Bandhan Bank NRE FD Rates

Bandhan Bank is the newest addition in the Indian banking sector, established on 23 August 2015. Bandhan Bank’s primary focus is reaching out to the unbanked or under-banked areas providing last-mile banking with a bouquet of products for everybody – big or small. Bandhan Bank has taken long strides toward building a financially inclusive India by garnering over INR 77.9K Cr deposits as of 31 December 2020. It boasts over 5500 banking outlets with a pan-India presence. Its bouquet of products is designed for customers spanning every segment, no less NRIs with tailored schemes.

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Bandhan Bank NRI Fixed Deposits

Fixed Deposit or FD is the mainstay of an NRI’s financial planning. A bank FD provides the dual feature of safety and guaranteed returns, as the funds are parked for a stipulated period. The proceeds, including the principal and the accrued interest through Bandhan Bank NRI FD Rates application, are paid to the investing NRI. 

Bandhan Bank offers the NRI FD schemes in different form factors to satisfy individual preferences. There are options of holding deposits in schemes both in INR and designated foreign currency. In addition, NRIs get ample flexibility and benefits in Income Tax and Repatriation in compliance with FEMA and RBI regulations. 

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Bandhan Bank NRI FD Rates

As the NRE and NRO FD park funds in INR, their interest rates are similar to Domestic Retail Term Deposit Rates, other than the tenures in the two are at variance. Bandhan Bank offers competitive rates after the RBI deregulated interest regime, subject to periodic review and revision. 

As already mentioned, the interest rate applicable to the FCNR FD depends on the London InterBank Offered Rate (LIBOR) which is regularly revised. 

The applicable rates are described in the grids below:

GRID I

Bandhan Bank NRI FD Rates for Rupee Term Deposit 
Sl No Maturity Bucket 
ROI in % pa
1 7 days to 14 days 3.00
2 15 days to 29 days  3.00
3 30 days to < 2 months   3.50
4 2 months  to < 3 months  3.50
5 3 months  to < 6 months 3.50
6 6 months < 1 year 4.50
7 1 year  to 18 months 5.50
8 18+ months  < 2 years 5.50
9 2 years < 3 years 5.50
10 3 years < 5 years 5.25
11 5 years  to 10 years 5.00

ROI = Rate of Interest

PA = Per Annum

Points to note:

  • The above-described rates are applied to deposits lower than Rs 2 Cr. 

  • The rates described in the above grid are applied in the NRE and NRO FDs. However, the rates from 7 days to 1 year are applied only to NRO FD. 

GRID-II

Bandhan Bank NRI FD Rates for FCNR
Sl No Tenor Currency 
$ (US) £ (GB) € (EU)
1 1 year to less than 2 years 0.91% 0.69% 0.01%
2 2 years to less than 3 years 0.99% 0.89% 0.01%
3 3 years to less than 4 years 1.20% 0.94% 0.01%
4 4 years to less than 5 years 1.42% 1.09% 0.01%
5 5 years only  1.63% 1.19% 0.01%

Points to note

  • Interest is compounded at half-yearly frequency.

  • The above rates are paid on the deposit date.

  • The above rates are applied to fresh and renewed deposits and are subject to periodic change. 

  • The NRI must check the current FCNR interest rates before booking a deposit. 

Investment Plans for NRIsInvestment Plans for NRIs

About Bandhan Bank Fixed Deposit Interest Rate Calculator

Bandhan Bank Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

  • The amount that is invested

  • The Rate of Interest offered

  • The tenure of the Fixed Deposit Account

  • The compounding period, that is, yearly, half-yearly, quarterly, or monthly

  • The FD Amount

Once entered the following details, an investor will come to know:

  • The maturity value of the FD

  • The total interest earned during the complete tenure

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Types of Bandhan Bank NRI Fixed Deposit

As a part of their NRI banking business, Bandhan Bank endeavours to deliver an exclusive banking experience under the supervision of professionals. Their NRI products are also laced with innovation to offer an efficient and customer-friendly ambience. 

The prerequisite for Bandhan Bank NRI FD is that the investor must already be operating either an NRE or NRO savings account. Before proceeding, let us put a few words about NRE and NRO for a better perspective. 

  • NRE: Non-Resident External, wherein the account parks the NRI’s overseas earnings in India.

  • NRO: Non-Resident Ordinary, wherein the accounts park NRI’s earnings in India, like rent receipts and dividends from investments. 

The savings accounts offered under both these categories are Standard and Premier. Bandhan Bank FD is available in both classes, apart from others. Let us check them out in greater detail. 

Bandhan Bank NRE FD

The NRI opens this account using overseas funds in convertible currency for the INR balance maintenance. It essentially means that the account is maintained in Indian Rupees, though the money is earned abroad. As a result, no local rupee funds are deposited into the account. 

Some features of the account are:

  • Opening: Open the account using overseas remittance, foreign currency cash, or transfer from an NRE/FCNR account. Bandhan Bank offers competitive exchange rates for conversion to INR. 

  • Operation: The account is opened either singly or jointly with an NRI or a resident relative. In the latter, the account’s operation is mandatory- “Former or Survivor.” 

  • Repatriation: The account enjoys full repatriation benefits. 

  • Tenure: The FD is opened for a minimum of 1 year and a maximum of 10 years. 

  • Minimum Deposit: Rs 1000

  • Rate of Interest: Bandhan Bank NRE FD Rates are applied closely similar to the rates for Retail Domestic Term Deposits. 

  • Nominee: The NRI is free to add a nominee to the account. 

  • Renewal: The account is automatically renewed with the same terms upon maturity.

  • Taxation: The interest earned in the NRE FD is tax-free as per existent Income Tax laws. 

Investment Plans for NRIsInvestment Plans for NRIs

Bandhan Bank NRO FD

NRO FD manages earnings in Rupees from Indian assets and facilitates local payments and deposits in INR. The standout features in the FD account are:

  • Opening: Open the account using INR in cash, transfer from a resident account, or an NRE account holding legitimate income in Indian Rupees.

  • Operation: The account is opened either singly or jointly with an NRI or a resident relative. In the latter, the account’s operation is mandatory- “Former or Survivor.” 

  • Repatriation: Only partial Repatriation is allowed in the account. Repatriation of account funds up to US$ 1 million in a financial year is allowed for genuine purposes, subject to compliance with other rules. The interest earned in a year is repatriable after paying the applicable Income Tax. 

  • Tenure:  The FD is opened for a minimum of 7 days and a maximum of 10 years. 

  • Minimum Deposit: Rs 1000 

  • Rate of Interest: Bandhan Bank NRE FD Rates are applied closely similar to the rates for Retail Domestic Term Deposits. 

  • Nominee: The NRI is free to add a nominee to the account. 

  • Renewal: The account is automatically renewed with the same terms upon maturity.

  • Other Options: 

    • Premature Closure: The NRI can opt for a partial withdrawal or premature closure 

    • Interest Payout: The bank offers the option to choose monthly or quarterly interest payouts. 

  • Taxation: The interest earned in the NRE FD is taxable as per existent Income Tax laws. 

Investment Plans for NRIsInvestment Plans for NRIs

Bandhan Bank FCNR FD

Foreign Currency Fixed Deposit is meant for NRIs who wish to park earnings in foreign currency in India. However, the bank offers the purchase of FD in only three designated currencies. Source funds in other currencies are converted to maintain the account. 

FCNR FD’s salient features are:

  • Opening: The funds are placed in three designated foreign currencies according to the NRI’s choice. The NRI gets a competitive exchange rate for converting foreign currencies into the designated US Dollar, Great Britain Pound-Sterling, and Euro. 

  • Repatriation: The account principal and the accrued interest is fully and freely repatriable. 

  • Tenure:  The FD is opened for a minimum of 1 year and a maximum of 5 years. 

  • Minimum Deposit: the minimum deposits accepted in the account are:

    • $ (USD): 1000

    • £ (GBD): 1000

    • € (EUR): 1000 

  • Rate of Interest: Bandhan Bank NRI FD Rates are applied and compounded at half-yearly frequency. No interest is paid if the Deposit is withdrawn or the account is prematurely closed within one year of account opening. The rates are subject to change and are dependent on the London InterBank Offered Rate (LIBOR). 

  • Nominee: The NRI is free to add a nominee to the account. 

  • Renewal: The account is automatically renewed with the same terms upon maturity.

  •  Premature Closure: The NRI can opt for premature closure. No penalty is levied if the FD account is closed after one year from the opening date. The applicable interest is for the period the deposit remained with the bank. 

  • Taxation: The interest earned in the FCNR FD is tax-free as per extant Income Tax laws. 

SIP Investment for NRIsSIP Investment for NRIs

Conclusion

Bandhan Bank is a new-age private sector bank in the Indian banking horizon. It has made tremendous strides to offer a bouquet of services to domestic and NRI customers since its inception.

Bandhan Bank products offer their customers a pleasant digital environment aligned with the modern banking needs of a niche clientele.  Moreover, Bandhan Bank NRI FD Rates are attractive enough to woo the NRI customers to invest in their fixed deposits.

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