The Bandhan Bank has revised its interest rate offering on saving accounts. In a bid to attract new customers to its saving options, the bank has revised its interest rates to up to 6 per cent. While there has been a slow decline in interest rate offerings in recent times, the current Bandhan bank saving interest rate is one of the highest in the market. To put it things into perspective, it must be noted Indian largest public sector lender is offering only a 2.7 per cent year return on saving accounts. The new interests of Bandhan Bank are applicable from November 1, 2021. However, the 6 per cent interest is the highest rate in the bank’s slab and will not be applicable to all account holders.
Bandhan Bank Saving Interest Rate
The maximum interest rate of 6 per cent will be applicable to domestic and non-resident saving bank accounts that have a minimum daily balance between Rs 10 lakh andRs 2 crore. The interest offered to savings accounts with a daily balance of up to Rs 1 lakh is 3 per cent for accounts with a daily balance limit between Rs 1 lakh and10 lakh and forRs 2 crore to Rs 10 crore, the rateis 5 per cent.
Bandhan Bank has aggressively been looking to expand its customer base in India. The bank has received substantial growth not just in deposits but also in its loan portfolio. Compared to the Q2 figures of last year, the bank’s loan portfolio witnessed a 6.6 per cent jump in the financial year 2021-22. The growth has even been far more impressive in the deposit segment. The year-on-year growth figures reveal that Bandhan Bank’s deposit rose by 23.0 per cent in the Q2 of this year when compared to the corresponding quarter of 2020-21.
The bank managed to add over 80 lakh new customers, taking its overall customer base to 24.3 crores. While Bandhan Bank restructured an EEB Portfolio of Rs 3490 crores 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 NPA remained constant at 10.8 per cent and net NPA was reported to be 3 per cent.