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Jana Small Finance Bank Revises Interest Rates On Recurring & Sweep Deposits

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Jana Small Finance Bank (SFB) has revised its interest rates on recurring deposits and sweep deposits. According to the official website of the bank, the new rates are effective as of 11th January 2022.

 
Jana Small Finance Bank Revises Interest Rates On Recurring & Sweep Deposits

Jana Small Finance Bank Recurring Deposit Interest Rates

Jana Small Finance Bank accepts recurring deposits with terms ranging from 6 to 120 months. A recurring deposit account can be opened with a minimum installment of Rs. 100. In the event that a recurring deposit is withdrawn prematurely, a penalty of 0.5 percent will be imposed on the applicable rate of interest for the period of deposits that have remained with the bank. The bank is giving the following interest rates on recurring deposits as of January 11, 2022.

TenureRegular RD Interest Rate (p.a.)Senior Citizen RD Interest Rate (p.a.)
> 1 Month - 6 Months4.00%4.80%
> 6 Months - 12 Months5.50%6.30%
12 Month6.75%7.55%
> 12 Months - 36 Months6.75%7.55%
> 36 Months - 60 Months6.75%7.55%
> 60 Months - 120 Months6.00%6.80%
Source: Bank Website. W.e.f. 11th January 2022

Jana Small Finance Bank Sweep Deposits Interest Rates

On the 11th of January, 2022, the bank also updated its interest rates on sweep deposits. Sweep deposits are accessible on the Premium Current Account, which offers a variety of tailored services as well as significant returns on your account balance. Customers with current accounts can benefit from the sweep feature, which allows them to earn a high rate of interest on their deposit, as well as higher transaction limits. These accounts allow an Average Quarterly Balance (AQB) of Rs. 30,000, sweep facility limit of up to Rs 50,000/- with amount multiple for sweep - Rs 5,000/-. Premium Current Accounts With Sweep Deposit facility also provides for a monthly cash deposit limit of Rs 10,00,000 at branches and unlimited cash withdrawals with no limit on the amount or number of transactions at bank branches. On Premium Current Accounts With Sweep Deposit facility, Jana SFB is now offering the following interest rates calculated on a simple interest basis.

 
PeriodSweep - 30 daysSweep - 90 daysSweep - 180 daysSweep - 365 days
7-14 days2.50%2.50%2.50%2.50%
15-60 days3.00%3.00%3.00%3.00%
61-90 days-3.75%3.75%3.75%
91-180 days--4.50%4.50%
181-364 days---5.50%
1 year (365 days)---6.75%
Source: Bank Website. W.e.f. 11th January 2022

Story first published: Sunday, January 16, 2022, 13:56 [IST]
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