Are you holding any idle surplus funds? Invest them in Bharat Bank fixed deposits and earn high returns on maturity. Fixed Deposits are low-risk financial instruments trusted by the Indian population. A national survey states that Indians prefer fixed deposits over investment options like stocks and mutual funds. Bank FD interest rates in 2024 are a good indicator of the economy’s health. When the economy is doing well, bank FD rates tend to be high.
As the ‘First Urban Co-operative Bank’ in India, Bharat Cooperative Bank Limited was established in 1978. The Mumbai-based private bank offers integrated financial tools to its customers in their homes. Apart from a diverse range of loan products, the bank offers fixed deposit investments with attractive interest rates and a long-term tenure of up to 120 months.
Bharat Bank helps you achieve your financial goals by yielding assured returns on your savings.
Wait! Do you intend to invest in fixed deposits? Consider Bharat Bank’s competitive FD rates 2024 and exciting benefits before deciding.
Table of contents
- Bharat Bank Fixed Deposit Interest Rates 2024
- Bharat Bank FD Interest Rates 2024
- Types of Fixed Deposits Offered By Bharat Bank
- Bharat Bank Fixed Deposit: Features and Benefits
- Bharat Bank Fixed Deposit: Eligibility Criteria
- Documents Required for Bharat Bank Fixed Deposit
- Bharat Bank Loan Against Fixed Deposits
- How to Open a Fixed Deposit Account in Bharat Bank?
- How to Close Fixed Deposit Account in Bharat Bank?
- Wrapping Up
- Frequently Asked Questions (FAQ’s):-
Bharat Bank Fixed Deposit Interest Rates 2024
Bharat Bank broadly categorized its fixed deposits into short-term fixed deposits, and long-term fixed deposits. The interest rates on Bharat Bank fixed deposits (FDs) vary depending on the tenure and amount of deposit. Bharat Bank FD rates for senior citizens are a great way to ensure a comfortable retirement. The scheme also offers no consequence charges for leaving before the year and provides 95% up to plus deposit interest, which makes it one of the most attractive schemes for them. The Bharat Bank interest rates are subject to change under Reserve Bank of India guidelines:
Bharat Bank FD Interest Rates 2024
| Highest Slab Rate | 7.45 (For 1 year to 18 months) |
| 1 year | 7.3 |
| 2 years | 6 |
| 3 years | 6.25 |
| 4 years | 6.25 |
| 5 years | 6.25 |
Note: Bharat Bank FD Interest Rates as of 18th April 2024.
Bharat Bank Domestic and NRO FD Interest Rates 2024 – (#Less than Rs.1 Crore)
| FD Tenure | General Public | Senior Citizen |
| 7 Days upto 29 Days | 3.50% | 3.50% |
| 30 Days upto 60 Days | 3.75% | 3.75% |
| 61 Days upto 90 Days | 4.00% | 4.00% |
| 91 Days upto 180 Days | 4.25% | 4.25% |
| 181 Days to less than 1 year | 4.75% | 4.75% |
| 1 year to 15 months | 7.15% | 7.65% |
| Above 15 months to 2 years | 7.00% | 7.50% |
| Above 2 years to 3 years | 7.10% | 7.60% |
| Above 3 years to 5 years | 6.00% | 6.50% |
| Above 5 years | 6.75% | 7.25% |
Senior Citizen under NRO category will not benefited by any additional rate of interest in Bharat Cooperative Bank FD.
Bharat Bank Domestic and NRO FD Interest Rates 2024 – (#Rs.1 Crore and Above)
| FD Tenure | General Public | Senior Citizen |
| 7 Days upto 29 Days | 4.50% | 4.50% |
| 30 Days upto 60 Days | 4.75% | 4.75% |
| 61 Days upto 90 Days | 5.00% | 5.00% |
| 91 Days upto 180 Days | 5.25% | 5.25% |
| 181 Days to less than 1 year | 5.90% | 5.90% |
| 1 year to 15 months | 7.75% | 7.75% |
| Above 15 months to 2 years | 7.15% | 7.65% |
| Above 2 years to 3 years | 7.25% | 7.75% |
| Above 3 years to 5 years | 6.15% | 6.65% |
| Above 5 years | 6.90% | 7.40% |
Note:- Term Deposits Rate of Interest for Domestic and NRO as per 18th April 2024.
Bharat Bank NRE FD Interest Rates 2024
| Duration | Below Rs. 1 Crore | Rs. 1 Crore and above |
| 12 months | 7.00% | 7.15% |
| 12 months to 24 months | 7.00% | 7.15% |
| 24 months to 36 months | 7.15% | 7.30% |
| 36 months to 120 months | 6.00% | 6.15% |
Note: Term Deposits Rate of Interest for NRE as per 1st Feb 2024.
Bharat Bank Flexi Fixed Deposits Interest Rates 2024
| Duration | General Public (p.a.) | Senior Citizen (p.a.) |
| Upto 29 days | 3.50% | 3.50% |
| Upto 90 days | 4.00% | 4.00% |
Note: Interest Rates were recorded on 18th April 2024.
Bharat Bank Tax Saving FD Rates 2024
| Duration | Maximum Amount | General Public (p.a.) | Senior Citizen (p.a.) |
| 5 years | INR 1,50,000 | 6.75 % | 6.75 % |
Types of Fixed Deposits Offered By Bharat Bank
Given below are the different types of fixed deposits provided by Bharat Bank:-
Cumulative Fixed Deposits
Cumulative fixed deposits are long-term deposits. On the maturity of the FD, the investor will receive the accumulated interest along with the principal. Individuals can invest a lump sum at an agreed interest rate for a fixed tenure. In a cumulative FD, interest earned is continually reinvested and added to the principal amount, following the theory of compounding theory.
Non-Cumulative Fixed Deposits
In contrast, non-cumulative fixed deposits offer periodic payments. A non-cumulative fixed deposit is a stable source of income for retired individuals compared to a cumulative deposit. The payout period opted for by the individual has a direct impact on interest rates. The interest earned is taxable under the slab rate system.
Tax Saver Fixed Deposits
Under Section 80C of Chapter VI A of the Income Tax Act, 1961, an individual may claim a tax deduction of INR 1,50,000 from a tax-saving fixed deposit. This scheme is offered by the bank subject to a five-year lock-in period. The investments in such a deposit can range from INR 100 to INR 1,50,000.
Flexi Fixed Deposit
By opting for Bharat Bank’s Flexi Deposit, customers can make high returns on fixed deposits while enjoying savings and current account liquidity. The feature facilitates an automatic transfer of money from savings or current accounts to fixed deposits when the balance crosses specified limits and provides an automatic reverse process when there is a need for funds in your savings or current accounts.
Note: Term Deposits Rate of Interest for NRE as per 18th April 2024.
Bharat Bank Fixed Deposit: Features and Benefits
Given below are some of the features and benefits that a Bharat Bank FD has to offer:-
- The minimum investment amount starts from INR 1,000.
- Bharat Bank offers an auto-renewal facility with and without interest.
- Extended tenures ranging from 7 days to 364 days
- The bank offers loans and overdraft facilities against fixed deposits up to 95% of the principal deposit
- High liquidity is offered if premature withdrawal is opted along with an applicable penalty.
Bharat Bank Fixed Deposit: Eligibility Criteria
Bharat Bank allows the following individuals and entities to open a fixed deposit:-
- Individuals
- Minors
- NREs
- Company
- Partnership firm
- Hindu undivided families
- Registered co-operative societies
- Registered public trusts
Documents Required for Bharat Bank Fixed Deposit
Given below are some of the common documents that that an applicant will be required to submit to invest in a Bharat Bank FD:-
| Individuals | KYC documents (address and identity proof)PAN Card, Latest passport size photograph |
| HUFs | KYC documents (address and identity proof) PAN Card, Latest passport size photograph, HUF declaration certificate |
| Registered public trusts | KYC documents (address and identity proof) PAN Card, Trust deed Copy of the registration, certificate Copy of the resolution of the trustees, List of authorized signatories, Latest photographs of the members of the trust who will be in charge of operating the FD account |
| Registered Co-operative societies | KYC documents (address and identity proof) By-laws of the society/association Board resolution to operate an FD, Latest photographs of the members of the co-operative society who will be in charge of managing the FD account |
| Company | KYC documents (address and identity proof) Certificate of incorporation Memorandum of association, Articles of Association Board of resolution identity proof of authorized signatories, Latest passport size photograph of all directors |
| Partnership Firm | KYC documents (address and identity proof) Partnership Deed Letter of declaration from partners for the operation of an FD account, Latest passport size photograph of all partners |
Bharat Bank Loan Against Fixed Deposits
Bharat Bank offers loans against fixed deposits to its customers against the FD certificate. It provides secured loans of up to 95% of the principal amount. This facility is extended to all the fixed deposit holders of Bharat Bank, barring a minor investor.
By opting for this facility with Bharat Bank, an individual can avail of attractive interest rates and an extended tenure of up to the maturity date of the fixed deposit.
How to Open a Fixed Deposit Account in Bharat Bank?
Given below are the various methods to invest in a Bharat Bank FD scheme:-
Opening a Bharat Bank Fixed Deposit Account via Online Mode
You can invest in a Bharat Bank FD online either through the Bharat Bank mobile app or through net banking. Given below is how you can do so:-
Bharat Bank App: NEXA
- Download the ‘NEXA: Bharat Bank’ application from your preferred app store
- Log in to the application by furnishing your registered details
- Under the ‘My Accounts’ tab, click on ‘Deposits.’
- Under the ‘deposits’ tab, select ‘open deposits.’
Netbanking Services
- Visit the Bharat Bank official website.
- Click on the ‘Digital Banking‘ tab.
- On the redirected page, click on the ‘Netbanking‘ option.
- On the right corner, you will find an option for ‘Net Banking Login‘ click on it.
- Enter your user ID and password.
- Click on ‘Login.’
- Now you can easily apply for an FD.
Opening A Bharat Bank Fixed Deposit Account via offline mode
Alternatively, you can also open a Bharat Bank FD account offline by following the below given steps:-
- Visit your nearest Bharat Bank branch.
- Request for an FD opening form.
- Fill out the form and mention the specified details; reach out to the bank executive in case of any doubts.
- Provide all the documents cited by the Bank.
- Attach the cheque for the fixed deposit.
- After a successful verification process, you will receive an FD opening acknowledgement slip.
How to Close Fixed Deposit Account in Bharat Bank?
Given below are some of the different ways by which an investor can close their Bharat Bank FD account:-
Closing FD account on Maturity Date
- Visit your nearest Bharat Bank branch.
- Request the bank executive for an FD closure form.
- Fill in the state and provide them with the KYC documents.
- Produce the fixed deposit opening acknowledgement slip provided by the Bank during the opening of the account.
- On successful processing, the amount will be credited to your bank account.
Premature Withdrawal
- Visit your nearest Bharat Bank branch.
- Request the bank executive for an early FD closure form.
- Fill in the form.
- Attach the KYC documents and FD opening acknowledgement slip.
- Submit the form to the bank manager.
- On successful processing, the amount will be transferred to your bank account.
Wrapping Up
When it comes to investing your lifetime savings in a fixed deposit, we don’t want you to settle for less. We have provided you with an all-inclusive guide of insights regarding Bharat Bank’s fixed deposits so that you can make strategic decisions. You may contact customer care or the branch nearest you directly for any queries.
Frequently Asked Questions (FAQ’s):-
Q1. What does section 80C of the Income Tax Act, 1961 refer to?
Ans: Section 80C is a deduction under the Income Tax Act, of 1961 that allows taxpayers to claim an allowance of up to INR 1,50,000 on investments. It encourages taxpayers to make investments.
Q2. What is the Bharat Bank interest rate applicable to senior citizens?
Ans: Senior citizens enjoy higher rates of interest. Bharat Bank offers 3.50 % to 7.40% rates following the tenure of the fixed deposit.
Q3. What is the maximum rate of interest provided by Bharat Bank to the general public?
Ans: Bharat Bank provides a maximum interest rate of 6.90% p.a. on fixed deposits.
Q4. Does Bharat Bank offer a loan against FD?
Ans: Yes, Bharat Bank offers loans against fixed deposits to its customers. You can avail of up to 95% of the fixed deposit and the accrued interest against the pledge of the FD certificate.
Q5. What is the maximum tenure available for a fixed deposit at Bharat Bank?
Ans: Bharat Bank offers a maximum tenure of 10 years for a fixed deposit.
