Bandhan Bank fixes Interest rates for Savings and Term deposits

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Bandhan Bank has fixed the rates of interest for savings and term deposits which would be offered to account holders after it starts banking operations. 

The savings interest rates have been fixed at 4.25 per cent below Rs 1 lakh and five per cent above Rs 1 lakh. 

For term deposits, the maximum interest rate has been fixed at 8.5 per cent for one to three years and senior citizens would get an additional 0.25 per cent. 

Bandhan Bank has already started distribution of account opening forms from its 600-odd branches which would have full-fledged banking operations from the commencement date of August 23 this year. 

The inauguration of the bank would be done by Union Finance Minister Arun Jaitley where RBI deputy governor H R Khan would also be present. 

Earlier a MFI (micro-finance institution), Bandhan had got the in-principle approval from RBI on April last year, to start universal banking.