Jana Small Finance Bank is considered to be one of the largest Indian Micro Finance Institutions. Jana Bank FD rates come with an alluring range of 3.00% to 8.50% per annum. The tenure for fixed deposit schemes ranges from 7 days to around 10 years. The general clientele is offered an interest rate of 8.50% per annum, making it one of the highest interest rates ever offered to the general public. Jana Bank FD rates for senior citizens offer senior citizens an additional increase in interest rates by 0.5% per annum on each tenure of the fixed deposit schemes.
Jana Small Finance Bank Fixed Deposit Rates for Regular and Senior Citizens
|Tenure||Regular FD Interest|
|Senior Citizen FD Interest Rate (p.a.)|
|> 1 Year – 2 Year(730 Days)||8.25%||8.75%|
|> 2 Years – 3 Years(1095 Days)||8.50%||9.00%|
|> 3 Year – < 5 Years||7.25%||7.75%|
|5 Years(1825 Days)||7.25%||7.75%|
|> 5 Years – 10 Years||6.50%||7.00%|
|Tenure||< 2 Crores||2 Crores –|
|>5 Crores –|
– 50 Crores
|> 1 Year – 2 Years(730 Days)||8.25%||8.05%||8.05%||8.05%||8.05%|
|> 2 Years – 3 Years(1095 Days)||8.50%||8.30%||8.30%||8.30%||8.30%|
|> 3 Year – < 5 Years||7.25%||7.30%||7.30%||7.30%||7.30%|
|5 Years(1825 Days) – 10 Years||6.50%||6.30%||6.30%||6.30%||6.30%|
What is the eligibility for Jana Small Finance Bank’s FD Account?
Jana Small Finance Bank has certain eligibility criteria that the clients need to remember before making the decision to start an account and enjoy the benefits of the Jana Small Finance FD rates. The customers opening an FD account can be existing as well as new customers. The following criteria need to be fulfilled in order to start an account –
- Hindu Undivided Families
- Registered and Unregistered Bodies
- Cooperative Societies
- Private Limited Organisations
- Customers should have a complete KYC check with the Jana Small Finance Bank.
- Customers should possess identification proof, like a PAN card or an Aadhar ID.
Jana Small Finance Bank allows a tenure of 7 days to 10 years (120 months) for its FD schemes. Monthly, quarterly, half-yearly, and annual Jana FD rates for the interests are offered. An additional interest of 0.5% is provided for customers with privileges as well as senior citizens. The general customer population is allowed an interest rate of 6.00% per annum for 5 years. Senior citizens are allowed an interest rate of 6.50% per annum for the same tenure. All non-cumulative funds are calculated on the basis of simple interest. Interests are disbursed on the basis of the financial year, where the monthly interest is paid on the 1st day of each month of the tenure, the quarterly interest is paid on the 1st day of every quarter, half-yearly payments of interest are made on the 1st of April and October, and annually the interests are paid on the 1st day of April.
Jana Small Finance Bank FD rates today come in two different types of FD deposits.
- Regular Fixed Deposit
- The minimum deposit amount for this type of deposit scheme is Rs. 1000.
- They have different payout options, like monthly, quarterly, and yearly payments.
- All non-cumulative funds are calculated on the basis of simple interest.
- Interests are disbursed on the basis of the financial year, where:
– the monthly interest is paid on the 1st day of each month of the tenure
– the quarterly interest is paid on the 1st day of every quarter
– half-yearly payments of interest are made on the 1st of April and October
– annually, the interests are paid on the 1st day of April
- Tax Saver Fixed Deposit
- The minimum deposit amount for this type of deposit scheme is Rs. 100
- The maximum deposit amount for this type of deposit scheme is Rs. 1.5 Lakhs
- The tenure can be extended up to 5 years
- Under this scheme, customers are allowed to be offered a tax deduction of up to 1.5 lakhs on the interest earned
- Senior citizens get additional interest rates
Jana Bank FD interest rates are usually paid in case of premature withdrawal of funds, but only after deducting the amount considered as a penalty from the interest amount’s applicable rate. The actual or original rate is the initially decided and applied tenure when the deposit was made. If the Fixed Deposit amount is less than Rs. 2 crores, the interest rate to be deducted is 0.5%, and if the amount is over Rs. 2 crores, then the interest rate deducted would be 1%.
Jana Small Finance Bank allows a premature withdrawal of funds only in cases where the account holder has passed away or even in cases where the deposit withdrawal is ordered by a higher regulatory or a Government body. The bank doesn’t allow a premature withdrawal for deposits made under the Tax Saver Deposit FD Scheme.
The investor may choose a person through a nomination facility to whom Jana Small Finance Bank shall pay the deposit amount in case of the investor’s death. You must enter the nomination information in the proper order book space to use this function.
The following points denote the nomination facilities available for various investors of Jana Small Finance Bank:
- Clientele can nominate only one nominee per account, irrespective of whether the account is in sole or joint possession.
- A nomination can be submitted on behalf of a minor by a person who has the legal authority to manage that minor’s account.
- By completing the form required by the Banking Companies Rules of 1985, applicants may make nominations.
- It would be helpful to approach the nearest branch for more details.
Corporate Fixed Deposits have many benefits and advantages for the general population.
- The interest rates for corporate FDs are higher
- Lenient premature withdrawal policies for emergencies and easy access
- Allows the choice between periodic returns of interest as well as the cumulative return of interest
Jana Small Finance Bank FD Rates FAQ’s :-
Jana SFB FD rates are such that they allow new as well as existing customers to open as many Fixed Deposit accounts as needed at Janna Small Finance Bank.
Jana Small Finance Bank allows Fixed Deposits for a tenure of 7 days to 10 years for a single account.
The minimum amount for deposit for an FD account is Rs. 1000. There is no general limit for deposit at an FD account.