Even in today’s investment world of cryptocurrency and mutual funds, fixed deposits have not lost their charm and interest among all sections of investors. For a long time, fixed deposits were the mainstay of India’s investment market, and even today, they occupy a key position in terms of total investment. Security and stable returns are two primary reasons behind the high popularity of FDs.
Jana Small Finance Bank, one of the leading scheduled banks in India, offers a wide variety of FD products to its customers. Before making a decision on whether you should invest your hard-earned money, you can use the Jana Small Finance Bank FD rate calculator to get an estimate of your maturity income and plan your finances better.
What Is Jana Small Finance Bank FD Rate Calculator?
The FD calculator of Jana Small Finance Bank is a digital tool which allows prospective and active investors to get a reliable estimate of their interest and maturity earnings. One only needs to fill in the principal amount, interest rate, and tenure; and the FD calculator software will do all the calculations and present accurate results within seconds.
There is no chance of mathematical errors as it eliminates the human interface. Getting an idea of the interest earnings will give investors a great deal of clarity, and they can better strategise their future finances based on assured income.
Now that you have understood the importance of the Jana Bank FD rates calculator, let’s move to its other dimensions like benefits, features, and how to use it.
Features of Jana Small Finance Bank FD
The features of Jana Small Finance Bank FD are as follows:
- Lucrative interest rates
The Jana Small Finance Bank offers attractive FD interest rates to customers. Such rates go a long way in guaranteeing a stable income for the investors and can help them to maintain a decent standard of living. The high rates are also of immense benefit to senior citizens and housewives who do not have any stable source of income.
- Minimum amount
The minimum amount that one needs to deposit to open an FD account with the Jana Small Finance Bank is ₹1,000. Also, there is no limit on the maximum amount that one can invest in the Jana Small Finance FD product.
- Online investment
Individuals can open an FD account from the comfort of their homes by using the mobile banking app. They can upload soft copies of the document and also fill out the application form online by using the Jana Small Finance Bank app.
- Premature withdrawal
If one wishes to prematurely withdraw from a Jana Finance Bank FD, they will have to pay the premature withdrawal charges. For fixed deposits less than ₹2 crores, a penalty is applicable at the rate of 0.50%. On the other hand, for deposits over ₹2 crores, the respective penalty is 1%.
Benefits of Using Jana Small Finance Bank FD Rate Calculator
Here are some benefits that one can avail of by using the Jana Bank FD interest rate calculator:
- No calculation errors
For an average individual, determining the interest income can be a challenging task. The use of the compound interest formula to calculate the interest payout requires complex mathematical calculations. Therefore, it may lead to errors in interest calculation. Using the Jana Small Finance Bank FD rate calculator removes the possibility of such errors and provides an accurate picture of interest payout and maturity amount.
Unlike manual calculations, which are time-consuming, the FD calculator provides results within a few seconds. After clicking on the ‘Calculate’ button, the results will be available on your screen instantly.
- Easy to use
The FD calculator of Jana Small Finance Bank has a very user-friendly interface. You just need to put in the invested amount, interest rate and tenure. After filling out all these details, the calculator will let you know the interest income that you will earn as well as the total amount that you can withdraw upon maturity.
- No limit
There is no limit on how many times you can use the Jana Small Finance Bank FD calculator. Therefore, you can use different combinations of principal amount, interest rate, and tenure to arrive at the final conclusion of which combination will provide high returns.
- Helps in financial planning
One of the biggest advantages of using the Jana Bank FD calculator is that it gives a reliable estimate of interest beforehand. Hence, it gives you the option to plan your finances better and also create efficient financial strategies.
Jana Small Finance Bank FD Rates
The FD interest rates offered by Jana Small Finance Bank are as follows:
Senior Citizen Interest Rates
Regular FD Rates
More than 1 year – 2 years
More than 2 years – 3 years
More than 3 years to less than 5 years
More than 5 years – 10 years
*Effective from 15th August 2023
*The interest rates are applicable to FDs with deposit amounts less than ₹2 crores.
From the above table, we can see that the highest interest rate that Jana Small Finance Bank is currently offering on FD is 9%. Moreover, senior citizens are eligible to receive an additional 0.50% interest rate across all FD tenures.
How to Use Jana Small Finance Bank FD Rate Calculator?
You can use the Jana Small Finance Bank FD rate calculator by following these steps:
Step 1: Navigate to the FD calculator page.
Step 2: Once the calculator appears on the screen, fill in the investment amount, tenure, and interest rate.
Step 3: The calculator will automatically offer a report of the estimated maturity amount and interest payout on the screen.
You can enter different values in the respective fields to find out the FD scheme that suits your financial goals the best.
The Jana Small Finance Bank FD rate calculator is a classic example of how technology can aid in efficient financial planning. The FD calculator provides accurate results within a few seconds of entering the values. The Jana Small Finance Bank FD is also covered under the DICGC guarantee, which means that in case of bank default, investors can receive insurance coverage of up to ₹5 lakhs for their FD scheme.
Jana Small Finance Bank FD Calculator : FAQs
Yes, NRIs are eligible to invest in any of the Jana Small Finance Bank FD product categories across diverse tenures. However, the interest rates will be lower than what is offered to resident Indians.
Jana Small Finance Bank offers different products like regular FD, Tax Savings FD, Recurring FD, and a specially curated FD scheme called FD Plus. All these differ in terms of interest rates and tenure.
Currently, the highest rate of interest that you can avail from a Jana Small Finance Bank FD is 9%. However, it is only offered to senior citizens for FDs with a tenure of more than 2 years to 3 years. It should be noted that interest rates are subject to sudden change as per the bank’s policies.