Bandhan Bank FD Rates 2020

Bandhan Bank FD Interest Rates for different tenure are as follows:

Note:

1. Interest rates are applicable on deposits below Rs. 2 crore with effect from 11th August 2020.
2. Interest rates on NRE (Non-Resident External) and NRO (Non-Resident Ordinary) term deposits are the same as those applicable to domestic term deposits.

FCNR (Foreign Currency Non-Resident) Fixed Deposit Interest Rates 

Note:

1. All figures are in % unless stated otherwise.
2. For deposits above 1 year, simple interest is applicable otherwise interest is compounded half-yearly.
3. No interest is payable if the FCNR deposit is withdrawn before completion of 1 year.
4. The above-mentioned rates are for the month of August.

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The private lender provides 5 different types of fixed deposit schemes that can be availed at prevailing Bandhan Bank FD rates. These are:

1. FD Premium

This FD, as the name suggests, provides premium FD interest rates for high value deposits made. Regular Bandhan Bank FD interest rates do not apply to this scheme. Such kind of FD schemes come under bulk deposits and thus earn higher rate of interest.

2. FD Advantage

FD Advantage is designed to provide benefits of compounding of interest earned. The scheme provides flexibility in terms of the period of investment as well as the amount to be deposited. Customers can invest in simple multiples of Re. 1 post the minimum deposit of Rs. 1,000 thus making the scheme highly affordable.

3. FD Standard (Traditional)

A type of fixed deposit which is ideal to meet short and long term financial goals, Standard FD by Bandhan Bank provides investors with flexible tenure options coupled with higher Bandhan Bank FD rates as compared to interest rates of a savings account.

4. FD Dhan Samriddhi

This scheme is designed to provide investors with higher returns in shorter duration. This is a growth-oriented fixed deposit scheme which aims to earn high returns based on the prevailing Bandhan Bank FD rates. Further features about the scheme are detailed below:

5. FD Tax Saver

Bandhan Bank Tax Saver FD is designed to help customers save on their income tax by investing their savings. While filing ITR, they have the option to claim deductions u/s 80C of the Income Tax Act, 1961. More details about the scheme are provided in the table below:

Premature withdrawal is a facility where investors can either close the deposit before the maturity date or exercise partial withdrawal by taking out a portion of the deposit amount. Bandhan Bank provides this facility in its fixed deposit schemes but doesn’t extend the same for the tax-saving scheme. A nominal penalty may be charged by the bank which will be informed about in the brochure of the scheme.

In times of need where urgent money is required, investors have the option of taking loan against their Bandhan Bank FD without having to indulge in otherwise cumbersome loan application procedures.

• Investors can take loan worth a portion of their deposit amount (up to 90%)
• There is zero processing fees and comfortable repayment period extended for up to 3 years
• Loan is given at the applicable Bandhan Bank FD interest rates plus 1.50-2.00%
• Unlike usual loans, loan against FD gives faster disbursement making FD liquid in emergency

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When opening a Bandhan Bank FD scheme, it is imperative to know the return one should expect. An FD calculator, like the one offered by Paisabazaar.com is designed specifically for this purpose only. On providing deposit amount, Bandhan Bank FD Rates and tenure, one can know the estimated maturity amount.

To open an FD scheme by Bandhan Bank, some important documents need to be submitted which include the following:

• Photo ID proof (PAN Card, Aadhaar Card, etc.)
• Residence proof (Aadhaar Card, Passport, Voter’s ID Card, etc.)
• Passport-sized photograph(s)
• PAN Card
• Form 15G/15H

Note: This is not an exhaustive list and thus further alterations in the same are possible.

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To apply Bandhan Bank fixed deposit online, following steps must be adhered to:

Step 1: Go to the official website of Bandhan Bank.

Step 2: Click on ‘Apply Now’ tab located on the bar menu at the top of the page.

Step 3: On the page thus opened, select the type of FD from the drop-down menu on the top of the online form.

Step 4: Fill the form with name, email ID, mobile no. etc.

Step 5: Click on ‘Submit’ to complete the intimation process.

A representative from the bank shall contact providing information about further steps along. Make sure to check the latest Bandhan Bank FD interest rates for better comprehension.

Another method is to collect all the required documents mentioned above and walk in to the nearby branch and follow the steps for application process detailed by the bank’s personnel.

Q. Does the tax saving FD by Bandhan Bank have the facility of premature withdrawal?

A. No, the tax-saving scheme does not provide the facility to withdraw the amount or close the account before maturity.

Q. What is the highest Bandhan Bank FD rate?

Currently, Bandhan Bank is offering a maximum of 6.00% rate of interest for the tenure of above 18 months – less than 2 years.

Q. What is a non-callable FD?

A non-callable FD is a deposit scheme where the investor is not given the option to withdraw money from the account before maturity.

Q. If the current FD rate is lower than the rate at the time of investing, which of the two shall be applicable at the time of maturity payment?

Once the Bandhan Bank fixed deposit interest rates are fixed at the time of purchasing the scheme, investors shall get the returns based on such fixed rates only. No fluctuation in rates shall affect an existing customer.

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