Bandhan Bank Revises Savings Account Interest Rates: Check New Rates Here

The private sector lender Bandhan Bank made a revision on its savings account interest rates. The new interest rates will be applicable on Domestic / Non-Resident Rupee Savings Deposits. Customers who are looking for higher returns on their savings accounts should be aware that Bandhan Bank is now offering interest rates of up to 7% to its savings account holders. According to the bank's official website, the new rates take effect on September 5, 2023.

Bandhan Bank Savings Account Interest Rates

The bank currently offers a 3.00% interest rate on daily balances under Rs. 1 lakh, and a 6.00% interest rate on daily balances between Rs. 1 lakh and Rs. 10 lakh. Currently, Bandhan Bank is offering interest rates of 6.25% on daily balances exceeding Rs 2 crore and below Rs 10 crore, and 7% on balances between Rs 10 lakh and Rs 2 crore. Customers would receive a 6.50% interest rate on daily balances of more than Rs 10 crore but less than Rs 50 crore.

The aforementioned Interest will be paid on a quarterly basis and is calculated daily depending on the account's end-of-day balance.

"Interest of 3.00% p.a will be applied for amount up to Rs 1 lakh, 6% p.a will be applied on the incremental balance over and above Rs 1 lakh up to Rs 10 lakh, 7.00% p.a will be applied on the incremental balance over and above Rs 10 lakh up to Rs 10 crore and 6.50% p.a will be applied on the incremental balance over and above Rs 10 crore up to Rs 50 crore," mentioned Bandhan Bank on its website.

According to PTI, Bandhan Bank recently said that it will enter the co-lending business and collaborate with a handful of NBFCs to do so. The bank, which began operations eight years ago, currently has 6,100 banking locations spread throughout 35 states and Union Territories.