8 Mins

Introduction

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 Small Finance Bank FD interest rates 2020

The table below shows the fixed deposit interest rates offered by Jana Small Finance Bank for different tenures.

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 Jana Bank FD calculator.

TenureRegular FD Interest RatesSenior Citizen FD Interest Rates
7 days to 14 days3.00%3.50%
15 days to 60 days3.75%4.25%
61 days to 90 days4.50%5.00%
91 days to 180 days5.50%6.00%
181 days to 364 days6.50%7.00%
1 year6.90%7.40%
1 year 1 day to 2 years7.00%7.50%
2 years 1 day to 3 years7.50%8.00%
3 years 1 day to 4 years 364 days7.00%7.50%
5 years7.00%7.50%
5 years 1 day to 10 years6.50%7.00%
Note: Jana Bank revises fixed deposit interest rates periodically

Key Features of Jana Small Finance Bank Fixed Deposit

Jana Small Finance 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:

Tenure

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.

Eligibility

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
  • Proprietorship
  • Partnerships
  • 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.

Documents required

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

Additional Payments

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.

Safety

Under the Deposit Insurance Scheme of RBI, DICGC insures all Jana Small Finance bank deposits up to INR 5,00,000.

Premature withdrawal

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.

Nomination Facility

Depositors can nominate beneficiaries for their Jana Small Finance Bank FDs.

Auto-Renewal

Jana Small Finance Bank offers an auto-renewal facility for the deposits.

Convenience

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.

Pan Card

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.
TenureGeneral RatesSenior Citizen Rates
6 months 1 day to 12 months8.00%8.60%
12 months 1 day to 23 months8.00%8.60%
24 months8.50%9.10%
24 months 1 day to 36 months8.00%8.60%
36 months 1 day to 60 months8.00%8.60%
60 months 1 day to 120 months6.75%7.35%
Note: Jana Small Finance Bank revises RD interest rates periodically