Senior Citizens Can Earn 8.80% Interest With This Bank On 2-3 Yrs FD

Jana Small Finance Bank (SFB), a leading Private sector Small Finance Bank, on 1 February 2023 hiked the Interest Rates on Fixed Deposits below 2 crore. With the hike, Jana SFB is now among the high-interest paying banks in India under Rs 2 Crore Fixed Deposits.

The bank currently offers interest rates on deposits with tenors ranging from 7 days to 10 years that vary from 3.75% to 8.10% for the general public and 4.45% to 8.80% for senior people post the modification of the FD interest rates. The bank offers the highest 8.80% interest to Senior Citizens on a tenor of more than 2 years and less than 3 years. The maturity period of the Fixed Deposits ranges from 7 days to 10 years.

Jana Small Finance Bank FD Rates

The bank is now promising an interest rate of 3.75% on deposits that mature in the next 7-14 days and 4.25% on deposits that mature in the next 15-60 days. The bank is offering interest rates of 5.25% on deposits with tenors of 61 to 90 days and 5.50% on deposits with tenors of 91 to 180 days. Deposits with maturities between 181-364 days offering 7% and for 1 year [365 days] maturity period, it is now offering an interest of 7.25%.

The bank will now give an interest rate of 7.50% on deposits maturing in 1 Year to 2 Years. Whereas, for the deposits maturing from 2 Years to 3 Years, the bank offers the highest 8.10% to Regular FD. On deposits with a tenor of 3 to 5 years, the bank offers an interest of 7.35%. While, with a tenor of 5 years [1825 days], the bank guarantees 7.25% interest on deposits. Deposits that mature in 5-10 years now have an interest rate of 6.00%. The above interest rates are applicable to Regular FDs. Senior Citizens will get additional interest over the Regular FDs.

Interest Rates for Fixed Deposits Below 2 Crore Effective from 1st February 2023

 

Period	Regular FD Interest Rate (p.a.)	Senior Citizen FD Interest Rate (p.a.)*
7-14 days	3.75%	4.45%
15-60 days	4.25%	4.95%
61-90 days	5.25%	5.95%
91-180 days	5.50%	6.20%
181-364 days	7.00%	7.70%
1 Year [365 Days]	7.25%	7.95%
> 1 Year - 2 Years	7.50%	8.20%
>2 Years -3 Years	8.10%	8.80%
> 3 Year - < 5 Years	7.35%	8.05%
5 Years [1825 Days]	7.25%	7.95%
> 5 Years - 10 Years	6.00%	6.70%

Source - Janabank.com

 

Terms & Conditions

According to the Bank, "The interest is computed based on the actual number of days in a year i.e. 365 days for a non-leap-year and366 days for a leap year. The tenor of Deposit is calculated in number of days. The above card rates are applicable to deposits less than INR 2 Crore. The maximum amount is INR 1.5 Lakhs for Tax Saver FD. Sr. Citizen Preferential rate is applicable for Tax Saver FD. The lock-in period for Tax Saver FD shall be 5 Years(1825 Days) and no premature withdrawal will be allowed during lock-in period."

It also mentioned, "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: Fixed Deposit less than INR 200 Lakhs -0.5%."

Furthermore, "In case of premature withdrawal of fixed deposit: The Interest rate applicable for premature closure will be lower of the rate for the original /contracted tenure for which the deposit has been booked OR the rate as prevailing on the date of deposit for the tenure for which the of deposit has been in force with the Bank."