Kolkata-headquartered Bandhan Bank on Monday increased its Fixed Deposit (FD) interest rates by 50 bps. The bank, with this upward revision, claims to offer one of the highest interest rates on fixed deposits in the banking industry. The private sector lender, in a statement, said that the revised FD rates are applicable for retail deposits of up to Rs 2 crore and are effective from February 6, 2023.
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It also added that this offer is for a limited period.
| Maturity Bucket | Interest Rates for non-Senior Citizens | Interest Rates for Senior Citizens |
| 7 days to 14 days | 3.00% | 3.75% |
| 15 days to 30 days | 3.00% | 3.75% |
| 31 days to Less than 2 months | 3.50% | 4.25% |
| 2 months to less than 3 months | 4.50% | 5.25% |
| 3 months to less than 6 months | 4.50% | 5.25% |
| 6 months to less than 1 year | 4.50% | 5.25% |
| 1 year to 599 days | 7.00% | 7.50% |
| 600 days | 8.00% | 8.50% |
| 601 days to less than 2 years | 7.00% | 7.50% |
| 2 years to less than 3 years | 7.00% | 7.50% |
| 3 years to less than 5 years | 7.00% | 7.50% |
| 5 years to up to 10 years | 5.60% | 6.35% |
The bank currently offers 8.5 percent interest per annum for senior citizens and 8 percent for others. Interestingly, this is the private sector lender’s second rate hike on Fixed Deposits in 3 months.
Bandhan Bank’s customers can benefit from this offer by booking or investing in FD through retail internet banking or mBandhan mobile app.
Meanwhile, in January 2023, Bandhan Bank reported a 66.2 percent drop in its net profit at Rs 290.6 crore for the October-December quarter of the financial year 2023, against Rs 859 crore in the corresponding period a year ago. The bank’s net interest income (NII) dropped 2.1 percent to Rs 2,080.4 crore. In Q3 FY22, the same was reported at Rs 2,124 crore.
The provision coverage ratio was reported at 75.4 percent versus 75.5 percent quarter-on-quarter. Provisions of the bank came in at Rs 1,541 crore versus Rs 1,280 crore quarter-on-quarter versus Rs 806 crore year-on-year.
Total expenditure rose 34.65 percent from the year-ago period to Rs 2,918.77 crore. Gross non-performing assets (GNPAs) fell 26.23 percent to Rs 6,964.76 crore against Rs 9,441.57 crore logged in the same quarter of the previous year.
The gross NPAs of the bank stood at 7.15 percent compared to 7.19 percent logged in the previous quarter and 10.81 percent registered in the year-ago period. Net NPAs were flat at 1.86 percent during the quarter under review on a sequential basis.
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