Bandhan Bank FD Interest Rates for Senior Citizens

Fixed Deposits provide a stable rate of interest and remain unaffected by the market changes. These investments make up a bulk of the savings portfolio for a vast majority of Indians. Bandhan Bank offers an attractive rate of interest to its fixed deposit scheme customers. The Bandhan Bank FD interest rates for senior citizens remain slightly higher than regular FD account holders.

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Disclaimer: *The Guaranteed Returns are dependent on the policy term and premium term availed along with the other variable factors. 7.1% rate of return is for an 18 years old, healthy male for a policy term of 20 years and premium term of 10 years with Rs.10,000 monthly installment premium. All plans listed here are of insurance companies’ funds.

FD Scheme and Interest Rates in Brief

The interest rates on regular fixed deposits lie in the range of 3% - 6%, while the Bandhan Bank FD interest rates for Senior Citizens lie between 3.75% to 6.75%. Bandhan Bank enables senior citizens to avail of an extra 0.75% interest on all their FD schemes.

Here are the varying rates of interest that apply to senior citizen schemes:

Term/Policy Period	Applicable Rate of Interest
30 days	3.75%
45 days	4.25%
60 days	4.25%
90 days	4.25%
120 days	4.50%
6 months	6.50%
9 months	6.50%
12 months	6.50%
2 years	6.75%
3 years	6.50%
4 years	6.50%
5 years	6.50%
10 years	6.50%

Features of Bandhan Bank FD for Senior Citizens

The following are the salient features of senior citizen fixed deposit by Bandhan Bank:

The bank has a variety of tenures for a customer to choose from. They range from 7 days to 10 years. Senior citizens have the option to select any term that is suitable to their requirements.
Quarterly interest is paid out to those who opt for the payout option in the fixed deposit schemes offered by the bank.
The interest rates are further enhanced due to the benefits of quarterly compounding if the payout has not opted.
Senior citizens may choose to make a premature withdrawal of their investment. There is no penalty on closing the FD and withdrawing funds from it.
Senior citizens may also apply for a loan against their fixed deposits. The term of this loan will depend upon the term of the fixed deposit.
Senior citizens may also choose a nominee when they open a fixed deposit account with the bank.
Senior citizens can use the auto-renewal function offered by the bank. Their FD will automatically be renewed on maturity.

Additional funds are not allowed to be deposited in an FD that is operational. However, the customer may open a new FD account or wait for the present one to mature.

Benefits of the Bandhan Bank FD scheme

Listed below are the benefits of the Bandhan Bank FD scheme:

The senior citizens FD rates from the bank allow customers to gain quick advantages by investing in this scheme.
The customer may also apply for a loan against this FD if needed.
Opening the account and making an initial deposit can be made online and the customer need not visit the branch office for this.
The customer stands to make a profit in the interest that is guaranteed when the FD matures.
It is a low-risk form of investment that is most suitable for senior citizens.

FD interest have fallen consistently over the last 5 years.

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Eligibility Criteria

The following criteria must be met if a senior citizen wishes to invest in the Bandhan Bank fixed deposit scheme:

The customer must be a registered citizen of India.
The customer should have completed 60 years of age at the time of the opening of the account.
An NRI senior citizen is also allowed to open an account in the bank through their NRO account.
The customer must provide all the documentation asked by the bank.

Documents Required

Proof of identity like passport, aadhaar card
Proof of age like passport, driving license
Proof of address like telephone bill
Recent photographs of the customer
Duly filled application form

Factors affecting the Bandhan Bank FD interest rates for senior citizens

The FD interest rates for senior citizens might undergo slight fluctuations based on the following factors:

The amount of initial investment determines the interest rate to a certain extent. For example, larger sums will automatically generate a higher interest rate than smaller sums that are deposited.
The term of the investment is also an essential factor to be considered. Funds invested for a more extended period generate more interest than those invested for a shorter time.
As is stated in the article previously, senior citizens can avail special rates of interest. Hence, the customer's age also plays a pivotal role in the interest rate that is applicable.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

FAQ's

Q. Are investments made in FD schemes secured?

Ans: All deposits made to the bank are secured under cover of the Deposit Insurance Scheme, which the RBI regulates. Therefore, all deposits made to the bank are secure.
Q. What is the highest rate of interest among the Bandhan Bank FD rates for senior citizens?

Ans: The highest interest rate for a regular FD is 6%, while a senior citizen FD account can generate a maximum interest of 6.75%.
Q. What is the minimum amount required to open an FD?

Ans: A minimum amount of Rs. 1000 is required to open an FD account.
Q. Do the bank FD rates for senior citizens generate taxable interest?

Ans: Yes. A customer is expected to pay tax on the income that they generate from their FD account. The amount of tax will depend on the income tax slab that the customer falls within. Furthermore, 10% TDS applies to amounts greater than Rs. 40,000. In the case of senior citizens, the limit is increased to Rs. 50,000.
Q. Does the Bank offer a recurring deposit scheme?

Ans: Yes, the bank provides a recurring deposit scheme. They have a minimum term of 6 months and a maximum duration of 5 years.

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* Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 30,000/- monthly (exclusive of all applicable taxes)

** Fixed deposit rate applicable for 5 year's 1 day to 10 years for investment amount less< 2 Crore ( Not for senior citizens).

*** PPF interest rate applicable for 15 years for investment amount upto 1.5 Lac

+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023

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## The Guaranteed Returns are dependent on the policy term and premium term availed along with the other variable factors. 7.1% rate of return is for an 18 years old, healthy male for a policy term of 20 years and premium term of 10 years with Rs.10,000 monthly installment premium. All plans listed here are of insurance companies’ funds.

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