Senior citizens looking for higher fixed deposit returns have received some good news. Bandhan Bank has raised interest rates on select FD tenures by up to 20 basis points, taking the maximum rate for senior citizens to 7.95% on deposits with a tenure of two years to less than three years. Regular customers will earn up to 7.45% for the same tenure.
The revised rates came at a time when some lenders have been recalibrating deposit offerings despite the Reserve Bank of India maintaining the repo rate at 5.25 per cent earlier this month amid persistent inflation concerns.
Here’s a look at the revised rates:
Following the revision, senior citizen customers will earn 7.95 per cent on fixed deposits with a tenure of two years to less than three years, while other customers will receive 7.45 per cent for the same period.
Bandhan Bank further noted it is also offering 7.75 per cent interest to senior citizens on fixed deposits with a tenure of less than five years. Other customers will earn 7.25 per cent on such deposits.
Check the latest rate here:
| Tenure | Regular FD (%) | Senior Citizen FD (%) |
|---|---|---|
| 7 days – 14 days | 2.95 | 3.70 |
| 15 days – 30 days | 2.95 | 3.70 |
| 31 days – less than 2 months | 3.45 | 4.20 |
| 2 months – less than 3 months | 4.20 | 4.95 |
| 3 months – less than 6 months | 4.20 | 4.95 |
| 6 months – less than 1 year | 4.20 | 4.95 |
| 1 year | 7.00 | 7.50 |
| 1 year 1 day – 1 year 9 months | 7.00 | 7.50 |
| 1 year 9 months 1 day – less than 2 years | 7.00 | 7.50 |
| 2 years – less than 3 years | 7.45 | 7.95 |
| 3 years – less than 5 years | 7.25 | 7.75 |
| 5 years – 10 years | 5.85 | 6.60 |
The lender claimed the revised rates are among the more competitive offerings in the banking industry.
Apart from fixed deposits, the bank continues to offer an interest rate of 6.5% on savings account balances above ₹5 lakh and up to ₹10 lakh.
In its latest monetary policy review, the RBI kept the benchmark repo rate unchanged at 5.25 per cent and retained its neutral policy stance. Some banks have already revised deposit rates during June as they seek to attract retail deposits amid heightened competition for funds.
Bandhan Bank increases FCNR(B) deposit rates to 7.1
Last week, Bandhan Bank increased interest rates on Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits for non-resident Indian customers.
The bank will now offer an interest rate of 7.1 per cent on US dollar-denominated FCNR(B) deposits of USD 1 million and above for tenures ranging from 3 to 5years, according to a company release.
For deposits up to USD 1 million, the interest rate has increased to 7 per cent, the bank said in a release.
“We are pleased to introduce this attractive FCNR(B) deposit offering for our NRI customers at a time when they are seeking stability and value in their overseas investments. This offering allows them to lock in competitive returns for a longer duration while effectively mitigating currency-related risks,” said Rajinder Kumar Babbar, executive director and chief business officer of Bandhan Bank.
(With inputs from PTI)