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Bandhan Bank Savings Account Interest Rates 2024

With its headquarters in Kolkata, Bandhan Bank is a banking and financial services company,  hosting 6,140 banking outlets and 3.07 crore customers. Keeping in mind the high Bandhan Bank savings account interest rate, this bank has become the top choice for customers all over the country, to open a savings account with.

Keep reading this blog to dive into Bandhan bank savings interest rate, understand steps on how you can open your savings account with them and get other necessary details.

Latest Bandhan Bank Savings Account Interest Rates 2024

The Bandhan Bank savings account interest rate is calculated daily, depending on the end-of-day clear balance in your account. However, the interest is credited into your savings account at quarterly intervals.

The table below lists the Bandhan Bank interest rates savings account against different ranges of balance.

BalanceBandhan Savings Account Interest Rate (% p.a.)
Daily Balance = ₹1 lakh3.00%
Daily Balance > ₹1 lakh – ₹10 lakh6.00%
Daily Balance > ₹10 lakh – ₹2 crore7.00%
Daily Balance > ₹2 crore – ₹10 crore6.25%
Daily Balance > ₹10 crore – ₹50 crore6.50%
Daily Balance > ₹50 crore – ₹100 crore8.00%
Daily Balance > ₹250 crore8.05%

Does this give you a clear idea about the percentage of interest rate you are likely to get access to, at levels of account balance? Then, the next section mentions the minimum balance required for different types of Bandhan Bank savings accounts.

Bandhan Bank Savings Account Minimum Balance Required

Apart from being familiar with the applicable rates of interest, you must make note of the minimum balance required for a completely transparent account-opening process. Find the table below specifying the balance to be maintained at the least, in different types of Bandhan Bank savings accounts.

Type of Savings AccountBandhan Bank Savings Account Minimum Balance
Premium Savings Account₹1,00,000
Advantage Savings Account₹25,000
Sanchay Savings Account₹2,000
Standard Savings Account₹5,000
Special Savings Account₹5,000
Special Savings Account₹5,000

If you maintain the minimum balance as per the requirements, you can avoid scenarios of account downgrade, which can be done otherwise, at the Bank’s discretion. 

Bandhan Bank Savings Account Charges

Once you go through the table below, you will be caught up with any and every SB account charge applicable, be it for debit card issuance charges, NEFT charges, etc.

1. Elite

  • MonthlyAverage Balance (MAB) – 1.SB Account (MAB) -₹5 lakhOR2. FD – ₹25 lakhOR3. TotalRelationshipValue (SB Balance ₹2 Lakh+ FD) – ₹15 lakh(Min SB Balance – ₹2lakh + FD Balance)
  • Downgrade Monthly Average Balance Non-Maintenance – Will be Downgraded toAn appropriatescheme
  • Free CashDeposit-limitevery month – Unlimited
  • RTGS-NEFT(Branch) -IMPSDD – Unlimited
  • Cheque Leaves – Unlimited
  • Bandhan ATMTransaction Limit – Unlimited
  • Other ATM – FreeTransaction Limit – Unlimited
  • Pass Book Charges – Free
  • Email Statement Charges – Free
  • AnnualConsolidatedStatement – Free
  • SMS Alert Charges – Free

2. Premium

  • Downgrade Monthly Average Balance Non-Maintenance – Will be Downgraded toAn appropriatescheme
  • Free CashDeposit-limitevery month – ₹20,00,000
  • RTGS-NEFT(Branch) -IMPSDD – FreeTransactions Limit – 25
  • Cheque Leaves Cheque Leave Limit – 100
  • Charges on Debit Card Issuance – 0 Chargesfor VisaPlatinum
  • Debit Card AMC – 0 Chargesfor VisaPlatinum
  • Bandhan ATMTransaction Limit – Unlimited
  • Other ATM – FreeTransaction Limit – 25
  • Pass Book Charges – Free
  • Email Statement Charges – Free
  • AnnualConsolidatedStatement – Free
  • SMS Alert Charges – Free

3. Advantage

  • MonthlyAverage Balance (MAB) – ₹ 25,000
  • Downgrade Monthly Average Balance Non-Maintenance – Will be Downgraded toAn appropriatescheme
  • Free CashDeposit-limitevery month – ₹10,00,000
  • RTGS-NEFT(Branch) -IMPSDD – FreeTransactions Limit – 10
  • Cheque Leaves Cheque Leave Limit – 40
  • Charges on Debit Card Issuance – 0 Charges for VisaPlatinum
  • Debit Card AMC – AMC(Free for the 1styear.Applicable from the beginning of2nd year)
  • Bandhan ATMTransaction Limit – Unlimited
  • Other ATM – FreeTransaction Limit – 10
  • Pass Book Charges – Free
  • Email Statement Charges – Free
  • AnnualConsolidatedStatement – Not Applicable
  • SMS Alert Charges – Free

5. Standard

  • MonthlyAverage Balance (MAB) – ₹5,000
  • Downgrade Monthly Average Balance Non-Maintenance – Not Applicable
  • Free CashDeposit-limitevery month – ₹5,00,000
  • RTGS-NEFT(Branch) -IMPSDD – FreeTransactions Limit – 2
  • Cheque Leaves Cheque Leave Limit – 20
  • Charges on Debit Card Issuance – 0 Charges forRuPay Classic
  • Debit Card AMC – AMC(Free for the 1styear.Applicable from the beginning of2nd year)
  • Bandhan ATMTransaction Limit – Unlimited
  • Other ATM – FreeTransaction Limit – 5
  • Pass Book Charges – Free
  • Email Statement Charges – Free
  • AnnualConsolidatedStatement – Not Applicable
  • SMS Alert Charges – Free

6. GB/MBSanchay

  • MonthlyAverage Balance (MAB) – ₹2,000
  • Downgrade Monthly Average Balance Non-Maintenance – Not Applicable
  • Free CashDeposit-limitevery month – ₹2,00,000
  • RTGS-NEFT(Branch) -IMPSDD – FreeTransactions Limit – 2
  • Cheque Leaves Cheque Leave Limit – 20 (Terms & Conditions apply)
  • Charges on Debit Card Issuance – 0 Charges forRuPay Classic
  • Debit Card AMC – AMC(Free for the 1styear.Applicable from the beginning of2nd year)
  • Bandhan ATMTransaction Limit – Unlimited
  • Other ATM – FreeTransaction Limit – 5
  • Pass Book Charges – Free
  • Email Statement Charges – Free
  • AnnualConsolidatedStatement – Not Applicable
  • SMS Alert Charges – Free

Now that the account charges have been cleared up, keep reading ahead to be confident in your choice of the bank to start a savings account in.

Why Choose Bandhan Bank Savings Account?

Are you still wondering if creating a savings account with which Bank will help you reach your financial goals quicker in the long run? Here are a few reasons as to why we can say “It’s Bandhan Bank” confidently.

  • An attractive Bandhan Bank savings account interest rate
  • Exclusive banking benefits
  • 24×7 Customer service is available to deal with any queries, at any hour of the day
  • Unlimited transaction limit at the branch
  • Easy, hassle-free account-opening procedure
  • Several types of savings account options to meet varying degrees of financial plans

Are these points of advantage enough to concretise your choice of bank? Now, scroll over to the next section where we have highlighted the key benefits of opening a savings account with Bandhan Bank!

Key Benefits of Bandhan Bank Savings Account

As we’ve mentioned already, the high Bandhan Bank SB interest rate is a major benefit unlocked through opening a savings account with the bank. Plus, you can pick the type of savings account you want to start with Bandhan Bank. Other than that, here are some more of the key benefits of opting for a Bandhan Bank savings account:

  • Customers get access to free multi-city ‘at par’ cheques which include 20 free leaves per month.
  • You can withdraw cash at any bank 5 times per month for free.
  • Customers and transfer funds – 2 IMPS/RTGS/NEFT (from bank branch)/DD, for free every month.
  • NEFT transactions are free through Bandhan Bank net banking and the mobile app of Bandhan Bank (mBandhan).

Additional Benefits of Opening a Bandhan Bank Savings Account

The benefits are endless with a Bandhan Bank savings account. Apart from the above mentioned benefits, there are a few more that you must remain aware of. Here are some additional benefits of having a Bandhan Bank savings account.

  • Customer service is available round the clock.
  • Nominations for the savings account are accepted.
  • Unlimited cash withdrawal is available in the case of a home branch.
  • You are eligible to get 2 Demand Drafts free every month.
  • Monthly cash deposit limit of up to Rs. 5 lakhs is free.

How To Open an Online Bandhan Bank Savings Account?

Customers can open up their savings account with Bandhan Bank through a quick paperless, contactless process. In a few simple steps, as mentioned below, open up your Bandhan Bank savings account online.

  • Step 1: Go to the official website of Bandhan Bank.
  • Step 2: Click on the “Personal” tab and go to the “Savings Accounts” section.
  • Step 3: Next, click on “Open an Account”.
  • Step 4: Provide your mobile number linked to your Aadhaar and click on “Open Now”. You will receive an OTP. Type it in to proceed. Provide any other necessary information like your email ID to continue.
  • Step 5: Finally, go through the Video KYC verification process.

You will get access to your savings account immediately and also be able to transfer funds online at your convenience.

How To Open an Offline Bandhan Bank Savings Account?

Do you want to open your savings account with Bandhan Bank via the offline mode? Here’s what you have to do.

  • Step 1: Visit your nearest/preferred Bandhan Bank branch.
  • Step 2: Collect the Account Opening Form.
  • Step 3: Fill in the form with relevant information and submit it to the respective Bandhan bank branch.

The bank officials will then verify the information provided by you and present the applicant with their Starter Kit.

So, whether you choose the online or offline mode of account opening, it is a short and rather quick procedure. Make sure you meet the basic eligibility criteria required to start your account.

Eligibility Criteria to Open Bandhan Bank Savings Account

Are you impressed with the Bandhan bank interest rate on a savings account and want to start an account today? Go through this short list of eligibility requirements to make sure you meet them:

  • Must be a citizen of India
  • Must be a Tax Resident in India
  • Hindu undivided families
  • Individuals (jointly or singly)
  • Government institutions, religious institutions, trusts, etc.

Do you meet the criteria? You are just a few steps away from successfully starting your SB account and getting access to a high Bandhan Bank savings account interest rate!

Documents Required to Open Bandhan Bank Savings Account

If you keep the following documents ready to be presented to the bank officials, the account-creation process will be complete in a matter of minutes!

Following are the documents necessary to start a Bandhan Bank Savings account:

1. Proof of Identity:

  • Aadhaar Card
  • Voter’s ID card
  • Government-issued photo identity
  • Driving licence
  • PAN card
  • Passport

2. Proof of Address:

  • Utility bills (telephone bill, electricity bill, etc.)
  • Passport
  • Bank account statement
  • Aadhaar card

3. Photographs

Do you have the necessary documents in handy? If yes, you are now ready to opt for your savings account with Bandhan Bank.

Types Of Bandhan Bank Savings Account and its Features

Bandhan Bank offers a wide range of savings account types you can choose from, according to your requirements and long-term financial goals. Go through the list below and explore the different types and their features:

1. Neo+ Digital Savings Account – vKYC

  • Paperless/contactless account-opening process without customers having to visit the branch
  • KYC verification process over video call
  • Access to Visa Classic Debit Card if requested
  • Multi-city ‘at par’ cheques granted if requested
  • Big and exclusive shopping offers

2. Elite Savings Account

  • High rate of interest on your account balance
  • Unlimited cash deposit/withdrawal transactions limit at any Bandhan Bank branch ​
  • Free money withdrawal at different bank ATMs ​
  • Unlimited multi-city ‘at par’ cheques available ​
  • DD cancellation, stop payment or cheque return free ​of cost
  • Free duplicate interest, TDS and balance certificates
  • No-charge signature/photo/address attestation facility

3. Premium Savings Account

  • High rate of interest on your account balance ​
  • Bank@Home facility available (You can avail 2 cash/cheque pickup/drop every month for free)
  • 25 free IMPS/RTGS/NEFT Funds transferred through Bank branch/DD every month ​
  • Free Standing Instructions mandate for customers with Bandhan Bank Accounts ​
  • Multi-city ‘at par’ cheques limit at 100 free leaves per month ​
  • 25 free cash withdrawals at any bank ATM​

4. Advantage Savings Account

  • High cash deposit limit of ₹5 lakh per month (No extra charges)
  • Multi-city ‘at par’ cheques allowing 40 leaves a month for free
  • Additional Visa Platinum debit card benefits unlocked
  • The cash withdrawal limit at any bank ATM stands at 10 free transactions every month
  • 10 free IMPS/RTGS/NEFT funds transfer via Bank branch or DD per month

5. Advantage Savings Account

  • High cash deposit limit of ₹5 lakh per month (No extra charges)
  • Multi-city ‘at par’ cheques allowing 40

6. Standard Savings Account

  • Offers a beginner-friendly savings plan
  • High cash deposit limit of ₹2 lakh per month (free of cost) ​
  • 20 free leaves every month – Multi-city ‘at par’ cheques
  • Cash withdrawal at any ATM in India – 5 free transactions per month
  • 2 free IMPS/RTGS/NEFT Funds transfer through Bank branch/DD per month free

7. Inspire Programme – For Senior Citizens

  • High-interest rates on savings account balance
  • Exclusively designed “Inspire ID Card” specifying customer details for any emergency
  • Preferential rates applicable on retail term deposits every now and then
  • Discounts on health care benefits (consultations, imaging tests, pathology, health packages, etc.)

Have you found the type of Bandhan Bank savings account most suited to your financial goals? If yes, proceed to open your savings account and get access to the attractive Bandhan Bank savings account interest rate today!

Steps to Open Bandhan Bank Video KYC Savings Account

You are required to complete the online video KYC process to successfully access your Neo-Digital savings account. Here are a few simple steps you can follow to go through the V-KYC process smoothly:

  • Step 1: Go to the official website of Bandhan Bank.
  • Step 2: Sign up for a savings account with Bandhan Bank by providing your mobile number and email ID under the “Savings Accounts” section.
  • Step 3: Opt for the Video KYC process within 72 hours of making your initial deposit into the SB account. So, schedule it accordingly.
  • Step 4: Keep the necessary documents (Aadhaar Card and PAN Card) ready to be presented to the bank officials for quick procedure!

After this process is complete, you can access your Bandhan Bank SB account online and start making transactions.

Bandhan Bank Savings Account Transaction Limit

Bandhan Bank is a top pick for customers looking to open an SB account with high transaction limits set. Check the table below to know everything in detail.

Type of TransactionTransaction Limit
Cash deposit₹2 lakh every month
Cash withdrawal from branchUnlimited 
Transfer of funds2 IMPS/RTGS/NEFT (through branch)/DD per month free
Multi-city’s “at par” cheques20 leaves each month is free
NEFT transactions through Internet banking and mBandhanFree
Cash withdrawal at other bank ATM5 transactions each month is free

How to Close a Bandhan Bank Savings Account?

If you have decided to close your Bandhan Bank savings account, here are some steps you can follow to complete the process.

  • Step 1: Empty your Bandhan Bank account.
  • Step 2: Be ready with the necessary documents including an Aadhaar card, PAN card, passport, or driver’s licence and other important paperwork.
  • Step 3: Visit your nearest Bandhan Bank branch.
  • Step 4: Inform the bank official and collect the Account Closure Request Form.
  • Step 5: Return the debit card, passbook and other documents.
  • Step 6: Wait till you receive the confirmation document/receipt from Bandhan Bank as a record of account closure.

Patiently wait for the account closure process to be complete, which typically takes up to a few days. Once the account closure is processed, you will get an account statement via mail.

Bandhan Bank Savings account onboarding Kit 

The bank sends you an onboarding package or welcome kit to begin your savings account journey once you successfully create an account. What is included in the kit is as follows:

  • A manual to use savings account
  • A welcome letter
  • A cheque book
  • Debit card

Final Word

You are now familiar with the important details associated with opening a Bandhan Bank savings account. If you are comfortable with the Bandhan Bank savings account interest rate, the account-opening process and the benefits which come with it, open up your SB account today!

FAQs

Can I have multiple savings accounts with Bandhan Bank?

Yes, you can open as many SB accounts as you want to meet your financial goals.

Which type of savings account should I opt for with Bandhan Bank as a beginner?

You can opt for the standard savings account which offers beginner-friendly savings plans.

What will happen if I don’t maintain the minimum monthly balance in my Bandhan bank sb account?

The bank will downgrade your savings account at their discretion, to a more appropriate scheme.

Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.

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Stable Money

At Stable Money, we have only one goal: turning your income into long-term wealth.
We believe sharing knowledge through relatable content is a powerful medium to empower and guide Indians on the path to financial freedom.
Towards this goal, we are trying to simplify jargon and industry lingo for the common man, by bringing most accurate finance-related information to our readers.

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