Bandhan Bank Upgrades Savings Account Interest Rate Upto 6.50%, Post RBI Repo Rate Hike

Bandhan Bank upgraded its Savings Account interest rate post-RBI repo rate hike by 50 bps. The new interest rate came into effect on September 30, 2022.

The new interest rate on savings account: Bandhan Bank

For daily balance up to Rs. 1 lakh the new interest rate has been fixed at 3.00%.

For daily balance above Rs. 1 lakh to Rs. 10 lakh the new interest rate has been fixed at 6.00%.
For daily balance above Rs. 10 lakh to Rs. 2 crore the new interest rate has been fixed at 6.25%.
For daily balance above Rs. 2 crore to Rs. 10 crore the new interest rate has been fixed at 6.25%.
For daily balance above Rs. 10 crore to Rs. 50 crore the new interest rate has been fixed at 6.50%.

Interest payment time

The bank informs that the interest of 3.00% PA will be applied for an amount up to Rs. 1 lakh, 6% PA will be applied on the incremental balance over and above Rs. 1 lakh up to Rs. 10 lakh, 6.25% PA will be applied on the incremental balance over and above Rs. 10 lakh up to Rs. 10 crore and 6.50% PA will be applied on the incremental balance over and above Rs. 10 crore up to Rs. 50 crore.

The interest will be paid every calendar quarter on June 30, September 30, December 31, and March 31.

The RBI has raised the key lending rate, hence major PSU and private banks are now hiking interest rates on FDs and savings accounts.