Bandhan Bank revises FCNR deposits, lending rates from 1 July; check latest interest rates here

Private sector lender, Bandhan Bank has revised its Foreign Currency Non-Resident Account (FCNR) deposit rates for July month. The bank is offering as high as 4.68% in British pound sterling, while the rate is around a maximum of 4.56% in dollar terms in FCNR accounts. Further, the lender has revised its benchmark lending rates with effect from July 1, 2023.

FCNR (B) deposits:

As per the bank's website, for July 2023, Bandhan Bank is offering 4.56% in USD (dollar currency) for tenures from 1 year to less than 5 years. While the interest rate is much lower at 3.56% on 5 years tenure here.

However, the interest rate is much higher at 4.68% in GBP for tenures from 1 year to less than 2 years.

These interest rates are applicable for fresh and renewal fixed deposits and are subject to change from time to time.

In its terms and conditions, Bandhan Bank said, for FCNR (B) deposits, the interest is compounded at a half-yearly frequency.

Also, it needs to be noted that no interest will be paid if the deposits are withdrawn before 1 year.

Further, the lender said, "No premature penalty for the deposit withdrawn after completion of one year. However, interest shall be paid at the rate applicable for the period deposit has remained with the Bank."

MCLR:

Bandhan Bank has revised its marginal cost of funds-based lending rates (MCLR) effective from July 1, 2023.

MCLR is fixed at 11.05% each for 1-year, 2-year, and 3-year tenures.

While the MCLR is at 8.30% each for 3-month and 6-month tenures.

For shorter periods, like overnight and one month, the MCLR is at 6.80% each.

Last week, on Friday, Bandhan Bank's share price closed at ₹242.40 apiece up by 3.86% on BSE.

Recently, on June 28, Bandhan Bank achieved the milestone of tripling its branch presence in less than 8 years of its operations. The Bank now has a total of more than 1,500 bank branches. With a network of another 4,500 banking units that the Bank already has, the total number of banking outlets is now more than 6,000 across the country.

Bandhan Bank offers a wide range of retail lending products like Home loans, Personal loans, Auto loans, and 2-wheeler loans. 

The bank will continue to expand its presence beyond its traditional regions of east and northeast with an even mix of rural and urban markets. The Bank is also steadily increasing the share of secured loans.