Jana Small Finance Bank is a scheduled commercial bank, established in the year 2008 in Bengaluru. They offer a variety of deposits that ensure that investors earnings grow effortlessly. The bank offers high rates of interest on their FDs. It also offers premature withdrawal facility and overdraft facility on its FDs. In this article, we have covered about Jana Small Finance Bank FD rates in detail.
Jana Bank FD Rates 2023
The table below shows the fixed deposit interest rates offered by Jana Small Finance Bank for different tenures.
|Tenure||Regular FD Interest Rates||Senior Citizen FD Interest Rates|
|7 days to 14 days||3.00%||3.50%|
|15 days to 60 days||3.75%||4.25%|
|61 days to 90 days||4.50%||5.00%|
|91 days to 180 days||5.50%||6.00%|
|181 days to 364 days||6.50%||7.00%|
|1 year 1 day to 2 years||7.00%||7.50%|
|2 years 1 day to 3 years||7.50%||8.00%|
|3 years 1 day to 4 years 364 days||7.00%||7.50%|
|5 years 1 day to 10 years||6.50%||7.00%|
The interest of Jana Small Finance Bank FDs range between 3% and 7.5% for regular citizens and 3.5% and 8% for senior citizens for a tenure of 7 days to 10 years. The FD rates of Jana Small Finance Bank are higher than their savings account interest. Moreover, senior citizens get an additional interest of 0.5% of their deposits. Investors have an option to choose between cumulative and non-cumulative deposits. Depending on their choice, the interest payout will be monthly, quarterly, half-yearly, annually or at the time of maturity.
The highest Jana Bank FD rate is 7.5% for a regular investor for the tenure of 2-3 years. For the same tenure, the senior citizen FD rate is 8%. Returns from Jana Bank fixed deposits can be calculated using the Scripbox’s FD Calculator.
Compare latest fd rates
Key Features of Jana Small Finance Bank Fixed Deposit
Jana Small Financ Bank fixed deposit schemes ensure that investor’s deposits grow effortlessly by boosting one’s earnings. Following are the key features of Jana Small Finance Bank fixed deposits:
The tenure of Jana Small Finance Bank fixed deposits range between 7 days and 10 years. Once, the tenure of the FD commences, it is difficult to change the tenure. However, one can choose to withdraw their investment prematurely and invest in a fresh FD with the desired tenure.
Minimum and Maximum Deposit Amount
The minimum and maximum amount of deposit are dependent on the type of FD chosen.
- Regular Fixed Deposit: Investors can invest a minimum of INR 1000. The maximum amount of investment in this FD is INR 2 crore.
- FD Plus: The minimum investment in this type of FD is INR 15,00,001. There is no cap on the maximum amount of investment.
- Deposits of INR 2 crore and above: The minimum amount of investment in INR 2 crore and there is no cap on the maximum amount of investment.
- Tax saver FD: The minimum amount of investment is INR 100, and the maximum amount of investment is INR 1,50,000 per annum.
Jana Small Finance Bank FD Interest Rate
Jana Small Finance Bank fixed deposit rates range between 3% and 7.5%. Returns from Jana Bank fixed deposits can be calculated using the Jana Bank FD calculator.
Preferential Interest Rates
Jana Small Finance Bank offers preferential interest rates for senior citizen depositors. Senior citizens get an additional 0.5% on their fixed deposits. The interest rates range between 3.5% to 8% for senior citizen depositors.
To open an FD account with Jana Bank one has to be eligible. Following types of customer can invest in Jana Bank FDs.
- Individuals including minors
- Private Limited Companies
- HUF (Hindu Undivided Family)
- Cooperative Society, Trusts, Registered and Unregistered Body, and NGO
- For tax saver FDs, only individuals and HUFs are eligible to invest.
Following are the documents that investors have to submit along with a completed and signed account opening form.
- Recent photograph
- PAN Card or Form 60
- Aadhaar Card
- Other officially valid documents like passport, voters ID, driving license, job card issued by NREGA, and letter issued by National population Register.
- FATCA declaration
It is not possible to deposit any additional amount in an existing Jana Small Finance Bank fixed deposit. However, one can always invest in a fresh Jana Bank FD with an additional amount.
Tax and TDS
Investment in Jana Bank Tax Saver Fixed Deposit qualifies for tax deduction under Section 80C of the Income Tax Act, 1961. Investors can claim the same while filing income tax returns. The interest income that one earns from Jana Bank FDs is taxable as per the individuals’ income tax slab rates. Furthermore, there is a TDS charge that Jana Bank deducts if the interest income exceeds INR 40,000 (INR 50,000 for senior citizens). The TDS rate applicable is 10%, provided the investor submits the PAN details. Else, the TDS rate is 20%.
To know to determine if the interest income from Jana Small Finance Bank FD is above or below the TDS threshold limit, one can use their bank fixed deposit calculator available online. Also, to estimate their tax liability, one can use an Income Tax Calculator. Scripbox’s online Income Tax Calculator is available online. It is free to use and helps in estimating one’s tax liability.
Under the Deposit Insurance Scheme of RBI, DICGC insures all Jana Small Finance bank deposits up to INR 5,00,000.
Jana Bank allows premature withdrawal facility on few FDs.
- Regular FD: Premature withdrawal facility is available at a penalty. For deposits below INR 2 crore, the penalty is 0.5%, and for deposits above INR 2 crore, it is 1%.
- FD Plus: No premature withdrawal facility is available
- Tax saver FD: No premature withdrawal facility is available.
Depositors can nominate beneficiaries for their Jana Small Finance Bank FDs.
Jana Small Finance Bank offers an auto-renewal facility for the deposits.
Opening and managing Jana Small Finance Bank FD investments is easy and convenient through their online portal.
Loan against fixed deposit and Overdraft
Jana Bank allows loan against fixed deposit. The tenure of the loan is limited to the tenure of the FD. The bank doesn’t allow any overdraft facility against their tax-saving deposits.
Jana Bank gives loans such as education loans, loan against property (home loan), business loans, etc., against their FD. To calculate their loan EMI one can use the loan EMI calculator. The loan EMI calculator can be used as a home loan calculator, personal loan EMI calculator, and car loan calculator. The investor can also use an EMI calculator in multiple scenarios by changing the variables like home loan interest rate, personal loan interest rate, and car loan interest rate.
One doesn’t require a PAN to open a Jana Bank FD account. Though PAN isn’t mandatory, there are a few implications. The applicable TDS rate will be 20%, as per the regulations of section 206AA, instead of the regular 10%. Jana Bank will not issue any TDS certificate. Form 15G, form 15H, and all exemption certificates will be invalid.
Requirement of savings account
Individuals require a Jana Bank savings account to invest in their FDs.
Types of Fixed Deposit Schemes offered by Jana Small Finance Bank
- Regular Fixed Deposit
- Fixed Deposit Plus
- Deposit of 2 crores and above
- Tax Saver FD
Types of Fixed Deposit Schemes: In Detail
Regular Fixed Deposit
Jana Small Bank’s regular term deposit ensures that the earnings grow steadily and effortlessly. The scheme offers attractive interest rates and multiple interest payout options. It offers higher interest rates than a savings account.
- Tenure: 7 days to 10 years
- Minimum Deposit Amount: INR 1,000
- Maximum Deposit Amount: INR 2 crore
- Premature withdrawal: The bank allows premature withdrawals; however, charges a penalty.
- Auto-renewal Facility: Not available
Fixed Deposit Plus
The scheme has a wide variety of tenure that range from 7 days to 10 years. The scheme offers a higher deposit rate over and above the regular term deposit rate.
- Tenure: 7 days to 10 years
- Minimum Deposit Amount: INR 15,00,001
- Maximum Deposit Amount: No limit
- Premature withdrawal: No applicable
- Auto-renewal Facility: Not available
Deposit of 2 crores and above
The scheme is specially designed for HNIs, Corporates, and Government Institutions to park surplus funds and enjoy attractive returns.
- Tenure: 7 days
- Minimum Deposit Amount: INR 2 crore
- Maximum Deposit Amount: No limit
- Premature withdrawal: The bank allows premature withdrawals
Tax Saver Fixed Deposit
The Tax Saver deposits qualify for tax deduction under Section 80C of the Income Tax Act. Deposits up to 1,50,000 qualify for the tax deduction.
- Tenure: 5 years
- Minimum Deposit Amount: INR 100
- Maximum Deposit Amount: INR 1,50,000, the limit is for the respective financial year only.
- Premature withdrawals: Not allowed
Does Jana Small Finance Bank offer Recurring Deposits?
Yes, Jana Small Finance Bank offers recurring deposit schemes. Depositors invest the fixed sum on a monthly basis at an attractive interest rate. The scheme offers an opportunity to build wealth securely through regular monthly deposits of a fixed sum for a period of time.
- Tenure: 6 months to 10 years
- Minimum Deposit Amount: INR 100 and in multiples of INR 100 thereafter
- Convenience: One can invest in a recurring deposit either online through internet and mobile banking or by visiting the nearest bank branch.
|Tenure||General Rates||Senior Citizen Rates|
|6 months 1 day to 12 months||8.00%||8.60%|
|12 months 1 day to 23 months||8.00%||8.60%|
|24 months 1 day to 36 months||8.00%||8.60%|
|36 months 1 day to 60 months||8.00%||8.60%|
|60 months 1 day to 120 months||6.75%||7.35%|
Frequently Asked Questions
Jana Small Finance bank was supposed to be listed on or before March 27, 2021, according to the licensing agreement with the Reserve Bank of India. However, the bank has submitted Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for IPO on missing the deadline. The proposed IPO comprises a fresh issue worth INR 700 crore and an offer for sale of 92,53,659 shares.
You can apply for Jana Small Finance Bank FDs by visiting the bank’s website. Provide all the necessary details to open a savings + FD account from the convenience of your home.
Jana Bank is a commercial bank set up in Bengaluru in the year 2008. Jana Bank FDs, like any other bank FDs guarantee returns in the form of interest. The interest payout will be as per the choice of the investor. Moreover, DICGC, an RBI unit deposit insurance scheme, insures all Jana Bank deposits up to INR 5 lakhs. Hence Jana Bank FDs are considered reasonably safe for investment.