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Bandhan Bank Savings: Benefits & Eligibility

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Mar 21, 2024

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Introduction:

Bandhan Bank is one of the most reputable private sector banks in India, known for its specialized niche of providing and promoting entrepreneurship among people from rural communities, especially women. Initially focusing on providing microfinance services, Bandhan Bank has now become a full-fledged commercial bank offering some of the best savings account interest rates.

In this post, we will explore how to open a Bandhan Bank savings account, discuss its features and benefits, examine Bandhan Bank's savings account interest rates, and provide other necessary details to help you make an informed decision.

Bandhan Bank Savings Account Interest Rates

The following table shows the interest rates for Bandhan Bank savings accounts based on the daily balance:

Bandhan Bank Savings Bank Account Interest Rate (p.a.)

Up to Rs 1 lakh 3.00%

Above Rs 1 lakh to Rs 10 lakhs 6.00%

Above Rs 10 lakhs to Rs 2 Cr 6.25%

Above Rs 2 Cr to Rs 10 Cr 6.25%

Above Rs 10 Cr to Rs 50 Cr 6.50%

Types of Bandhan Bank Savings Accounts

Here is a list of the various types of Bandhan Bank Savings Accounts, along with their important features, to help you make an informed choice:

1. Bandhan Bank Neo+ Digital Savings Account

- Can be opened online through video KYC

- Can request a Visa Classic Debit Card

- Can provide multicity cheques upon request

- Monthly Average Balance: Rs 5000

- Offers attractive shopping discounts

- Access to net banking and mobile banking

- Eligibility: Any Indian citizen above 18 years old with no existing relationship with Bandhan Bank

2. Bandhan Bank Elite Savings Account

- Unlimited cash deposits at branches

- Unlimited branch cash withdrawals

- Unlimited multicity at par chequebooks provided

- Free cash withdrawals at other bank ATMs

- Free funds transfer

- Digital banking services provided

- Monthly Average Balance: Rs. 5 Lakh

- Eligibility: Any Indian resident individual with a Monthly Average Balance (MAB) of Rs. 5 Lakh, Fixed Deposit (FD) of Rs. 25 Lakh, or a Total Relationship Value (TRV) of Rs. 15 Lakh

3. Bandhan Bank Premium Savings Account

- Monthly Average Balance: Rs. 1 Lakh

- Free cash deposit limit of Rs. 10 Lakh per month

- Free 100 leaves of multicity cheques per month

- 25 free transactions per month at other bank ATMs

- Bank@Home facility available

- Eligibility: Any Indian citizen residing in India, Hindu Undivided Family (HUF)

4. Bandhan Bank Advantage Savings Account

- Monthly Average Balance: Rs. 25,000

- Free cash deposit limit of Rs. 5 Lakh per month

- 40 free leaves of multicity cheques per month

- 10 free transactions per month at other bank ATMs

- Provides exclusive Platinum Debit Card benefits

- Eligibility: An individual residing in India, Hindu Undivided Family (HUF)

5. Bandhan Bank Respect Programme – For Senior Citizens

- Provides free cash deposit limit at branches

- Provides free multicity cheque leaves

- Provides free cash withdrawal limit at branches and other ATMs (based on selected product variant)

- Offers benefits of Visa Platinum Debit Cards

- Minimum Average Balance: Rs. 1 Lakh for SB-Premium, Rs. 25,000 for SB-Advantage

- To avail this program, the customer needs to open an Advantage or Premium Savings Account

- Eligibility: All individuals residing in India above the age of 60

6. Bandhan Bank Standard Savings Account

- Easy to manage and maintain

- Monthly Average Balance: Rs. 5000

- Cash deposit limit of Rs. 2 Lakh free per month

- Unlimited branch cash withdrawal transactions

- Provides internet banking

- Eligibility: Any individual residing in India, Hindu Undivided Family (HUF)

7. Bandhan Bank Special Savings Account

- Monthly Average Balance: Rs. 5000

- Provides Bank@Home facility

- Provides exclusive Visa Platinum Debit Card

- NEFT transactions can be done for free through Internet Banking and mBandhan App

- Designed to help differently-abled customers bank with ease

- Eligibility: An individual residing in India

8. Bandhan Bank Sanchay Savings Account

- Monthly Average Balance limit: Rs. 2000

- Free cash deposit limit of Rs. 2 Lakh

- Unlimited cash withdrawals at branches for free

- 20 free multicity cheque leaves per month

- Provides safe, secure, and convenient banking

- Eligibility: An individual residing in India, Hindu Undivided Family (HUF)

9. Bandhan Bank Corporate Salary Accounts

- Designed for salaried employees

- Zero minimum balance requirement

- Offers attractive savings interest rates

- Provides free debit card

- Free personalized cheque book leaves (depends on type of account)

- 4 types of accounts available: Standard Salary Account, Advantage Salary Account, Premium Salary Account, Shaurya Salary Account

- Eligibility: An individual residing in India with salaried income

10. Bandhan Bank BSBDA Savings Account

- Created to help every common man have a bank account

- Zero minimum balance requirement

- Easy to open, manage, and transact

- Provides free ATM-cum-Debit Card

- Eligibility: Any individual residing in India

11. Bandhan Bank BSBDA Small Savings Account

- Created to help every common man have a bank account

- Zero minimum balance requirement

- Easy to open, manage, and transact

- Provides free ATM-cum-Debit Card

- Maximum balance limit: Rs. 50,000

- Eligibility: Any individual residing in India who doesn't have officially valid KYC documents

Features of Bandhan Bank Savings Accounts

Bandhan Bank offers savings accounts that cater to the needs of all class groups, encouraging the common man to save through zero-balance savings accounts. Here are some important features of Bandhan Bank Savings Accounts:

- The minimum balance requirement range is flexible and affordable for a wide range of consumers. While the basic average is Rs. 5,000 for urban and semi-urban branches and Rs. 2,000 for rural branches, zero minimum balance accounts are also available.

- The bank offers competitive interest rates, ranging from 3% to 4% per annum, depending on the balance in the account.

- Debit cards are issued with most Bandhan Bank Savings Accounts, facilitating cash withdrawals at ATMs and online shopping.

- The bank provides a hassle-free account opening process that can be completed quickly and easily.

- Bandhan Bank keeps pace with modern technological services, offering mobile banking and internet banking facilities to account holders for added convenience.

- SMS banking facilities are available, allowing customers to check their account balance, transaction history, and receive SMS alerts.

- The bank provides a nomination facility, allowing customers to nominate a person to receive the balance in their account in the event of their death.

- Overdraft facilities are available based on certain variables and fulfillment of specific criteria.

- Note: Certain information provided may vary depending on the type of savings account chosen by the consumer.

How to Open a Bandhan Bank Savings Account Online?

Some types of Bandhan Bank savings accounts can be opened online through video KYC. Here are the steps to open such an account online:

STEP 1: Visit the official website of Bandhan Bank and click on the "Apply Now" button on the homepage.

STEP 2: Check the features of the types of savings accounts provided and choose the account that fits your needs. The details can be found under the "Savings Account" section on the website.

STEP 3: Fill out the application form with accurate details, including your name, address, contact information, and other required information.

STEP 4: Submit the required documents, such as ID proof, address proof, and passport photographs. Additional documents may be required depending on the type of account chosen.

STEP 5: Review the application form to ensure all details are correct.

STEP 6: Your documents will be verified through video KYC or a bank representative will contact you for KYC verification.

STEP 7: After successful verification, your account will be activated, and you can deposit the required balance through online transfer.

Note: The process may vary based on the type of savings account chosen. It is advisable to contact a bank representative for a hassle-free and well-informed process.

Documents Required to Open a Bandhan Bank Savings Account

For Individuals – Single holding:

- Identity proof

- Address proof

- One latest passport size photograph

Documents acceptable as Identity and Address Proof (for Domestic Individual Savings Accounts – Opening of Accounts/Address Change/Periodic Updating of KYC [Re-KYC]):

- Proof of possession of Aadhaar number

- Passport

- Driving license

- Voter ID Card (Issued by Election Commission of India)

- Job Card by NREGA duly signed by an officer of the State Government

- Letter issued by National Population Registry confirming details of name and address

- Only a single copy of the document is required if it is listed under both address and identity proof, e.g., Passport/Aadhaar Card

- If mailing address and permanent address are different, provide address proof documents for both

For Joint Account:

- Address and identity proof documents for both applicants

- A single address proof for the primary account holder will only be accepted if it is supplemented by a relationship proof between both holders

Eligibility for Opening a Bandhan Bank Savings Account

Bandhan Bank allows qualified NRIs, HUFs, and resident Indians to open savings accounts.

Account holders must be at least 18 years old, meaning they must have attained the age of majority.

Minors who have not yet reached the age of 18 can open an account with their parents or legal guardians.

Enterprises, corporations, businesses, partnerships, estates, sole proprietorships, and other body corporates can also open accounts with Bandhan Bank.

The individual wishing to open an account must fulfill the criteria set by the Reserve Bank of India and provide the required address proof.

For certain types of savings accounts, a minimum account balance is fixed, and the account holder must be able to maintain the set minimum balance.

Note: Different specialized requirements apply to certain types of savings accounts. It is advisable to check the details before applying.

Benefits of Opening a Bandhan Bank Savings Account

With a wide range of account options, Bandhan Bank ensures that they meet the specialized needs of each type of consumer looking to open a bank account.

The bank provides specially curated savings options and features for women, senior citizens, children, and salaried individuals, offering varied benefits and interest rates based on their needs.

Having a Bandhan Bank savings account makes it easier for consumers to seek credit and loans from the bank, such as personal loans, home loans, and business loans.

Consumer assistance is available 24/7, ensuring consumer satisfaction and timely query resolution.

Certain types of savings accounts offer multiple discounts and cashback offers for shopping, travel, and merchant transactions.

There are multiple ways to initiate fund transfers, making the process easy and hassle-free. Some options include NEFT, RTGS, and IMPS.

Personalized services, such as doorstep banking and customized account packages, are provided to enhance the consumer's experience.

Flexible minimum balance and no minimum balance accounts encourage underprivileged citizens to open bank accounts and enjoy the benefits of banking, thus promoting social equality.

Bandhan Bank Savings Account vs. Current Account – Differences

Bandhan Bank provides both savings accounts and current accounts to cater to different needs. Here are some differences between the two:

Basic Idea:

Savings accounts are primarily used for saving money and earning interest on deposited savings, while current accounts are designed for businesses and individuals conducting a high volume of transactions.

Minimum Balance Requirement:

Savings accounts typically have a lower minimum balance requirement compared to current accounts, which require a higher minimum balance for larger transactions.

Interest Rates:

Savings accounts generally offer interest on the balance, whereas current accounts usually do not offer interest.

Transaction Limit:

Current accounts are designed for more frequent transactions, so they often do not have a set transaction limit. Savings accounts, on the other hand, may have transaction limits.

Overdraft:

Current accounts often provide overdraft privileges, allowing individuals and corporations to withdraw more money than their available balance. Savings accounts typically do not offer this feature.

In conclusion, it is important to note that savings accounts and current accounts serve different purposes. Their use and features cater to a variety of beneficiaries. It is advisable for customers to determine which type of account meets their specific requirements before making a choice.

Tabular Comparison:

Features | Savings | Current

-----------------------------------------------------

Purpose | Personal | Business

Interest Rate | Usually Higher | Usually Lower

Minimum Balance | Required (in some) | Required (in some)

Overdraft | Limited | Can be availed with interest

Transaction Fees | Usually low | Usually high

Cheque Book Issuance | Free but limited number of leaves | Chargeable

Online Banking | Available | Available

Ways to Transfer Funds from Bandhan Bank Savings Account

Bandhan Bank provides multiple ways to transfer funds from a savings account. Some of the most popular methods are:

1. NEFT/RTGS: NEFT and RTGS are two commonly used methods offered by the bank for fund transfers. There are transfer limits for both methods, and they require the beneficiary's bank account number and IFSC code.

2. IMPS: Instant fund transfer option available 24/7, including holidays. This method requires either the beneficiary's mobile number and MMID (Mobile Money Identifier) or the account number and IFSC code.

3. UPI: UPI (Unified Payments Interface) has gained popularity for cashless transactions. It is an easy, secure, and convenient means of fund transfer.

4. Debit Card: Debit cards issued when opening an account can be used to transfer funds online through net banking or mobile banking.

5. Cheque: Cheque leaves can be used to deposit money in beneficiaries' accounts.

Steps to Transfer Funds from Bandhan Bank Savings Account

STEP 1: Login to your Bandhan Bank net banking account using your registered ID and password.

STEP 2: On the homepage, click on the "Fund Transfer" option.

STEP 3: Choose the appropriate transfer option.

STEP 4: Enter the beneficiary details.

STEP 5: Enter the amount you want to transfer.

STEP 6: Review and verify the details.

STEP 7: Confirm the transaction by entering your password or OTP.

STEP 8: Once the transaction is complete, you will receive an alert on your registered mobile number.

Bandhan Bank Customer Care

Call: Contact the Customer Care Helpline (Toll-free) at 1800-258-8181.

Customer Care Numbers: 033-4409-9090, 033-6633-3333, 033-4090-3333

Debit Card Green PIN Generation: 033-6609-6709, 033-4090-2222

Micro Banking: 033-6826-5200

Email: Send your queries to customercare@bandhanbank.com