On the same fixed deposit tenure, other customers will get 8 per cent interest. The bank is also offering 7 per cent interest rate on a balance above Rs 10 lakh in the savings account. The revised fixed deposit rates come into effect from August 7, 2024.
The changes are part of the bank’s strategy to improve its clients’ profitability in response to changing market conditions.
“This innovative approach embodies our ‘responsibility-first’ strategy, designed to deliver better returns. By aligning our deposit offering with a deeper understanding of our financial responsibilities and customer needs, we aim to deliver competitive rates and exceptional service,” said Rajinder Babbar, CEO and CFO, Bandhan Bank.
In addition to the new fixed deposit category, the bank continues to offer an attractive and competitive interest rate of 7.75 percent to senior citizens on long-term fixed deposits with a tenor of more than one year and nine months to less than five years. Others will get 7.25 percent on the same term deposits.
First published: August 14, 2024 | 11:59 am IS
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