This Small Finance Bank Offers 7.80% Interest Rate On Bulk Deposits After Recent Hike

The Reserve Bank of India on August 5, 2022 hiked the repo rate by 50 bps to Rs 5.40% so that the surging inflation can be brought under control. After RBI's move to hike the repo rate, several banks hiked interest rate on fixed deposits. Recently, Jana Small Finance Bank also hiked its interest rates on bulk deposits. The new rates on bulk deposits got effective from August 29, 2022.

Jana Small Finance Bank Limited (Jana Small Finance Bank) is one of the leading Small Finance Banks of India in terms of assets under management and deposit size as at March 31, 2020. Jana Small Finance Bank has the second most geographically diversified portfolio with a pan-India presence among all Small Finance Banks in India as at March 31, 2020, according to the IRR Report.

The new interest rates are applicable to deposits of INR 2 crore and above.

Check the latest interest rate below:

The bank offers an interest rate of 2.50% for deposits maturing in 7-90 days

Citizens can fetch an interest rate of 4.60 for deposits maturing in 91-180 days

You can avail an interest rate of 5% for deposits maturing in 181- 364 days

If you opt for 1-year (365 days) bulk FD, you can get an interest rate of 7%

The interest rate will be the highest at 7.80% for deposits maturing in 1 year to 2 years

The bank will offer an interest rate of 7.25% for deposits maturing in 2 years to 3 years

The interest rate is 7.25% for deposits maturing in 5 years

If you opt for 5 years to 10 years Bulk Deposit FD, you can fetch an interest rate
of 6%.

According to bank's official website, "In case of premature withdrawal of the deposit, interest will not be paid at the originally contracted rate. In such cases interest will be paid at the applicable rate of interest for the duration which the deposit is maintained with us minus premature withdrawal penal rate as follows:

a. Fixed Deposit less than INR 200 Lakhs - 0.5%

b. b. Fixed Deposits greater than or equal to INR 200 Lakhs - 1%