Jana Small Finance Bank FD Interest Rates

jana small finance bank fd rates

jana small finance bank fd rates

In the world of modern banking, Fixed Deposits remain the ideal choice for risk-free investments with guaranteed returns, and tax advantages. When financial organisations differ widely in their products and business models, Jana Small Finance Bank Fixed Deposit scheme stands as a shining example of inclusivity and empowerment. Jana Small Finance Bank (erstwhile Janalakshmi Financial Services Limited) offers its services to people from all walks of life including rural entrepreneurs and urban professionals. As we explore the jana small finance bank fd rates, we’ll learn about Jana Bank FD schemes, and offerings, along with its unique features and benefits.

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Jana FD Rate Table

Before we jump into the specifics of Jana small finance bank fixed deposit,  let’s break down its interest rates. Let’s take a look at Jana Bank’s FD rates for both regular customers and senior citizens based on the tenure for deposits below ₹2 Crore.

Tenure Regular Citizens (% p.a.) Senior Citizens (% p.a.)
7 – 14 days 3.75 4.70
15 – 60 days 4.25 5.20
61 – 90 days 45.25 6.20
91 – 180 days 5.50 6.45
181- 364 days 7.00 7.95
1 year (365 days) 7.25 8.20
Less than 1 year – 2 years 7.50 8.45
Less than 2 years – 3 years 7.85 8.80
Less than 3 – 5 years 7.35 8.30
5 years (1825 days) 7.25 8.20
Less than 5 years – 10 years 6.00 6.95

Note: The interest rates are subject to change and may vary based on market conditions.

In addition to considering the interest rate, it’s crucial to be informed about the interest earnings and the maturity amount you’ll receive at the conclusion of the fixed deposit (FD) deposit period.

To simplify the calculation of your FD maturity amount, utilize FD calculator. By using an online fixed deposit calculator, you can easily determine your maturity amount by adjusting the FD deposit period based on the interest rates provided by the bank.

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Types Of Jana Fixed Deposit Schemes

Types Of Jana Fixed Deposit Schemes

To meet the demands of various customers, JANA Small Finance Bank FD scheme offers a variety of solutions. The bank offers a large selection of fixed deposit packages with a range of interest rates and periods with tenures from 7 days to 10 years. Here are the four major types of JANA Bank fixed deposits:

  1. Regular FD
  2. Fixed Deposit Plus
  3. Tax Saver FD
  4. NRIs FD

1. Regular Fixed Deposits

Jana regular fixed deposit offers attractive interest rates and flexible tenure options, such as:

  • Minimum deposit: ₹1,000.
  • Maximum deposit: No upper limit
  • Tenure: From 7 days to 10 years.
  • Interest rate:00% p.a.
  • Premature withdrawal: Available but with a penalty.

2. Fixed Deposit Plus (No Premature Withdrawal)

Jana Fixed Deposit Plus is a scheme that offers significantly higher interest rates and adjustable tenors than standard fixed deposit rates, these are:

  • Minimum deposit: Above ₹15 lakhs.
  • Tenure: From 7 days to 10 years.
  • Interest rate: All non-cumulative FDs are calculated at simple interest.
  • Premature withdrawal: Not applicable

3. Tax Saver Fixed Deposit

JANA Small Finance Bank’s Tax Saver Fixed Deposit is the perfect way to reduce your tax burden while earning a guaranteed return on your investment. Its features are:

  • Minimum deposit: ₹100.
  • Maximum deposit: ₹1,50,000 per year.
  • Tenure: Lock-in period of 5 years.
  • Tax exemption: Up to ₹1.5 lakh (Under Section 80C of IT Act, 1961).
  • Interest rate: Additional 0.50% p.a. for senior citizens over regular FD rates.

4. NRI Fixed Deposit

Jana Bank offers two such programmes of this type as NRE and NRO. Jana FDs for NRO & Jana NRE FDs were specially designed for Indians living abroad. These plans allow you to keep your money liquid and it grows at the same time, as they provide attractive interest rates. Additionally, your account and the money are backed by the Indian Government.

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Term-wise Jana Bank Fixed Deposit Rates

Based on the tenure, Jana small finance bank FD rates can be categorised into three, such as:

Short-term deposits

  • Tenure: 7 days to 1 year or less than a year.
  • Interest rate: 5% to 6.25% for general customers & 3% to 6.75% for senior citizens.

Medium-term deposits

  • Tenure: 1 year to 5 years.
  • Interest rate: 5% for general customers & 7% for senior citizens.

Long-term deposits

  • Tenure: 5 years to 10 years.
  • Interest rate: 6% for general customers & 6.5% for senior citizens.

Features and Benefits of Jana Bank FD’s

Features and Benefits of Jana Bank FD’s

The following are some of the key characteristics of the Jana Small Finance Bank Fixed Deposit that investors can benefit from:

  • Flexible tenures and attractive interest rates to boost your returns.
  • Choose from a variety of fixed deposit plans to get the best deal.
  • Numerous payout possibilities to customise the investment for your preferences (Monthly / Quarterly / Half-Yearly / Yearly payout options).
  • Premature withdrawal is permitted, but there is a penalty charge.
  • Mobile banking facility to manage your FD.
  • Low deposit amount (Rs.1,000) with no upper limit.
  • Tax benefits are included.
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Jana Small Finance Bank Vs Other Banks’ FD Rates

When it comes to interest rates, it is advisable to compare the bank of your choice with other banks before choosing one. Here is a list of top-performing banks, their interest rates, and tenure with the FD rates of Jana Bank.

Bank Tenure General Public (% p.a.) Senior Citizens (% p.a.)
Jana Small Finance Bank 365 – 699 days 7.75 8.35
IndusInd Bank 365 – 699 days 7.90 8.50
ICICI Bank 365 – 699 days 7.80 8.40
SBI 365 – 699 days 6.70 7.30
Axis Bank 365 – 699 days 7.60 8.20
HDFC Bank 365 – 699 days 7.50 8.10
Kotak Mahindra Bank 365 – 699 days 7.80 8.40
AU Small Finance Bank 365 – 699 days 8.00 8.60
Ujjivan Small Finance Bank 365 – 699 days 7.90 8.50
Equitas Small Finance Bank 365 – 699 days 7.90 8.50
Suryoday Small Finance Bank 365 – 699 days 8.60 9.20
Northeast Small Finance Bank 365 – 699 days 8.25 8.85

Note: The interest rates and the tenure of the banks are subject to change.

It’s best to verify the most recent rates before investing because the interest rates that banks provide can change at any time.

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Premature Withdrawal Of Jana Fixed Deposits

Premature withdrawal of Jana FD is allowed but after deducting the penal charges. The penalty charges are as follows:

  • FDs less than ₹2 crore- 0.5% is the penal interest
  • FDs of ₹2 crore & above- 1% is the penal interest

An early withdrawal of the FD Plus deposit is only permissible under circumstances where the account holder has passed away or in response to a regulatory and/or legislative authority’s decision.

To Conclude

As you tread on your financial path, it’s crucial to remember that there are potential risks associated with FDs. The distinctiveness of Jana Small Finance Bank FD scheme makes it an excellent choice for individuals looking for a secure way to save money. However, do your research, get professional guidance, and compare the different rates, so that you can make good informed decisions when selecting a bank for FD investments.

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Frequently Asked Questions

Q. What is the interest rate of FD in Jana?
A.
Jana FD rate for 365-699 days is 7.75% for the general public, and 8.35% for the senior citizens.

Q. What are the FD rates for senior citizens in Jana Bank 2023?
A.
The FD rate for senior citizens in Jana Bank 2023 is 7.75% to 9.25%.

Q. Which Small Finance Bank has the highest FD return?
A.
Jana Small Finance Bank is one of the popular banks with high FD returns.

Q. What is the interest rate of Jan Dhan Small Finance Bank?
A.
Jan Dhan Small Finance Bank FD rate: 7.90% for the general public, 8.50% for senior citizens.

Q. Is Jana Small Finance Bank a good bank?
A.
Yes, Jana Small Finance Bank is a good bank.

Q. Is Jana Bank approved by the RBI?
A.
Yes, Jana Small Finance Bank is approved by the RBI.