Bandhan Bank Raises Interest Rates on FD ||Bandhan Bank news
Bandhan Bank Raises Interest Rates on FD:
Bandhan Bank, a private sector bank in India, has increased the interest rate on fixed deposits (FDs) by 0.25-0.50 percent based on the maturity period. The revised rates will be applicable to retail deposits up to INR 2 crore and will be effective from February 6th, 2023. This is the second time in the last three months that the bank has adjusted its FD interest rates. The increase is a result of the continued rise in the repo rate by the Reserve Bank of India.
According to the official website of Bandhan Bank, senior citizens are being offered an 8.5 percent annual interest rate on FDs with a maturity of 1 year, 7 months, and 22 days. Meanwhile, general customers can receive an interest rate of 8 percent on the same type of FD.
The raise in interest rates is likely to attract more customers who are seeking higher returns on their savings. FDs have long been a popular investment option in India, providing stability and reliability to savers. With the current economic climate, many individuals and institutions are looking for low-risk investment options to park their money, making FDs an attractive choice.
In addition to the higher interest rates, Bandhan Bank offers a range of other benefits to its FD customers. These include flexible deposit tenures, online account opening, and the option to receive interest payments either monthly or annually. The bank also provides loan facilities against FDs, allowing customers to access their money in case of an emergency.
Bandhan Bank’s recent increase in FD interest rates is in line with the overall trend in the banking sector. With the Reserve Bank of India’s continuous increase in the repo rate, many banks have raised their deposit rates to attract more customers. This is expected to continue in the near future as the central bank looks to control inflation and maintain financial stability.
In conclusion, Bandhan Bank’s decision to raise interest rates on fixed deposits is a positive move for both customers and the bank. With the current economic climate, FDs have become a popular choice for savers looking for stability and reliability. The higher interest rates will encourage more customers to invest in Bandhan Bank’s FDs, providing a boost to the bank’s growth and profitability. The bank’s shares closed at INR 235.70 on Monday, registering an increase of INR 8.55 compared to the previous trading session, which is a clear indication of the market’s positive sentiment towards the bank’s recent move.
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