Bandhan Bank revises FCNR deposits, lending charges from 1 July

Private sector lender, Bandhan Bank has revised its Foreign Currency Non-Resident Account (FCNR) deposit charges for July month. The financial institution is providing as excessive as 4.68% in British pound sterling, whereas the speed is round a most of 4.56% in greenback phrases in FCNR accounts. Further, the lender has revised its benchmark lending charges with impact from July 1, 2023.

FCNR (B) deposits:

As per the financial institution’s web site, for July 2023, Bandhan Bank is providing 4.56% in USD (greenback forex) for tenures from 1 yr to lower than 5 years. While the rate of interest is way decrease at 3.56% on 5 years tenure right here.

However, the rate of interest is way larger at 4.68% in GBP for tenures from 1 yr to lower than 2 years.

These rates of interest are relevant for contemporary and renewal mounted deposits and are topic to alter on occasion.

In its phrases and circumstances, Bandhan Bank mentioned, for FCNR (B) deposits, the curiosity is compounded at a half-yearly frequency.

Also, it must be famous that no curiosity will likely be paid if the deposits are withdrawn earlier than 1 yr.

Further, the lender mentioned, “No premature penalty for the deposit withdrawn after completion of one year.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 price of funds-based lending charges (MCLR) efficient from July 1, 2023.

MCLR is mounted at 11.05% every for 1-year, 2-year, and 3-year tenures.

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

For shorter durations, like in a single day and one month, the MCLR is at 6.80% every.

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

Recently, on June 28, Bandhan Bank achieved the milestone of tripling its department presence in lower than 8 years of its operations. The Bank now has a complete of greater than 1,500 financial institution branches. With a community of one other 4,500 banking items that the Bank already has, the entire variety of banking shops is now greater than 6,000 throughout the nation.

Bandhan Bank gives a variety of retail lending merchandise like Home loans, Personal loans, Auto loans, and 2-wheeler loans. 

The financial institution will proceed to develop its presence past its conventional areas of east and northeast with a fair mixture of rural and concrete markets. The Bank can also be steadily growing the share of secured loans.

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Updated: 02 Jul 2023, 10:27 PM IST

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