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  • Category: Banking

    Is Bandhan bank a payment bank?


    Have a query related to banks? Wondering if Bandhan bank is a payment bank? Find suggestions from experts on this page.

    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?
    Awaiting response.
  • #138869
    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.

  • #138924
    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.

    Caution: Explosive. Handle with care.

  • #138960
    Bandhan bank is not a payment bank. It is a fully bank and got license from RBI to function like SBI, PNB, Canara bank, IDBI etc.
    Bandhan bank has not yet present in all over India, as it was a micro finance and it has major operation in eastern part of India like Odisha, West Bengal, Jharkhand etc.
    So every body can not get the benefit of banking service.
    Regarding 6% interest in savings account, now days most of banks are providing this interest rate but they have certain condition like minimum balance need be maintain beyond 50,000 to 1,00,000.
    This scheme is just to attract the customer.
    I am giving a best suggestion to get more than 6% interest from your bank.
    Most of the banks now providing a flexi account where you get benefits of both savings and fixed deposit.
    Suppose you keep 1 lac in flexi account you will be getting 4% interest for 25,000 and rest 75,000 will give you benefits of 8% interest.
    You can withdraw that 75,000 amount any time with out any fine or charges.

  • #139040
    Bandhan Bank is not a Payment Bank.
    Eleven entities accepted in "Principle "by the RBI as Payment Banks are as follows
    1. Aditya Birla Nuvo Ltd.
    2.Airtel M Commerce Services Ltd
    3.Cholamandalam Distribution Services Ltd
    4.Department of Posts
    5.Fino Pay Tech Ltd
    6.National Securities Depository Ltd
    7.Reliance Industries Ltd
    8.Shri Vijay Shekhar Sharma
    9.Tech Mahindra Ltd
    10.Vodafone M Pesa Ltd
    11.Shri Dilip Shantilal Shanghvi


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