Bandhan Bank revises fixed deposit rates. This private sector lender is the latest bank to revise the interest rate on its fixed deposits.
Reportedly, following the route of other private sector banks, Bandhan Bank has revised its fixed deposit interest rates. This comes into effect post Reserve Bank of India’s decision to reduce its repo rates by 25 basis points since June 6, 2019. Repo rate is the rate at which the central bank lends money to the commercial banks.
Bandhan Bank offers the highest FD rates for long-term deposits. The FD rate for long-term deposits stands at 7.65% per annum, while the FD rate for deposits with a tenure of 2-10 years stands at 7.62% per annum. For deposits with a tenure of 7 days to 18 months, the rate of interest is 7.35%, while senior citizens get an additional 0.75%. The FD interest rate is 7.50% for FDs maturing in more than one and a half years to less than 2 years. For FDs with a tenure of 7-14 days, the rate of interest is 3.50%. For 3-6 months, the FD interest rate is 4.5%.
You can know more about the rate of interest from the following table:
Domestic/Non-Resident Rupee Retail Term Deposit Interest Rate Chart w.e.f. June 18, 2019.
| Tenor | Revised Rate |
|---|---|
| 7 to 14 days | 3.50% |
| 15 to 30 days | 4.00% |
| 31 days to 2 months | 4.00% |
| 2-3 months | 4.00% |
| 3-6 months | 4.00% |
| 6 months to 1 year | 6.80% |
| 1 year to 18 months | 7.35% |
| 18 months to 2 years | 7.50% |
| 2-5 years | 7.65% |
| 5-7 years | 7.65% |
| 7-10 years | 7.65% |
