Bandhan Domestic Term Deposits Scheme

Bandhan Domestic Term Deposits Scheme

Bandhan domestic term deposits are an investment tool the bank offers to the citizens of India as an opportunity to grow their savings. The competitive interest rates offered on Bandhan bank fixed deposits pave the way for the bank to attract more investors. One can commence their investment journey with a minimum amount of INR 1,000. The maximum amount that can be deposited is INR 2 crores.

This guide discusses Bandhan bank domestic term deposits and covers the steps as to how an individual can apply for the deposit schemes.

Eligibility Criteria

Term deposits are one of the safest investment options. However, it is recommended to figure out if you meet the scheme’s requirements before choosing a bank. To begin the journey of growth with Bandhan domestic term deposits, an individual must meet the following eligibility criteria:

• Indian Resident
• Non-Indian Resident
• Sole proprietorship firms
• Hindu Undivided Family
• Trust accounts
• Limited companies
• Partnership firms

Documents Required

A person must prepare the documents when applying for Bandhan Bank fixed deposits. The following documents are required and must be arranged beforehand:

• Two passport-size photos
• PAN Card
• Documents like voter ID, aadhaar card, utility bills, passport, electricity bill etc., act as proof of address.
• Documents like a PAN card, aadhaar card, driving license etc. act as proof of identity
• Form 15G or Form 15H

Key Attractions

Bandhan Bank fixed deposits have the following key attractions:

• There is a lock-in period
• The minimum tenure is seven days
• The fixed deposit interest rate is competitive
• The CRISIL rating is AAA
• Senior citizens (aged 60 or above) get an additional 0.50% as the rate of interest.
• It allows a loan against a fixed deposit of up to 90% of the loan amount
• It allows an investor to nominate a nominee when filling out the application for term deposits.
• It is open to all citizens of India

Features & Benefits

The Bandhan domestic term deposit offers the following features and benefits to individuals interested in investing in fixed deposits:

• The term deposit can have a term of 7 days to 10 years. In addition, once a Bandhan Bank fixed deposit is started, the tenure cannot be changed.

• It requires a minimum investment of INR 1,000. There is a different minimum investment required for each Bandhan domestic term deposit type. The maximum investment amount, however, is unlimited except for tax-saving FDs, which have a ceiling of INR 1,50,000.

• For regular people, Bandhan Bank FD rates range from 3% to 6%, while for senior citizens, they range from 3.75% to 6.75%. Additionally, the bank gives older residents an extra 0.75% return on their fixed-rate deposits. Bandhan Bank pays interest every three months, on June 30, September 30, December 31, and March 31.

• All FDs of Bandhan Bank, except for the tax-saving FD, can be withdrawn early. The bank assesses a fee if the deposits are removed before the FD duration. The fine is in accordance with Bandhan Bank’s rules and conditions.

• Loans are available from Bandhan Bank, secured by FDs. Investors who invest in Bandhan Bank FDs may borrow up to 90% of the deposit amount. The loan’s interest rate will be 1.5% to 2% higher than the FD interest rate. Additionally, the loan’s term is constrained to the duration of the Bandhan Bank FD.

• Investors in FDs with Bandhan Bank may designate beneficiaries for their FDs.

• Investors with Bandhan Bank FDs have the option of auto-renewal.

• The RBI’s Deposit Insurance Scheme protects all deposits made at Bandhan Bank. The programme covers all Bandhan Bank deposits up to INR 5,000.

• A Bandhan Bank FD cannot accept further deposits after it has started. However, they can start a brand-new Bandhan Bank FD with the updated sum.

How to Apply for Bandhan Bank Domestic Term Deposits FD

Bandhan bank understands the importance of time and employs resources like the internet to provide investors with a chance to apply for Bandhan Bank fixed deposits from any corner of the world using internet banking or mobile application. For those unfamiliar with the process, go through the following steps.

Internet Banking

• Visit the official website of Bandhan Bank and login
• Choose the type of fixed deposit under the “Fixed Deposit” heading in the main menu.
• Give all the required details, nominee details, and maturity directions.
• To finish opening your deposit, click “Submit.”

Mobile Application

• Install and log in to the Bandhan Bank App.
• Pick the term deposit type from the “Fixed Deposit” option.
• Give all the required details, nominee details, and maturity directions.
• To finish opening your deposit, click “Submit.”

Bank Branch

Visit the nearest branch to open a Bandhan Bank fixed deposit account offline. Complete the Bandhan domestic term deposits application form, attach the required documentation, and send it along with the required deposit. The bank representative will offer a receipt after the application has been processed satisfactorily.

Download FD Application Form

To download any required Bandhan Bank form, follow these steps:

• Visit the official portal of the Bandhan bank
• On the bottom of the homepage, you will find ‘Tools & Resources, under which will be the option ‘Forms & Documents.
• The next window will display all the forms supporting products and services.
• Click on the one you wish to download