Bandhan Bank is one of the most reputable private sector banks in India known for its specialised niche of providing and promoting entrepreneurship of people from rural communities especially women. Having the beginning focus of providing microfinance services, Bandhan Bank is now a full-fledged commercial bank offering some of the best savings account interest rates.
In this post, we will know how to open Bandhan Bank savings account, it’s features & benefits, Bandhan Bank savings account interest rates, other necessary details that will help you make a right decision.
Bandhan Bank Savings Account Interest Rate
Below given are the interest rate of Bandhan Bank savings account based on 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 the list of the variety of Bandhan Bank Savings Account along with some of their important features to help you make an informed choice.
Bandhan Bank Neo+ Digital Savings Account
- Can be opened online through video KYC
- Can get Visa Classic Debit Card on request
- Can provide multicity cheques on request
- Monthly Average Balance is set at Rs 5000
- Provides Attractive Shopping Discount based offers
- Access to net banking and mobile banking
- Eligibility – Any Indian Citizen with no existing relationship with Bandhan Bank above the age of 18 years
Bandhan Bank Elite Savings Account
- Unlimited Cash Deposit at Branch
- Unlimited branch cash withdrawal transaction limit
- Unlimited Multicity at par Chequebooks are provided
- Free Cash Withdrawal at other bank ATMs
- Free Funds Transfer
- Digital Banking Services are provided
- Monthly Average Balance is set at Rs. 5 Lakh
- Eligibility – Any Indian resident individual with a MAB of Rs 5 Lakh, Fixed Deposit of Rs 25 Lakh or a Total Relationship Value of Rs 15 Lakh
Bandhan Bank Premium Savings Account
- Monthly Average Balance to be maintained is set at 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 is available too
- Eligibility- Any Indian Citizen Residing in India, Hindu Undivided Family
Bandhan Bank Advantage Savings Account
- Monthly Average Balance is set at Rs 25,000
- Free Cash deposit limit is set at Rs 5 Lakh per month
- 40 free leaves of Multicity Cheques per month
- 10 free transactions per month at other bank ATMs
- Provides an exclusive Platinum Debit Card Benefits
- Eligibility – An Individual residing in India, Hindu Undivided Family
Bandhan Bank Respect Programme – For Senior Citizens
- Provides for free cash deposit limit at branch
- Provides for free multicity cheque leaves
- Provides for free cash withdrawal limit at branch and at other ATM (based on the variant of the product selected)
- Provides the benefits of Visa Platinum Debit Cards
- Minimum Average Balance of Rs 1 Lakh for SB- Premium
- Minimum Average Balance of 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
Bandhan Bank Standard Savings Account
- Easy to manage and maintain
- Monthly Average Balance of Rs. 5000
- Cash deposit limit of Rs. 2 Lakh free per month
- Unlimited branch cash withdrawal transactions
- Provides for internet banking
- Eligibility – Any individual residing in India, Hindu Undivided Family
Bandhan Bank Special Savings Account
- Monthly Average Balance of Rs. 5000
- Provides for Bank@Home facility
- Provides with exclusive Visa platinum debit card
- NEFT Transactions can be done for free through Internet Banking and mBandhan App
- It is a unique account to help differently-abled customers to bank with ease
- Eligibility – An individual residing in India
Bandhan Bank Sanchay Savings Account
- Monthly Average Balance limit is set at Rs 2000
- Free Cash deposit limit of Rs 2 Lakh
- Unlimited Cash Withdrawal at Branch for Free
- 20 Free Multicity Cheque Leaves for free per month
- Provides you with safe, secure and convenient banking account
- Eligibility – An individual residing in India, Hindu Undivided Family
Bandhan Bank Corporate Salary Accounts
- For salaried employees to conduct banking with ease
- Zero minimum balance
- Provides with attractive savings interest rate
- Provides free debit card
- Free Personalised Cheque Book Leaves (depends on type of accounts)
- 4 Type of Accounts – Standard Salary Account, Advantage Salary Account, Premium Salary Account, Shaurya Salary Account
- Eligibility – An individual residing in India with Salaried Income
Bandhan Bank BSBDA Savings Account
- Created to help and enable every common man to have a bank account
- Zero minimum balance limit
- Easy to open, manage and transact
- Free ATM-cum-Debit Card is provided
- Eligibility – any Individual Residing in India
Bandhan Bank BSBDA Small Savings Account
- Created to help and enable every common man to have a bank account
- Zero minimum balance limit
- Easy to open, manage and transact
- Free ATM-cum-Debit Card is provided
- Maximum Balance Limit is Rs 50,000
- Eligibility – any Individual Residing in India who doesn’t have officially valid KYC documents
Features of Bandhan Bank Savings Accounts
It has savings account meeting the needs of all class groups and encouraging the common man to save through zero balance savings account. Here are some of the important features of Bandhan Bank Savings Account:
- The minimum balance requirement range is very flexible and can be afforded by 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, it also provides for zero minimum balance accounts.
- The bank offers competitive interest rates. In general, the Bandhan Bank Savings Account Interest Rate ranges for 3 % to 4 % per annum and varies based in the balance in the account.
- In most of the Bandhan Bank Savings Accounts, debit cards are issued to the consumers to help with cash withdrawals at ATMs, online shopping, etc.
- It has provisions for a hassle-free bank savings account opening process which can be done in a very minimal time without much effort.
- It is at par with modern technological services as it provides mobile banking and internet banking facilities to the account holders to benefit from multiple facilities.
- Bandhan Bank also provides for SMS Banking facilities where they can check their account balance, know their transaction history and receive SMS alerts.
- Nomination facility is also provided by the bank wherein customers can nominate a person who shall receive the balance in their account upon the death of the consumer.
- Overdraft facility is also provided by the bank in their savings account based on certain variables and upon fulfilment of certain criteria.
NOTE: Certain information provided may vary based on the type of savings account chosen by the consumer.
How to Open Bandhan Bank Savings Account Online?
There are certain types of Bandhan bank savings account which can be opened online through video KYC. Under stated are the steps to open such an account online:
STEP 1: To open a Bandhan Bank Savings Account, you need to first visit the official website of Bandhan Bank and click on the “Apply Now” button that you will come across in the homepage
STEP 2: Next, you need to check the features of the types of savings account provided and choose the type of account that fits your needs and requirements. You will find the details I the “Savings Account” bar in the website.
STEP 3: You will be required to fill in the application form with details which are asked. Your name, address, contact and other key information will be asked. Ensure that you have filled all the details correctly without any error.
STEP 4: You need to submit the required documents which are asked of you. They can include your ID proof, address proof and passport photographs. Certain additional documents may be asked of you depending on the type of account you decide to open.
STEP 5: In this step, you need to scrutinise the application form to ensure that all the details provided are accurate and correct.
STEP 6: Your documents would either be verified through video KYC or a bank representative will get in touch with you to get your KYC done.
STEP 7: After a successful verification, your account gets activated and then you can deposit the balance requirement through online transfer mediums.
Note: This process may vary based on the type of savings account you choose to open. It is always advisable to contact a bank representative to make the process hassle free and well informed.
What are the 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 to the primary account holder will only be accepted if it is supplemented by a relationship proof between both holders
Eligibility for Opening Bandhan Bank Savings Account
- Bandhan Bank allows qualified NRIs, HUFs, and resident Indians to open savings accounts.
- The account holders must be of 18 years of age, meaning they must have attained majority.
- Individuals who have not attained the age of 18 or are legally minors, enjoy the option of opening an account with their parents or legal guardians.
- Enterprises, corporations, businesses, partnerships, estates, sole proprietorships and other body corporates also have an option to open accounts with Bandhan Bank.
- The individual wishing to open the account must fulfil the criteria’s set by Reserve Bank of India and must provide the requisite address proof.
- In particular saving account types, a minimum account balance is fixed, in these type of accounts, the holder must be fit to maintain the set minimum balance.
NOTE: There are different specialised requirements for certain kinds of savings account. It is advisable to check the details before applying.
Benefits of Opening a Bandhan Bank Savings Account
- With a wide range of account options, the bank ensures that they take care of specialised needs of each and every type of consumer looking to open a bank account.
- It provides for specially curated savings option and features for women, senior citizens, children and salaried individuals with varied benefits and interest rates depending on their needs.
- Having a Bandhan Bank savings account, makes it easier for the consumer to seek credit and loans from the bank in form of personal loans, home loans and business loans.
- Consumer assistance is provided at every step and is provided 24*7 to the consumers through multiple modes ensuring consumer satisfaction and faster query resolution.
- On certain types of savings account, multiple discounts and cashback offers are provided for shopping, travel and merchant transactions.
- There are multiple ways to initiate fund transfer, making the process quite easy and hassle free. NEFT, RTGS and IMPS are some of them.
- Personalised services are provided to consumers to make their experience better. These include doorstep banking, customised account packages etc.
- Flexible Minimum Balance and No Minimum Balance accounts encourage underprivileged citizen to open bank account and enjoy the benefits of banking, thus creating an equal society.
Bandhan Bank Savings Account Vs Current Account – Differences
The bank provides both savings account and current account option to its consumers based on their needs. Below are certain differences between the two to help you choose what you want:
- Basic Idea: The primary reason for opening a savings account is to save money and earn a certain amount of interest on your deposited savings. Current accounts on the other hand are designed for businesses and people who make a lot of transactions of higher amount.
- Minimum Balance Requirement: Whole savings account usually caters to the common man and salaried individuals, they have usually lower minimum balance requirements as compared to Current accounts which has a higher minimum balance requirement as it is used for larger transactions.
- Interest Rates: Usually current account does not offer interests on balance but savings account offers interest on balance.
- Transaction Limit: Usually current accounts are used for more frequent transactions and therefore they do not have any set transaction limit but savings account is used for personal purposes and therefore have a transaction limit.
- Overdraft: Current accounts generally have overdraft privileges, which let people and corporations withdraw more money than their available amount. This is not typically available with savings accounts.
To conclude, it is wise to note that the reasons why savings account and current account are used are quite different from each other. Beneficiaries use the account for various purposes and for their unique features. It is advisable to customers to check which type of account fulfils their requirements and needs and select the type of account based on those parameters.
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 Fund from Bandhan Bank Savings Account
There are multiple ways provided by Bandhan Bank to transfer fund from savings account. Some of the most popular models are:
1. NEFT/ RTGS: NEFT and RTGS are two of the most used methods to transfer funds which are provided by the banks. There is a limit of transfer in both these methods. These processes also require two important details: beneficiary’s bank account number and IFSC Code.
2. IMPS: It is a mode of instant fund transfer. It can be utilised throughout the day round the clock. Even of holidays one can use this method. Two details necessary are: Beneficiary’s mobile number and MMID (Mobile Money Identifier) or Account Number and IFSC code.
3. UPI: With cashless transactions, UPI’s use has gained major popularity. It is an easy, secure and convenient medium to transfer funds.
4. Debit Card: Debit cards provided on opening of an account can also be used to transfer funds online through net banking or mobile banking.
5. Cheque: Cheque leaves can also be used and written in favour of beneficiaries to deposit money in their account.
Steps to Transfer Fund from Bandhan Bank Savings Account
STEP 1: You need to first login to your Bandhan Bank net banking account by inserting your registered ID and password
STEP 2: In the homepage, you will find the option of “Fund Transfer” and then you have to click on that option.
STEP 3: You will see multiple options for transfer, you need to choose the option that is right for you.
STEP 4: Beneficiary details are to be entered.
STEP 5: Enter the amount you want to transfer
STEP 6: Review the details and verify them.
STEP 7: Confirm the transaction by entering the 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: You can contact the Customer Care Helpline (Toll-free): 1800-258-8181
Customer Care Number: 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: You can mail your queries to customercare@bandhanbank.com
Bandhan Bank Savings Account: FAQs
Yes, there are certain types of account with zero balance requirements.
Yes, it has a digital savings account which can be opened online.
It varies from account to account based on their types but it is in a very flexible and nominal range.
