Bandhan Bank FD Rates

Serving India’s unbanked and underbanked population is Bandhan Bank’s primary goal. In the form of asset and liability goods and services, it provides top-notch banking solutions and financial services. Customers in urban, semi-urban, and rural areas can access standard banking services, microfinance, MSME financing, and affordable home finance. Various fixed deposits are available from Bandhan Bank to meet different needs. Each programme provides multiple advantages, alluring interest rates, and flexible terms starting at seven days and going up to ten years. Senior citizens receive a higher interest rate of up to 0.75% per year. High-value deposits are rewarded with a higher interest rate for even greater rewards.

Bandhan Bank FD Interest Rates for August 2023

The Bandhan Bank FD interest rates for August 2023 are given in the below table:

Tenure	Normal Citizen FD Rate	Senior Citizen FD Rate
7 days – 30 days	3%	3.75%
one month – 1 month 28 days	3.5%	4.25%
one month 29 days – 11 months 30 days	4.5%	5.25%
one year – 1 year 11 months 29 days	6.25%	7%
one year 11 months 30 days – 4 years 11 months 29 days	6.5%	7.25%
four years 11 months 30 days – 9 years 11 months 28 days	5.6%	6.35%

Schemes of Bandhan Bank FD Rates

Bandhan Bank deposit scheme are explained in detail below:

• Premium Fixed Deposit

This fixed deposit programme offers premium rates for high-value fixed deposits. This scheme is not subject to the usual deposit rates offered by Bandhan Bank for FDs. It is a large-scale deposit plan that offers competitive Bandhan Bank FD rates.

• Standard Fixed Deposit

An appropriate FD programme that can help you achieve both your long- and short-term financial objectives. Compared to the interest rate offered on savings accounts, Bandhan Bank’s Standard Fixed Deposit scheme gives a flexible option for tenure and a greater rate of return.

• Tax Saver Fixed Deposit

By investing in a tax-saving FD, customers of Bandhan Bank can reduce their tax obligations. Investors in Tax Saver FD can claim an income tax deduction under Section 80C of the IT Act, 1961, while filing an ITR.

• Advantage Fixed Deposit

This fixed deposit plan provides the added benefit of compounding interest. This limited deposit scheme allows flexibility in the investing period and the deposit amount. After making the required minimum investment of INR 1,000, clients can invest in multiples of INR 1, which lowers the scheme’s cost. 

• Dhan Samriddhi Fixed Deposit 

It is a plan projected at growth designed to fulfil your financial goals as quickly as feasible. The minimum face value is INR 5,000, extending from six months to ten years.

Features and Benefits of Bandhan Bank FD Rates

• The Bandhan Bank fixed deposit has a set tenure which ranges from 7 days to 10 years. It must be noted that a person cannot make any amendments to the tenure.
• Bandhan Bank fixed deposit requires a minimum investment of INR 1,000. The bank does not put a lid on the investment amount except for the tax-saving scheme.
• The FD rates Bandhan bank offers range between 3% and 6% for individual residents and 3.75% and 6.75%.
• Bandhan Bank hands out interest quarterly dated June 30th, September 30th, December 31st, and March 31st.
• There is an option of auto-renewal available for the customers
• One can withdraw funds before the maturity date; however, there will be a penalty that the account holder would have to bear as per the bank’s terms and conditions. The tax-saver scheme does not allow premature withdrawal.
• Investors can avail of a loan amounting to 90% of the amount deposited. The increase in the interest rate of the loan is 1.5% to 2% from the Bandhan Bank FD rates. The tenure remains the same.
• All Bandhan Bank deposits of INR 5 lakh are covered under the schemes offered by the Reserve Bank of India. Which in turn provides investors with a sense of safety and security.
• The bank does not allow additional payments after the FD is started. The investor will have to create a new account for new amounts.

Eligibility Criteria for Bandhan Bank FD Interest Rates

The eligibility criteria for Bandhan Bank fixed deposit are as follows:

• Indian citizens
• Minors (under the guidance of a legal guardian or parent) 
• NRIs
• HUFs (Hindu undivided family)
• Partnership firms.

How is the interest rate calculated on Bandhan Bank Fixed Deposit?

The amount of income earned from a Bandhan Bank FD investment relies on various variables, including the investment amount, tenure, frequency of compounding, and interest rate. There are two ways to calculate the interest earned from a Bandhan Bank FD: simple interest and compound interest. For example, using each technique, let’s better grasp how to calculate interest and maturity amounts.

Simple Interest Formula

The simple interest formula to calculate Bandhan Bank FD rates is given below:

SI = (P * R * T) / 100

Here, ‘SI’ is the Simple Interest, ‘P’ is the principal amount, ‘R’ is the interest rate, and ‘T’ refers to the tenure; for instance, You invest INR 40,000 for six years. According to the Bandhan Bank current FD rates, the rate of interest the bank offers will be 5.6%.

Using the formula, the interest amount received by you is INR 13,440.

The maturity value = Investment + Interest = 40000 + 13440 = 53,440.

Compound Interest Formula

The compound interest formula to calculate Bandhan Bank FD rates is given below:

A = P (1+r/n) ^ (n * t)

Here, ‘A’ is the Maturity Amount, ‘P’ is the principal amount, ‘r’ is the rate of interest, ‘t’ is the tenure and ‘n’ is the number of time interest compounded,

For instance, You invest INR 40,000 for six years. According to the Bandhan Bank current FD rates, the rate of interest the bank offers will be 5.6%. The compounding years are 4.

Maturity value = P (1+r/n) ^ (n * t) = 40000 (1+0.056/4) ^ (4 * 6) = 55,843

Interest Amount = Maturity Amount – Principal Amount = 55843 – 40000 = 15,843

Tax on Bandhan Bank FD

Only Bandhan Bank Tax Saving FD investments are eligible for tax savings of up to INR 1,50,000 annually. Section 80C of the Income Tax Act does not apply to other Bandhan Bank FDs investments. According to the investor’s income tax rate bracket, Bandhan Bank FD’s interest income is taxable. Moreover, if the revenue from the Bandhan Bank FD reaches INR 40,000 annually, a TDS of 10% will be applied to the interest income.

The annual cap for senior citizens is INR 50,000. Additionally, the TDS rate would be 20% if the investor fails to provide Bandhan Bank with their PAN card information.

Bandhan Bank FD Minimum/ Maximum Deposit Amount

To maximise the benefits of the Bandhan Bank FD rates, one can make a minimum deposit of INR 1,000. There is no limit on the maximum deposit amount except for the tax-saver scheme, which has a maximum deposit limit of INR 1,50,000. Individuals can invest in any Bandhan Bank deposit scheme and earn great interest.

Compare Bandhan Bank Fixed Deposit Returns with Top Banks

A comparison between Bandhan Bank FD interest rates with top banks has been drawn and listed below:

Bank Name	FD Interest Rates
Utkal Grameen Bank FD	5.45% – 5.95%
City Union Bank FD	5.3% – 5.6%
Sundaram Finance FD	6.65% – 7.15%
Saurashtra Gramin Bank FD	5.3% – 5.8%
Central Bank of India FD	5.35% – 5.35%
ESAF Small Finance Bank FD	5.75% – 6.25%
South Indian Bank FD	5.75% – 6.25%
Madhyanchal Gramin Bank FD	5.3% – 5.8%
Uttar Bihar Gramin Bank FD	5% – 5.5%
Baroda UP Bank FD	5.2% – 5.8%

How to Open a Bandhan Bank Fixed Deposit Account

To open the Bandhan Bank fixed deposit online follow the below mentioned steps:

1. Internet Banking

• Log in to your NetBanking account at Bandhan Bank.
• Choose the type of FD under the “Fixed Deposit” heading in the main menu.
• Give all the required information, including nominee details and maturity directions.
• To finish opening your deposit, click “Submit.”

2. Mobile Application

• Log in after downloading the Bandhan Bank App.
• Pick the FD type from the “Fixed Deposit” option.
• Give all the required information, nominee details, and maturity directions.
• To finish opening your deposit, click “Submit.”

3. Bank Branch

Visit the nearest bank branch and ask for a bank representative. They will guide you through the process of opening a Bandhan Bank fixed deposit. Carry the required documents with you and the amount you wish to deposit.