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.

Read more
Best Investment Options
  • Save upto ₹46,800 in tax under Sec 80C

  • Inbuilt Life Cover

  • Tax Free Returns Unlike FD+

We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold
Get Guaranteed returns along with life cover
invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns+
+91
Secure
We don’t spam
View Plans
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on ''View Plans'' you, agreed to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

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.
Invest in Plans that offer Guaranteed Returns for over 25 Years
Know More

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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

FD Rates articles

Recent Articles
Popular Articles
Monthly FD Interest on ₹1 Crore

15 Apr 2024

A Fixed Deposit (FD) scheme helps to earn monthly FD interest on
Read more
Monthly FD Interest on ₹50 Lakh

11 Apr 2024

This article will help you to explore the potential returns of
Read more
How to Make the Most of Your Fixed Deposits with a Fixed Deposit Calculator in 2024

08 Jan 2024

Fixed deposits, with their guaranteed returns and relative
Read more
Mistakes To Avoid While Choosing Corporate Fixed Deposit

08 Jan 2024

When it comes to choosing Corporate Fixed Deposits, steering
Read more
How Does an FD Calculator Help Select the Right FD Scheme in 2024?

08 Jan 2024

In 2024, the role of Fixed Deposit calculators becomes
Read more
Application for Withdrawal of Fixed Deposit
Fixed Deposits are the safest investment instruments. You invest the amount of your choice as the fixed deposit
Read more
Nominee Vs Legal Heirs for Fixed Deposits
Fixed deposits are a popular investment option for individuals who wish to earn a stable rate of interest on
Read more
SBI Fixed Deposit Monthly Income Scheme
Fixed deposits are the safest investment vehicles for Indian financial planners. You can open a fixed deposit
Read more
ICICI FD Premature Withdrawal Penalty Calculator
ICICI offers various fixed deposit schemes which are highly liquid. The fixed deposit schemes allow partial
Read more
Fixed Deposit Monthly Income Scheme
The monthly income scheme of Fixed Deposit has gained popularity among investors. It is considered liquid as it
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL