Bandhan Bank Revises FD Rates; Senior Citizens Can Earn Up To 8.35% On 1-Year Tenure

On June 15, 2024, Bandhan Bank announced changes to its interest rates for retail domestic and non-resident rupee term deposits. The general public will get an interest rate of 3.00% to 5.85% on tenures of 7 days to 10 years, while older individuals would receive 3.75% to 6.60%. On a fixed deposit tenure of 1 year, Bandhan Bank is promising a maximum interest rate of 7.85% and 8.35% to senior citizens.

Bandhan Bank FD Rates

Bandhan Bank is offering a 3.00% interest rate on maturity buckets that mature in 7-30 days and a 3.50% interest rate on buckets that mature in 31 days to less than 2 months. Interest rates that Bandhan Bank will pay are 4.50% for terms ranging from two months to less than a year, and 7.85% for terms more than a year. Deposits at Bandhan Bank that mature between one year and one day and five years will earn an interest rate of 7.25%, while those that mature between five years and ten years will earn an interest rate of 5.85%. Senior citizens can get 7.50% interest on Tax Saver Fixed Deposits, while the general public will receive 7.00%.

"For pre-mature withdrawal; the Penal interest rate of 1% shall be applicable on the card rate. The card rate for premature closure will be lower of the rate for the original /contracted tenure for which the deposit has been booked or the rate applicable for the tenure for which the deposit has been in force with the Bank," mentioned Bandhan Bank on its website.

Bandhan Bank's balance sheet is progressively strengthened for the quarter and year that ended on March 31, 2024, with an increase in advances and deposits and an improvement in asset quality. As of March 31, 2024, the total balance sheet size was Rs. 1.78 lakh crore, up 14% from Rs. 1.56 lakh crore the previous year. Total deposits as of March 31, 2024, were Rs. 1.35 lakh crore, up from Rs. 1.08 lakh crore the year before - a growth of 15% QoQ and 25% YoY. With 50,151 crore in CASA deposits, the CASA Ratio was 37.1%. The ratio of CASA + Retail TD to total deposits was more than 69%.

Meanwhile, Axis Bank has declared a hike in interest rates on fixed deposits under Rs 3 Cr. Axis Bank fixed deposit customers can now get interest rates that are 30 basis points higher for a variety of tenures, from one year to fifteen months. On the official Axis Bank website, the latest interest rates are in force as of June 19.

On the other hand, on June 15, State Bank of India (SBI), the country's largest lender, increased interest rates by 25 basis points for fixed deposit tenures of 180 days to 210 days and 211 days to less than a year respectively.