Kolkata: Private sector lender Bandhan Bank on Wednesday increased interest rates on select fixed deposits by up to 20 basis points, offering senior citizens a maximum return of 7.95 per cent on deposits with a tenure of two years to less than three years.
The revised rates came at a time when some lenders have been recalibrating deposit offerings despite the Reserve Bank of India maintaining the repo rate at 5.25 per cent earlier this month amid persistent inflation concerns.
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Following the revision, senior citizen customers will earn 7.95 per cent on fixed deposits with a tenure of two years to less than three years, while other customers will receive 7.45 per cent for the same period.
Bandhan Bank said it is also offering 7.75 per cent interest to senior citizens on fixed deposits with a tenure of less than five years. Other customers will earn 7.25 per cent on such deposits.
The lender claimed the revised rates are among the more competitive offerings in the banking industry.
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Apart from fixed deposits, the bank continues to offer an interest rate of 6.5 per cent on savings account balances above Rs 5 lakh and up to Rs 10 lakh.
In its latest monetary policy review, the RBI kept the benchmark repo rate unchanged at 5.25 per cent and retained its neutral policy stance. Some banks have already revised deposit rates during June as they seek to attract retail deposits amid heightened competition for funds.
