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Is Bandhan bank a payment bank?

Date: 21 Sep 2016    Group: Finance and Investments    Category: Banking   

Nowadays a number of advertisements are appearing in the media about Bandhan bank offering an interest of 6% in the case of savings bank accounts. Is Bandhan bank a payment bank? Are there other banks also which offer interest of 6% or more in the savings bank accounts?
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Author: Mahesh    23 Sep 2016      Member Level: Gold     Points : 4  (Rs 4)    Voting Score: 0

Bandhan started out as a micro finance company for the small business enterprises and entrepreneurs. However it got the banking license from the RBI in 2014. So now it is complete bank.And you can use for the savings account or the deposits or any other usage you have. It does seem to be offering the 6% interest rate for the amount over 1 Lakh in the savings account. if the amount is less than the 1 lakh then you get interest of around 4.25%. This is normal rate across majority of the banks.

Apart from the bandhan bank you can find the Kotak bank, Yes bank, AXIS to be offering the 6% percent interest on the specific savings account amount. And this is pretty much common among many PSU and the corporate banks. You just have to see if those rates are applicable in your bank.

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Author: Partha Kansabanik    26 Sep 2016      Member Level: Diamond     Points : 1  (Rs 1)    Voting Score: 0

I am trying to provide point-wise reply to your queries:-

(i) Bandhan Bank is headquartered at Kolkata. It started its journey as a micro-finance company in 2001. It received its banking licence from Reserve Bank of India in 2014 (along with IDFC).

(ii) Yes, Bandhan Ban Bank is a 'payment bank' which is engaged in normal banking activities.

(iii) Other than Bandhan Bank, Yes Bank provides 7% interest p.a. in respect of saving bank account. Kotak Mahindra Bank also provides interest @ 6% p.a. in respect of savings account.

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