Business News | Bandhan Bank Raises FD Rates on Select Tenures as Banks Compete for Retail Deposits
Get latest articles and stories on Business at LatestLY. New Delhi [India], July 14: Even as the Reserve Bank of India has held the policy repo rate steady, competition for retail deposits among lenders remains keen. Bandhan Bank has revised its Fixed Deposit (FD) rates upward on select tenures, taking its peak rate for senior citizens to 7.95% on deposits of two years to less than three years, with general customers earning 7.45% for the same tenure.
VMPL
New Delhi [India], July 14: Even as the Reserve Bank of India has held the policy repo rate steady, competition for retail deposits among lenders remains keen. Bandhan Bank has revised its Fixed Deposit (FD) rates upward on select tenures, taking its peak rate for senior citizens to 7.95% on deposits of two years to less than three years, with general customers earning 7.45% for the same tenure.
On longer tenures of less than five years, the bank offers 7.75% to senior citizens and 7.25% to other customers, among the most competitive in the industry. It also offers 6.5% on savings account balances above Rs. 5 lakh to Rs. 10 lakh.
With lending rates largely stabilised and deposit rates being fine-tuned across the industry, the revision signals Bandhan Bank's intent to strengthen its retail funding base and deepen its deposit franchise.
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Customers can view the revised Fixed Deposit schedule and invest online.
Deposits can be booked digitally -- book a Fixed Deposit online via retail internet banking or the mBandhan app.
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