Jana Small Finance Bank FD Rates

The Jana Small Finance Bank brings to its customers competitive FD rates to ensure steady growth of their savings. The eligible customers include individuals, minors, proprietorships, HUF, registered and unregistered bodies, cooperative societies, trusts, partnerships, NGOs and private limited organizations.

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Jana Small Finance Bank offers multiple benefits and features to its fixed deposit customers. Let us learn about these FD rates in detail.

Features of the Jana Small Finance Bank FD 

Listed below are some prominent features of Jana Small Finance Bank FD:

  • The Jana Small Finance Bank is noteworthy for its attractive fixed deposit interest rates and payout options for multiple interest rates. Apart from this, the important attributes of the bank include the following:
  • One can start a fixed deposit account with an annual amount that is as low as Rs.1000.
  • On opening the account, one may easily avail of the mobile banking app and the online facilities.
  • The customer can choose multiple payout alternatives such as; cumulative or non-cumulative in monthly, quarterly, half-yearly or yearly payouts. When opening an FD account, one can also select the facility of the "No Premature Withdrawal option".

Jana Small Finance Bank Fixed Deposit Interest Rates 2021

The FD interest rates per annum, for regular and senior citizens, on Fixed Deposits below Rs. 2 crores, effective from 07/05/2021, are as follows:

Period

Regular Citizen, % p.a

Senior Citizen,  % p.a

7 to 14 days

2.50

3.00

15 to 60 days

3.00

3.50

61 to 90 days

3.75

4.25

91 to 180 days

4.50

5.00

181 to 364 days

5.50

6.00

365 days (1 year)

6.25

6.75

Greater than 1 year to less than 2 years

6.50

7.00

Greater than 2 years to less than 3 years

6.50

7.00

Greater than 3 years to  less than 5 years

6.75

7.25

5 years ( 1825 days)

6.50

7.00

Greater than 5 years to less than 10 years

6.00

6.50

For interest rates on a fixed deposit value of above Rs.2 Crore, the customers need to contact their respective branch to open their fixed deposit account.

FD interest have fallen consistently over the last 5 years.
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Things to Know

A few things about FD rates one must know about are:

  • For premature withdrawal of deposited amount, the customer will not get the interest of the originally contracted rate. Instead, they will get an applicable rate of interest for the period till which the deposit was kept minus premature withdrawal penalty rate as follows:
    • Fixed deposit less than Rs.200 lakhs at 0.5 %
    • Fixed deposits at Rs 200 lakhs or greater than the same at 1 %.
  • For the Non-cumulative fixed deposits, the rate of interest is calculated as per the simple interest. 
  • As far as payouts are considered, the interest payouts are as per the financial year. The different payout options that follow accordingly are calculated as follows:
    • Monthly interest payouts will be on the first of every month.
    • Quarterly interest payouts will be on the first of every quarter.
    • Half-yearly interest payouts will be on the first of October and the first of April.
    • Annual interest payouts will be the first of April, irrespective of the date of booking of the fixed deposit account.
  • The Jana Small Finance Bank FD rate tenure deposit is calculated based on several days, 365 days for a non-leap year and 366 days for a leap year, for deposits less than Rs 2 Crore.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Summing it Up

Despite the various features mentioned above, a customer must also conduct some research about various factors affecting interest rates like government policies or RBI guidelines. Investing in fixed deposits is especially useful for those who look to grow money without market risks. However, the scheme is open to all Indian citizens.

Written By: PolicyBazaar - Updated: 03 September 2021
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