Bamboo (true bamboo) does not enjoy being even partially submerged in water. It will die and rot in your tank.
The plant you're probably referring to (Known as "Lucky Bamboo") is actually a member of the lilly familly called Dracaena. It, too, does not enjoy being submerged. This plant is commonly found as a grouping of cuttings in the consumer market and will only grow if the bottom of the stems are kept in an inch of water or the cuttings are planted in a sandy soil mixture that is kept moist at all times. If you submerge this plant in your tank, it will die and rot.
As has already been mentioned, you'd be better off with water changes. Quick-growing plants like hornwort, water sprite, anacharis, vals, duckweed and others will all aid in eating up nitrates. However, if you're not ready to take care of those plants, you'd be better off just watching your feeding/stocking levels and doing water changes with gravel vaccing once a week.