving program does not allow you to withdraw funds or cancel your account before it matures.
Can I prematurely withdraw my money?
Can I prematurely withdraw my money?
Premature withdrawal is a feature that allows investors to either cancel the account before the maturity date or take a portion of the deposit amount. Bandhan Bank offers this feature in its fixed deposit programs but not in the tax-saving scheme.
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