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Home / Industry / Banking /  Jana SFB revises fixed deposit rates: Regular customers can now get up to 7.20%

Jana SFB revises fixed deposit rates: Regular customers can now get up to 7.20%

Jana Small Finance Bank is giving a regular rate of 2.50 per cent on FD Plus products worth less than  ₹2 crore that mature in 7 days to 180 days. Regular customers will get a 3.50 per cent interest rate on FD Plus accounts maturing in 181-364 days.Premium
Jana Small Finance Bank is giving a regular rate of 2.50 per cent on FD Plus products worth less than 2 crore that mature in 7 days to 180 days. Regular customers will get a 3.50 per cent interest rate on FD Plus accounts maturing in 181-364 days.

On May 24, 2022, Jana Small Finance Bank (SFB) revised interest rates on fixed deposit plus accounts. Jana Small Finance Bank considers fixed deposits with no premature withdrawal as a plus account.

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On May 24, 2022, Jana Small Finance Bank (SFB) revised interest rates on fixed deposit plus accounts. Jana Small Finance Bank considers fixed deposits with no premature withdrawal as a plus account. Auto-Renewal is not available for the "FD with no Premature Withdrawal/FD Plus" product, and pre-mature withdrawal of the deposit is not authorized before the term of the account expires, except in the event of the account holder's death or on the instruction of a legislative or regulatory body. Jana Small Finance Bank is giving a regular rate of 2.50 per cent on FD Plus products worth less than 2 crore that mature in 7 days to 180 days. Regular customers will get a 3.50 per cent interest rate on FD Plus accounts maturing in 181-364 days. The bank is now offering a 6.50 per cent interest rate on one-year[365-day] fixed deposits. The bank provides a maximum rate of 7.20 per cent on 1 to 2 year FD Plus accounts to the general public. Jana Small Finance Bank will pay 6.85 per cent interest on fixed deposits maintained for two to five years[1825 days], and 6.00 per cent on deposits maintained for five to ten years.

Interest Rates for FD Plus

7-14 days- 2.50%

15-60 days- 2.50%

61-90 days- 2.50%

91-180 days- 2.50%

181-364 days- 3.50%

1 Year[365 Days]- 6.50%

> 1 Year - 2 Years- 7.20%

> 2 Years – 3 Years- 6.85%

> 3Years - < 5 Years- 6.85%

5 Years[1825 Days]- 6.85%

> 5 Years - 10 Years- 6.00%

Jana SFB has mentioned on its website that “In case of premature withdrawal of fixed deposit, the Interest rate applicable for premature closure will be lower of the rate for the original /contracted tenure for which the deposit has been booked or the rate as prevailing on the date of deposit for the tenure for which the of deposit has been in force with the bank."

IDFC First Bank, on the other hand, has raised interest rates on fixed deposits. The bank announced this on May 23rd, and as a result of the adjustment, interest rates on different deposit tenors have been raised by 100 basis points. The bank is now giving a 3.50 per cent to 6% interest rate on fixed deposits from 7 days to 10 years.

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