Bandhan Bank revised its interest rate offer on savings accounts. In an effort to attract new customers to its savings options, the bank revised its interest rates to 6%. Although there has been a slow decline in interest rate offers lately, the current interest rate on Bandhan’s savings bank is one of the highest in the market. To put it in perspective, it should be noted that India’s largest public sector lender only offers a 2.7% annual return on savings accounts. The new Bandhan Bank interest is applicable from November 1, 2021. However, the 6 percent interest is the highest rate of the bank’s slab and will not apply to all account holders.
Bandhan Bank Savings Interest Rate
The maximum interest rate of 6 percent will be applicable to domestic and non-resident savings bank accounts which have a minimum daily balance between Rs 10 lakh and Rs 2 crore. Interest offered on savings accounts with a daily balance of up to Rs 1 lakh is 3 percent for accounts with a daily balance limit between Rs 1 lakh and 10 lakh and for Rs 2 crore to Rs 10 crore , the rate is 5%.
Bandhan Bank is actively seeking to expand its customer base in India. The bank has benefited from substantial growth not only in deposits but also in its loan portfolio. Compared to figures for the second quarter of last year, the bank’s loan portfolio jumped 6.6% in fiscal year 2021-2022. Growth was even much more impressive in the deposits segment. Year-over-year growth figures reveal that Bandhan Bank deposits grew 23.0% in the second quarter of this year compared to the corresponding quarter of 2020-2021.
The bank managed to add more than 80 lakhs of new customers, bringing its overall customer base to 24.3 crore. While Bandhan Bank restructured an EEB portfolio of Rs 3,490 crore in the second quarter 2021-22, the non-EEB portfolio stands at a valuation of Rs 268 crore in the same quarter.
Meanwhile, the bank’s gross NPA remained constant at 10.8% and the net NPA was reported at 3%.
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