Bandhan Bank has revised the interest rate offered on savings accounts. To attract new customers to its savings options, the bank has revised its interest rates to 6 per cent. While there has been a slow decline in interest rate offerings in recent times, the current Bandhan Bank savings interest rate is among the highest in the market. To put things in perspective, it should be noted that India’s largest public sector lender is giving only 2.7 per cent year-on-year return on savings accounts. The new interests of Bandhan Bank are effective from November 1, 2021. However, 6 per cent interest is the highest rate in the bank’s slab and will not be applicable to all account holders.
Bandhan Bank Savings Interest Rate
A maximum interest rate of 6 per cent will be applicable on domestic and non-resident savings bank accounts with minimum daily balance between Rs 10 lakh and Rs 2 crore. The interest rate on savings accounts with a daily balance limit of up to Rs 1 lakh is 3 per cent for accounts with a daily balance range between Rs 1 lakh and Rs 10 lakh and for Rs 2 crore to Rs 10 crore, the rate is 5 per cent.
Bandhan Bank is looking to aggressively expand its customer base in India. The Bank has achieved substantial growth not only in deposits but also in its loan portfolio. The loan portfolio of the bank witnessed a growth of 6.6 per cent in the financial year 2021-22, as compared to the Q2 figures of the previous year. The growth in the deposits segment has been even more impressive. The year-on-year growth figures show that Bandhan Bank’s deposits grew by 23.0 percent in the second quarter of this year as compared to the same quarter of 2020-21.
The bank managed to add over 80 lakh new customers, taking its total customer base to 243 crore. While Bandhan Bank restructured the EEB portfolio of Rs 3490 crore in Q2 2021-22, the non-EEB portfolio stands at a valuation of Rs 268 crore in the same quarter.
Meanwhile, the bank’s gross NPAs remained stable at 10.8 per cent and net NPAs were reported at 3 per cent.
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