Last Monday on September 26, Kolkata-based Bandhan Bank revised interest rates of bulk fixed deposits (FDs) ranging from Rs 2 crore and above. While the bank will now offer the highest rate of 7.25 per cent on FDs with a premature payment facility, the rate will be 7.80 per cent without the premature withdrawal facility.
It is worth stating here that the bulk deposit interest rates offered by the lender are inflation-beating as India’s consumer price index (CPI) inflation was at 7 per cent in August 2022.
Bandhan Bank FDs with premature payment facility
The bank offers bulk FDs in the range of Rs 2 crore to Rs 50 crore and above. The interest rate is highest at 7.25 per cent on these deposits on tenures from 365 days to less than 15 months. The interest rate on FDs from 15 months to less than 5 years is 6.15 per cent. On the highest tenure of 5 years to 10 years, the bank offers a 5 per cent rate on these FDs.
The bank is offering 6 per cent interest rate on FDs maturing from 91 days to 364 days, while the rate is 5.05 per cent on tenures of 46 days to 90 days. In the shorter period, 7 days to 45 days tenure, the rates range from 3.25 per cent to 3.75 per cent.
Bandhan Bank FDs without premature withdrawal facility
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Just like above, FDs here range in the bulk of Rs 2 crore to Rs 50 crore and above. The rate is the same between 3.25 per cent to 3.75 per cent on tenures from 7 days to 45 days. The lender offers 6.30 per cent on 46 days to 90 days tenure, while the rate is 6.75 per cent on 91 days to 364 days tenure.
7.80 per cent is the highest rate being offered by the bank on tenures from 365 days to less than 15 months. It is offering 7.40 per cent rate on FDs maturing from 15 months to less than 5 years. For the highest maturity period which is 5 years to 10 years, the interest rate is 5.50 per cent.
However, account holders must note that 1 per cent penalty will be levied on the corresponding ROI if a premature withdrawal is made. Also, any deposit above Rs 10 crore can be taken only after prior approval of treasury.
