Bandhan Bank revises interest rates on savings bank deposits: Details here

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Private sector lender Bandhan Bank has changed interest rates on its savings accounts. According to the bank’s official website, the new rates come into effect on September 30, 2022. These new rates would apply to domestic and non-resident rupee savings accounts, according to the lender. Following this change, the bank now allows savings accounts to earn up to 6.50% interest. This announcement by Bandhan Bank came after the Reserve Bank of India (RBI) on September 30 announced a 50 basis point hike in the repo rate, which now stands at 5.9%.

Bandhan Bank Savings Account Interest Rate

The bank now grants an interest rate of 3.00% on savings accounts with a daily balance of up to 1 lakh, while Bandhan Bank now offers an interest rate of 6.00% on savings accounts with a daily balance of 1 lakh or more up to 10,000,000. On savings accounts with daily balances above Rs. 10 lakh to Rs. 2 crore, Bandhan Bank now offers an interest rate of 6.25%. On savings accounts with daily balances above Rs. 2 crore to Rs. 10 crore, the bank now offers an interest rate of 6.25%. Savings accounts will now pay a maximum interest rate of 6.50% if your daily balance is between 10 crores and 50 crore.

Here is the chart of savings deposit interest rates in domestic/non-resident rupiah, as of September 30, 2022

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Bandhan Bank Savings Account Interest Rate (bandhanbank.com)

According to Bandhan Bank guidelines, interest is paid on the last day of each calendar quarter on June 30, September 30, December 31 and March 31 and is calculated daily based on the account balance at the end of the day.

For savings account holders, Bandhan Bank mentioned on its website that “interest of 3.00% per annum will be charged for an amount up to 1 lakh, 6% per annum will be applied on the extra balance above 1 lakh up to 10 lakh, 6.25% per annum will be applied on additional balance beyond 10 lakh up to 10 crore and 6.50% per annum will be applied on the additional balance on top 10 crores up to 50 crore.”

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