Seniors can get up to 8.5% interest rate on fixed deposits with Jana Bank

Jana Small Finance Bank has raised interest rates on savings accounts and time deposits effective today (November 15, 2022). With this new offer, the bank offers one of the highest interest rates in the small financial banking sector.

In a statement, the bank said that customers will now enjoy an interest rate of up to 8.35% on deposits of over Rs 15 lakhs to Rs 2 crores for a term of 1 to 2 years under of the Fixed Deposit Plus program.

Jana Bank’s Fixed Deposit Plus is a non-redeemable FD plan that allows no premature redemptions and there is a minimum investment cap of Rs 15 lakh.

Meanwhile, seniors can get up to 8.50% on an FD for a 2-3 year term, while regular customers can get 7.35% interest. On 5-year deposits, Jana Bank offers an interest rate of 8.2% for seniors while for 3-5 year deposits, the interest rate for seniors is 8.3%.

Also Read: Bank of Baroda Increases Fixed Deposit Rate

On savings accounts, Jana Bank will now offer an interest rate of 7% for a balance over Rs 1 lakh to Rs 50 crore. Jana Bank is also offering 4.5% interest per annum on savings bank balances up to Rs 1 Lakh.

Jana Bank said that under the scenario of rising inflation, rising fixed deposit rates give customers, especially the elderly, the opportunity to earn anti-inflation returns from their fixed deposits.

Jana Bank Retail Term Deposit Rates

Period Regular interest rate FD (pa) Senior Citizen FD interest rate (pa)*
7-14 days 2.50% 3.45%
15-60 days 3.00% 3.95%
61-90 days 3.75% 4.70%
91-180 days 4.50% 5.45%
181-364 days 7.00% 7.95%
1 year[365 Days] 7.00% 7.95%
> 1 year – 2 years 7.50% 8.45%
>2 Years-3 Years 7.55% 8.50%
> 3 years – 7.35% 8.30%
5 years[1825 Days] 7.25% 8.20%
> 5 years – 10 years 6.00% 6.95%
Source: Jana Small Finance Bank

Fixed Deposit Plus (FD non-refundable) Interest rate (from November 15, 2022)

Period Interest rate (pa) ( Interest rate (pa) (2 crore and more)
7-14 days 3.00% 3.00%
15-60 days 6.60% 6.60%
61-90 days 6.60% 6.60%
91-180 days 7.05% 7.05%
181-364 days 7.20% 7.20%
1 year – 2 years 8.35% 8.35%
>2 Years-3 Years 7.35% 7.35%
> 3 years – 7.45% 7.45%
5 years[1825 Days] 7.35% 7.35%
> 5 years – 10 years 6.10% 6.10%
Source: Jana Small Finance Bank

Commenting on the rise in interest rates, Shrinivas Murthy, President and Head of Branch Banking and Marketing, said, “Jana Small Finance Bank offers customers the best products, prices and services. With this increase in interest rates on term deposits and savings bank products, we now offer the most competitive rates in the banking industry. We are seeing an excellent response from our customers; both new and existing.

The bank said existing customers can also enjoy the benefits of booking or investing in FD from the comfort of their home or office through internet banking. Through this online process, customers can book the FDs instantly and hassle-free.

Stephen V. Lee