Bandhan Bank Savings Account Rates
The bank will continue to offer a 3 per cent interest rate on savings accounts with a daily balance up to ₹1 lakh. The bank increased the interest rate on savings accounts with daily balances of more than ₹1 lakh and up to ₹10 lakh from 5% to 6%, a 100 bps increase. Bandhan Bank will continue to provide an interest rate of 6.25 per cent on savings accounts with daily balances of ₹10 lakh and up to ₹2 crore, and a rate of 6.00 per cent on accounts with daily balances of ₹2 crore and up to ₹10 crore. Bandhan Bank has kept its interest rate unchanged on savings accounts with daily balances of more than ₹10 crore to ₹100 at 6.00 per cent.
Bandhan Bank has mentioned on its website that “Interest of 3.00% p.a will be applied for amount up to ₹1 lakh, 6% p.a will be applied on the incremental balance over and above ₹1 lakh up to ₹10 lakh, 6.25% p.a will be applied on the incremental balance over and above ₹10 lakh up to ₹2 crore and 6% p.a will be applied on the incremental balance over and above ₹2 crore up to ₹100 crore."
Both domestic and non-resident rupee savings bank accounts are subject to these interest rates. According to the bank, interest is paid every calendar quarter on June 30, September 30, December 31, and March 31 and is determined daily based on the account's end-of-day balance.
Economists are expecting more hikes in interest rates for loan and deposit products after the Reserve Bank of India raised its repo rate by 50 basis points, from 4.9 per cent to 5.4 per cent. Additionally, Canara Bank, a public sector lender, increased interest rates on fixed deposits worth less than ₹2 crore in addition to Bandhan Bank's increase in savings account interest rates. The interest rates on Canara Bank's fixed deposits have increased across multiple tenors, and according to the bank's website, the new rates will take effect on August 8, 2022. More interest rate increases on retail loan products and deposit products are expected after the increase in the repo rate.
