Bandhan Bank hikes interest rates on fixed deposits

Bandhan Bank on Monday increased its interest rates on fixed deposit (FD) by 50 basis points (bps), according to a statement from the lender. The revised FD rates are applicable for retail deposits of up to Rs 2 crore and are effective from today. The offer is for a limited period, the lender said, adding that with this upward revision, the bank is offering one of the highest interest rates on fixed deposits in the banking industry. According to the statement, customers of Bandhan Bank can also enjoy the benefits of booking or investing in FD from the comfort of their homes or offices through retail internet banking or mBandhan mobile app. With this online process, customers can book the FDs within a few minutes in a hassle-free manner, it added. The Kolkata-headquartered bank started in 2001 as a not-for-profit enterprise that stood for financial inclusion and women empowerment through sustainable livelihood creation. The lender turned into a non-banking finance company (NBFC) a few years later but the core objective remained financial inclusion. When Bandhan Bank started operations on August 23, 2015, it was the first instance of a microfinance entity transforming into a universal bank in India, according to the bank’s statement which was released on Monday.