Bandhan Bank FD Premature Withdrawal Penalty Calculator

What is the Bandhan Bank FD Premature Withdrawal Penalty Calculator?

The Bandhan Bank FD Premature Withdrawal Calculator shows how much payout you will get if you withdraw your FD early. It applies the interest rate for the actual time your money was held, instead of the original rate. A 1% penalty is deducted from this applicable rate to determine your final interest payout. Bandhan Bank FD premature withdrawal can be helpful in case of financial emergencies, but it reduces your final payout.

Benefits of the Bandhan Bank FD Premature Withdrawal Penalty Calculator 

The Bandhan Bank FD premature withdrawal penalty calculator offers a range of advantages. These include:

• Instant Estimates: The Premature Withdrawal Penalty Calculator helps you quickly find out how much you will receive after penalties, without contacting customer care or visiting a branch.
• Clear Breakdown: Bandhan Bank gives you a clear view of how penalty charges and adjusted FD interest rates will affect your final payout, helping you make an informed decision.
• Ease of Use: The Bandhan Bank FD calculator is simple to use. Enter your deposit amount, start date, and withdrawal date to get instant results tailored to your input.
• Customer-Specific Output: Whether you are withdrawing early as a regular or senior citizen customer, the FD Premature Withdrawal Penalty Calculator provides accurate results based on your details and applicable terms.

How Does the Bandhan Bank FD Premature Withdrawal Penalty Calculator Work?

The Bandhan Bank FD premature withdrawal penalty calculator uses the compound interest formula to compute the final amount:

Below is an illustration of how the calculation works for both general and senior citizen customers:

1. For General Citizens

   Let’s say a general citizen invested in a Bandhan Bank Fixed Deposit.

   • Investment Amount: ₹1,00,000
   • Original Tenure: 2 years at a booked rate of 7.25%
   • Premature Withdrawal: After 13 months (approx. 395 days)

   On the booking date, Bandhan Bank FD rates for 395 days were 6.25% for general citizens.

   Interest Calculation:

   • Applicable Rate for Period Held: 6.25%
   • Penalty Deduction: 1.00%
   • Final Interest Rate: 6.25% – 1.00% = 5.25%

   Outcome: The general citizen will earn interest at 5.25% for 13 months, instead of the originally booked 6.75% for 2 years.

2. For Senior Citizens

   Now, let’s consider a senior citizen investing in the same FD.

   • Investment Amount: ₹1,00,000
   • Original Tenure: 2 years at a booked rate of 7.25%
   • Premature Withdrawal: After 13 months (approx. 395 days)

   On the booking date, Bandhan Bank senior citizen FD rates for 395 days were 6.75%.

   Interest Calculation:

   • Applicable Rate for Period Held: 6.75%
   • Penalty Deduction: 1.00%
   • Final Interest Rate: 6.75% – 1.00% = 5.75%

   Outcome: The senior citizen earns 5.75% interest for 13 months, instead of the booked 7.25%, as per the applicable Bandhan Bank senior citizen FD rates for the held period.

   Note: Senior citizens usually receive 0.50% higher interest rates than general citizens across most Bandhan Bank FD tenures.

Bandhan Bank FD Premature Withdrawal Penalty Charges

The Bandhan Bank FD premature withdrawal penalty is typically 1% less than the applicable interest rates for the actual duration of the deposit. No interest is paid if the deposit is withdrawn within 7 days of opening. Tax Saver FDs are locked in for 5 years and cannot be closed early, except under special conditions such as a court order or if the account holder is deceased. The same penalty rate applies to both regular and senior citizen fixed deposits.

Key Takeaways

The Bandhan Bank FD Premature Withdrawal Penalty Calculator is useful for estimating your revised interest earnings and final payout if you close an FD before its maturity. It helps you understand the impact of early withdrawal by applying the applicable rate for the actual holding period and deducting the 1% penalty. This allows you to make informed decisions in financial emergencies and manage your liquidity.