Bandhan Bank RD Interest Rates

Bandhan Bank - it is an Indian commercial bank that concentrates on the underbanked and underpenetrated sectors of the country. Bandhan Bank is also the country's first example of a microfinance institution transitioning into a universal bank.

The bank today provides a wide range of asset and liability products and services for both micro and mainstream banking. Its asset schemes are also inclusive of retail loans, which include a sizable portfolio of microloans, as well as the micro, small and medium enterprise ('SME') and small enterprise loans. It has a strong presence in underserved East and North East India. In addition, the bank also offers its customer's RD accounts.

Bandhan Bank Recurring Deposit Accounts

Customers of Bandhan Bank have the option of opening a recurring deposit account. You could also save a set amount of money each month in an RD account and accumulate a lump sum over a set length of time.

Customers can choose from a choice of loan terms. When it comes to RD accounts, the rate of interest offered for various tenures ranges from 4.50% p.a. to 5.60% p.a. for the general public. Senior persons are eligible for an additional interest rate of 0.75% per year on all deposit terms.

Major Features of the Bandhan Bank Recurring Deposit

  • The minimum beginning balance for the Bandhan Bank RD account is INR 100, and subsequent balances are in multiples of 1 rupee.
  • After six months, the Bandhan Bank RD account allows for overdrafts.
  • The Passbook feature is now accessible.
  • The term for recurring deposits ranges from six months to ten years. Tax Deducted at Source (TDS) is applicable. Bandhan Bank's RD scheme allows for nomination. Facility Premature cancellation of recurring deposits at Bandhan Bank is permitted.
  • The Bandhan Bank RD plan allows you to open a single or joint account.

Bandhan Bank RD interest rates 2024

Here is a table that represents the Bandhan Bank recurring deposit interest rate:

Period

Bandhan Bank RD interest rate for general customers

Bandhan Bank RD rates for senior citizens

6 months - less than 12 months

4.50%

5.25%

12 months - 18 months

5.75%

6.50%

18 months 1 day - less than 24 months

5.75%

6.50%

24 months - less than 36 months

6.25%

7.00%

36 months - less than 60 months

6.25%

7.00%

60 months - 120 months

5.60%

6.35% 

 

How to Apply for an RD Account from the Bandhan Bank?

You can apply for an RD in one of three ways:

  • Contact customer service at +91 33 6633 3333 / 1800 258 8181 (Toll-Free).
  • Submit a request on the Bandhan Bank website.
  • Visit your nearest Bandhan Bank Branch and fill out the necessary forms and documentation.

Who can Apply for a Recurring Deposit in the Bandhan Bank?

  • Individual (alone or in collaboration with others)
  • Minors that have reached the age of 10 and above in their own name (proof of age required).
  • Accounts can also be opened by those who are illiterate or blind.
  • Minors under the guardianship of a natural/legal guardian under the age of ten.
  • Municipality or Panchayat, Government or Quasi-Government entity, Association, Club, Society, Trust, or Religious/Charitable Educational Institutions
  • Hindu Undivided Family, Proprietorship/Partnership Firm, Commercial Organization, Company / Corporate Body

Term-Wise RDs from the Bandhan Bank

  1. a) Short term: Short-term recurring deposits are opened for a period of 6 months to less than a year. If you invest in a short-term RD account, the bank will pay you 4.50% p.a. for general citizens and 5.25% p.a. for those over the age of 60.
  2. b) Medium Term: An RD account opened for a period of one to three years falls within the category of medium-term recurring deposits. Bandhan Bank offers general citizens rates of interest ranging from 5.75% p.a. to 6.25% p.a. on such tenures. For opening a medium-term RD account with the bank, senior adults are offered interest rates ranging from 6.50% p.a. to 7.00% p.a.
  3. c) Long Term: The bank offers 5.60% p.a. on long-term RDs to regular citizens. Senior citizens are offered a 6.35% annual rate. Long-term RDs are ones that are available for a period ranging from three to ten years.

FAQs

Q1. What is the lowest deposit amount required to start a recurring deposit account with Bandhan Bank?

The minimum deposit amount required to start a recurring deposit account with Bandhan Bank is Rs.100.

Q2. Is it possible to open a single or joint RD account?

Yes, the bank offers this choice.

Q3. What are the various methods for opening a recurring deposit account with Bandhan Bank?

A Bandhan Bank RD account can be opened by applying on the bank's official website, visiting the local office, or phoning 033-6633 3333 or 1800 258 8181.

Q4. What documents are needed to open an RD account?

The following documents are required:

  • Application form completed.
  • Photograph in passport size.
  • Proof of residency, PAN Card, and ID
  • Any other KYC documentation that the bank may require.

Q5. Is the passbook, nomination, and overdraft facility available with the RD account at Bandhan Bank?

Yes, the RD account comes with a passbook, nomination, and overdraft facility from the bank. After three months, the overdraft facility is available.

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