Interest Rate Hike: There is good news for those who keep their hard earned money in the bank. Actually, there is a chance to earn more interest with Bandhan Bank. This private sector bank has increased the interest rates of fixed deposits and savings accounts.
New Delhi. After the increase in the repo rate by the Reserve Bank of India (RBI), banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. At the same time, Bandhan Bank of the private sector has increased interest rates on savings accounts and fixed deposits.
The new rates will be effective from August 22, 2022.
Bandhan Bank has increased the interest rates for FDs and savings accounts below Rs 2 crore. According to the bank’s official website, the new rates will be effective from August 22, 2022. Bandhan Bank will now offer an interest rate of up to 6.25 per cent on savings accounts and up to 7.00 per cent for regular customers on FDs and 7.50 per cent for seniors.
Savings Account Rates in Bandhan Bank
Bandhan Bank will now offer an interest rate of 3.00 per cent on daily balance of savings account up to Rs 1 lakh and 6.00 per cent on daily balance of savings account up to Rs 1 lakh and Rs 10 lakh. Bandhan Bank will now offer an interest rate of 6.25 per cent on a daily balance of Rs 10 lakh to Rs 2 crore in the savings account, which will be the maximum applicable interest rate.
FD rates in Bandhan Bank
Bandhan Bank will continue to offer 3% interest rate on FDs maturing in 7 days to 30 days. The bank which will give 3.5 percent interest rate on FDs ranging from 31 days to less than 2 months. FDs maturing in 2 months to less than 1 year will still be given an interest rate of 4.50 percent. After 0.75 percent increase on FDs from 1 year to less than 2 years, now the interest rate of 7 percent will be available. Bandhan Bank has increased the interest rates by 0.50 percent to 7 percent on FDs maturing in from 2 years to less than 5 years. Bandhan Bank has kept the interest rate unchanged at 5.60 per cent on FDs maturing in 5 to 10 years.
Many banks have increased FD rates
It is worth noting that recently ICICI Bank, HDFC Bank, Punjab National Bank, Federal Bank, Karud Vysya Bank, IndusInd Bank, IDFC First Bank etc. have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI. Recently, the Reserve Bank of India increased the repo rate by 0.5 percent to 5.4 percent.
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