The bench of Justice J P Das allowed the TMC leader to go on bail after depositing a sum of Rs 25 lakh in any nationalised bank and furnishing a bail bond of two sureties of Rs 50,000 each.
Among other conditions, the MP has been asked to submit his passport in the trial court and cooperate with the investigating officer, as and when required.
The bench had reserved the order on his bail plea after hearing arguments of both the prosecution and defence on May 8.
Bandyopadhyay had been arrested on January 3 by the CBI for his alleged involvement in the Rs 17,000 crore Rose Valley Chit fund case, which is being probed by the agency under the Supreme Court's directions.
Besides pleading that the senior politician from West Bengal was not involved in the scam, his counsel said that Bandyopadhyay was seriously ill and, therefore, needed to be granted bail.
The CBI has arrested another TMC MP, Tapas Pal, for his alleged involvement in the scam. The agency had earlier accused Rose Valley chairman Gautam Kundu and three others of defrauding investors from across the country of more than Rs 17,000 crore.