April 26, 2023

Bandhan Bank Advantage Savings Account

Bandhan BankAdvantageSavings Account: Your Gateway to Financial Freedom

Bandhan Bank is a popular private sector scheduled commercial bank. It offers various feature-rich investment products which enable decent capital growth in minimum time. The Advantage Savings Account offered by the bank is a one-of-its-kind savings account providing higher interest rates, better transactional limits, and multiple complementary services.
The following article comprehensively describes the Bandhan Bank Advantage savings account, including its benefits, features, minimum balance, charges, and the steps to open an account!

Bandhan Bank: An Overview

Bandhan Bank is a reputed banking company in India. Besides banking services, the company also provides financial services ranging from fixed deposits, credit cards, personal loans, and home loans to mutual funds and insurance.
Bandhan Bank is headquartered in Kolkata. The bank has a presence in 34 of 36 Indian states and UTs (Union Territories). The company began its banking operations on 23rd August 2015 after receiving a Universal Banking Licence from the RBI (Reserve Bank of India) on 17th June 2015.
Incidentally, Bandhan Bank became India's first Micro-Finance Institution (MFI) to become a scheduled commercial bank. Some notable public shareholders of Bandhan Bank included the Small Industries Development Bank of India (SIDBI), Caladium Investment Pte Ltd., International Finance Corporation, etc. Initially, the bank had 501 branch officers, 50 ATMs (Automated Teller Machines), and 2,022 Banking Units (BUs).
Bandhan was originally established in 2001 as a micro-finance institution. Its primary objective was to empower women by providing them with sustainable livelihood conditions. Its first office was in Bagnan, nearly 60 km away from the metropolitan city of Kolkata. Bandhan acquired an NBFC (Non-Banking Financial Company) in 2006 to form Bandhan Financial Services Private Limited (BFSPL). It became the biggest MFI (Micro-Finance Institution) in India in 2010.
Bandhan Bank was listed on the NSE (National Stock Exchange) and BSE (Bombay Stock Exchange) on 27th March 2018 and became India's eighth (8th) largest bank by market capitalisation.
Bandhan Bank has over 2.69 crore customers, 5,600 banking outlets, and 428 ATMs with braille keyboards and voice guidance. And 543 NextGen bankers. Furthermore, the bank manages deposits worth INR 93,057 crore. Bandhan Bank has won 17 coveted awards in five (5) years, including Emerging Company of the Year by The Economic Times, Banker of the Year by Business Standard, FE India's Best Banks Awards, etc.

Bandhan Bank Savings Account

Bandhan Bank has always laid emphasis on innovation and customer-centricity. Bandhan Bank's savings account interest rate goes up to 6.25%. Moreover, the bank provides a 24x7 customer service facility to make financial transactions more convenient for customers.
Bandhan Bank offers multiple tailor-made savings accounts, such as the Advantage Savings Account, Neo+ Digital Savings Account, Elite Savings Account, Premium Savings Account, Standard Savings Account, etc.
This Bandhan Bank Savings Account allows customers to experience a gamut of services along with conventional banking services, such as cash deposits, cash withdrawals, cheque facilities, etc. Be it enhanced deposit and withdrawal limits, a feature-rich ATM-cum-Debit card, free online facilities, or higher interest rates on savings accounts; the Bandhan Bank Advantage Savings Account offers them all. The next section describes the top features of the Bandhan Bank Advantage Savings Account.

Benefits and Features of Bandhan Bank Advantage Savings Account

This Bandhan Bank Savings Account is ideal for people looking for a more feature-rich option than the Standard Savings Account. The following are the top reasons why investors prefer Bandhan Bank Advantage Savings Account:
  • More convenient banking experience with multiple exclusive complimentary services and benefits.
  • Bandhan Bank provides an enhanced interest rate of up to 6.50% on the Advantage Savings Account.
  • Enhanced cash deposit limit of INR 10 Lakh per month for free. To put that into perspective, the free monthly cash deposit limit on the Standard Bandhan Bank Savings Account is INR 5 lakh.
  • Unlimited ATM transactions
  • 10 free transactions on other bank ATMs, while it is limited to 5 transactions for Standard Bandhan Bank Savings Account.
  • Free passbook and free account statement via email.
  • No Annual Maintenance Charge (AMC) on Debit Card in the first year.
  • No issuance charges on Visa Platinum Debit Card.
  • 40 multi-city at par cheque leaves for free every year. To put that into perspective, the Bandhan Bank Standard Savings Account offers only 20 free cheque leaves per year.
  • No charges for internet banking and transactions using the mBandhan app.
  • 10 free RTGS, NEFT(Branch), IMPS, and DD transactions. A standard savings account provides only 2 free transactions.
  • No penal charges for not maintaining the Monthly Average Balance (MAB).
  • The Monthly Average Balance requirement is INR 25,000.
  • No charges on standing instructions.
  • The facility of Any Branch Banking is available.
  • Customers can transfer funds, check their balance, and perform multiple banking transactions using Phone Banking and Mobile Banking.
  • Free transaction alerts.
  • Automatic bill payment facility.
  • A Nomination facility is available.
  • 24x7 customer service facility through the toll-free number 1800-258-8181.

Bandhan Bank Advantage Savings Account: Digital Services

To make banking transactions more convenient for customers, Bandhan Bank offers the following features for free to all Advantage Savings Account holders:

Internet Banking

The Bandhan Bank Savings Account holders can perform the following through internet banking:
  • Transfer money to any bank account in India, irrespective of the bank or branch.
  • Modify the registered mobile number.
  • Modify the registered User ID.
  • Modify the password.
  • Update the communication address.
  • Link their Aadhar number to an account.
  • Request for e-statement.
  • Transfer money to another account through IMPS, NEFT, and RTGS.
  • Invest in term deposits and check the account summary. Customers can also close their term deposit account prematurely by visiting the internet banking platform.
  • Put in the request for a new chequebook.
  • Check the new chequebook's approval status.
  • Stop the payment of a cheque.
  • Block a lost or misplaced Debit or Credit Card.
  • Check your loan status.
  • Schedule loan EMI payments.

Mobile Banking

The Bandhan Bank Savings Account holders can perform these tasks through mobile banking:
  • Customers can check their savings account balance.
  • Find an overview of the savings account and track credit and debit fund flow.
  • Check past transactions.
  • Invest in new fixed deposits.
  • Invest in new recurring deposits.
  • Register a new nominee.
  • Transfer money through IMPS, NEFT, and RTGS.

SMS Banking

Advantage Savings Account holders can perform these tasks through the SMS banking number 9223011000:
  • Register or modify the mobile number.
  • Enquire about the account balance.
  • Lodge a new chequebook request.
  • Check the new chequebook's approval status.
  • Stop the payment of a cheque.
  • Learn about the available balance by giving a missed call to 9223008666.
  • Get a mini statement by giving a missed call to 9223008777. However, to avail of this facility, the customer's mobile number must be registered.

The Eligibility for Bandhan Bank Advantage Savings Account

It is important to fulfill the following criteria to become a Bandhan Bank Advantage Savings Account holder:
  • The applicant must be a resident Indian with valid citizenship proof.
  • Hindu Undivided Families may apply to open an account.

Bandhan Bank Advantage Savings Account: Documents Required

Bandhan Bank needs several documents from different categories of investors to open an Advantage Savings Account. Here is a laydown of the documents required to open a Bandhan Bank Advantage Savings Account:

Individuals

An individual resident Indian must submit the following documents to become a Bandhan Bank Advantage Savings Account holder:
  • Identity Proof- PAN card, Voter ID card, NREGA Job Card, Aadhar card, Ration card, Driving License, or any other government-approved identity document.
  • Address Proof- Ration card, Driving License, Passport, Aadhar card, telephone bill, electricity bill, NREGA Job Card, or any other government-approved document containing the applicant's address.
  • Passport-size Photograph
  • A passport and Aadhar Card can serve as a single proof of address and identity. However, the customer must provide two documents if their mailing address differs from their permanent address.

Hindu Undivided Family

Any Hindu Undivided Family must submit the following documents to become a Bandhan Bank Advantage Savings Account holder:
  • PAN card copy or Form 60 containing the HUF entity's proof of existence.
  • The HUF Mandate.
  • Identity Proof- PAN card, Voter ID card, NREGA Job Card, Aadhar card, Ration card, Driving License, or any other government-approved identity document of the Karta of the HUF.
  • Address Proof- Ration card, Driving License, Passport, Aadhar card, telephone bill, electricity bill, NREGA Job Card, or any other government-approved document containing the address of the Karta of the HUF.
  • The adult coparceners' signed Joint Hindu Undivided Family letter.

Joint Account

  • Identity Proof- PAN card, Voter ID card, NREGA Job Card, Aadhar card, Ration card, Driving License, or any other government-approved identity document of both applicants.
  • Address Proof- Ration card, Driving License, Passport, Aadhar card, telephone bill, electricity bill, NREGA Job Card, or any other government-approved document containing the address of both applicants.

How to Open a Bandhan Bank Advantage Savings Account?

Any Indian resident can open a Bandhan Bank Advantage Savings Account online or offline. Detailed below are the steps to be followed for opening an account:

Offline

  • Visit Bandhan Bank's official "Banking Outlet Locator" page.
  • Select the State, District, and Branch, and click on 'Search.'
  • The page displays the branch timings, ATM availability status, address, mobile number, and email ID.
  • Visit your nearest branch in-person.
  • Collect the Bandhan Bank Savings Account opening application form. Fill this out, and submit it along with the requisite documents.
  • The bank will verify your application and documents and send the starter kit to your registered postal address.
  • You can perform banking transactions once your account gets activated.

Online

  • Visit Bandhan Bank's official website.
  • Scroll down to find 'Savings Account.'
  • Click on 'Apply Now.'
  • Enter your name, email ID, mobile number, PIN Code, and City, and click on 'Submit.'
  • Wait until a bank-appointed representative calls you to discuss the modalities of account opening. Alternatively, you may download the Bandhan Bank Advantage Savings Account opening form online and submit it with the necessary documents.

Interest Rates for Bandhan Bank Advantage Savings Account

As mentioned above, the interest rates offered with a Bandhan Bank Advantage Savings Account are much higher than other accounts. The following table details the Bandhan Bank Advantage Savings Account interest rates:
Daily Balance of less than INR 1 lakh3.%
Daily Balance between INR 1 lakh and 10 lakh6%
Daily Balance between INR 10 lakh and 2 crore6.25%
Daily Balance between INR 2 crore and 10 crore6.25%
Daily Balance between INR 10 crore and 50 crore6.50%
Contact the Branch Manager of any Bandhan Bank branch to learn about the interest rate for any deposit amount above INR 50 crore
It is worth noting that Bandhan Bank credits the interest amount to the accounts of Advantage Savings Account holders on 30th June, 30th September, 31st December, and 31st March of every year.

Bandhan Bank Advantage Savings Account: Terms and Conditions

An account holder of the Bandhan Bank Advantage Savings Account needs to be aware of the following terms and conditions governing the account:
  • All relaxations and charges mentioned in the Bandhan Bank Advantage Savings Account product brochure are on a monthly basis.
  • If an account holder does not maintain the MAB(Minimum account balance) stipulated by the bank, the bank may downgrade the respective account.
  • Although there are no issuance charges for the Debit Card, customers have to pay the AMC (annual maintenance fee) from the second year onwards.

Wrapping Up

Bandhan Bank Advantage Savings Account offers several benefits to its users. With an array of advantages and benefits, this savings account offers one of the best interest rates. You may choose to open an account with Bandhan Bank by locating the nearest branch and visiting in person or filling in your details on their website.
While a Bandhan Bank Savings Account provides several lucrative options, you might also want to consider investing your hard-earned money towards options that would yield higher return rates. A few options worth considering include SIP (Systematic Investment Plan), debt mutual funds, or the stock market. Debt mutual funds have a better return on investment than savings accounts and are much less volatile than equity stocks.

FAQs

What is the Bandhan Bank Advantage Savings Account?

Bandhan Bank Advantage Savings Account is a feature-rich savings account providing enhanced benefits, such as higher interest rates than the Standard savings account, unlimited cash withdrawals in branches, high withdrawal limits, and the like.

What is the interest rate of the Bandhan Bank Advantage Savings Account?

Bandhan Bank provides an interest rate of up to 6.50% to Advantage Savings Account holders. The interest rate depends on the clear daily balance. So, for a daily balance of less than INR 1 lakh, the interest rate is 3%. For a daily balance between INR 1 lakh and 10 lakh, the interest rate is 6%. For a daily balance between INR 10 lakh and 2 crores, the interest rate is 6.25%. For a daily balance between INR 2 crore and 10 crores, the interest rate is 6.25%, and for a daily balance between INR 10 crore and 50 crores, the interest rate is 6.50%.

What is the eligibility for opening the Bandhan Bank Advantage Savings Account?

Bandhan Bank Advantage Savings Account is a feature-rich savings product that provides unparalleled benefits. To open this account, the applicant must be a resident Indian. However, Hindu Undivided Families can also apply to open an account.

How can I open a Bandhan Bank Advantage Savings Account online?

To open a Bandhan Bank Advantage Savings Account online, visit Bandhan Bank's official website. Following this, scroll down to find 'Savings Account' and click on 'Apply Now'. You can then enter your name, email ID, mobile number, PIN Code, and City and click on 'Submit.' After this, a bank-appointed representative will call you to discuss the modalities of account opening.

What are the salient features of the Bandhan Bank Advantage Savings Account?

Bandhan Bank Advantage Savings Account provides many unparalleled features. These include:
  • Customers can get an enhanced interest rate of up to 6.50%, an enhanced cash deposit limit of INR 10 lakh per month for free
  • Unlimited Bandhan Bank ATM transactions, ten (10) free transactions on other bank ATMs
  • No Annual Maintenance Charge (AMC) on Debit Card in the first year
  • Zero issuance charges on Visa Platinum Debit Card
  • 40 multi-city at par cheque leaves for free every financial year.
The account also enables customers to get 10 free RTGS, NEFT(Branch), IMPS, and DD transactions, no penal charges for not maintaining the MAB, no charges on standing instructions, free transaction alerts, an automatic bill payment facility, and 24x7 customer service facility on the toll-free number 1800-258-8181.

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