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, a top official has said.
“Bandhan Bank has already fixed the interest rates on savings and term deposits,” Chairman C S Ghosh told PTI.
The savings interest rates have been fixed at 4.25 per cent for deposits below Rs 1 lakh and five per cent for those 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 0.50 per cent.
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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.