Jana Small Finance Bank Raises Interest Rates On Fixed, Recurring Deposits
Jana Small Finance Bank, a small finance bank, on Thursday announced an increase in its interest rates on term deposits (fixed deposits and recurring deposits). The new interest rates will come into effect from Friday, Jana Small Finance Bank said in a statement. After the revision, Jana Small Finance Bank customers holding FD and RD accounts with the bank will earn interest up to 9.6 per cent on their investment. On a fixed deposit of a maturity period - or term - of three years without a premature withdrawal facility, the interest rate will be 9.25 per cent, according to Jana Small Finance Bank.
Jana Small Finance Bank shared details of the revision in interest rates applicable to fixed deposit (FD) accounts:
| Period | Interest Rate (p.a) | Interest Rate (p.a) | Interest Rate (p.a) |
|---|---|---|---|
| Fixed Deposit Plus with No Premature Withdrawal | Regular Fixed Deposit | Senior Citizen Fixed Deposit | |
| Applicable on deposit of >15 lakhs | Applicable on deposit < 1 crore | Applicable on deposit of < 1 crore | |
| 7-45 days | 6.00% | 6.00% | 6.60% |
| 46-60 days | 6.50% | 6.50% | 7.10% |
| 61-180 days | 7.25% | 7.00% | 7.60% |
| 181-365 days | 8.75% | 8.50% | 9.10% |
| More than 1 year and up to 2 years | 9.00% | 8.50% | 9.10% |
| More than 2 years to less than 3 years | 9.00% | 8.50% | 9.10% |
| 3 years | 9.25% | 9.00% | 9.60% |
| More than 3 years and up to 5 years | 8.50% | 8.50% | 9.10% |
| More than 5 years and up to 10 years | 7.00% | 7.00% | 7.60% |
Jana Small Finance Bank shared details of the revision in interest rates applicable to recurring deposit (RD) accounts:
| Tenor | Interest Rates: Regular RD | Interest Rates: Senior Citizen RD |
|---|---|---|
| 0-1 months | 0.00% | 0.00% |
| >1 months-6 months | 6.00% | 6.60% |
| >6 months-12 months | 8.50% | 9.10% |
| >12 months-24 months | 8.50% | 9.10% |
| >24 months-<36 months | 8.50% | 9.10% |
| = 36 months | 9.00% | 9.60% |
| >36 months-60 months | 8.50% | 9.10% |
| >60 months-120 months | 7.00% | 7.60% |
Bengaluru-based Jana Small Finance Bank started banking operations in March 2018. The bank has 45 lakh customers across 19 states in the country, according to its statement.
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