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This SFB Is Offering Up To 7.80% Interest Rates On FDs & RDs, Check Rates Here

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Fixed deposits are a safe investment option that offers stable interest rates, special rates for senior citizens, a variety of interest payment methods, no market risk, and income tax deductions. In recent times, after the RBI hiked the repo rate by 40 bps, the banks including NDFCs also hiked their interest rates on all products and tenures. As per the RBI press release, RBI will hold the next scheduled meeting of the MPC during June 6-8, 2022 to conduct voting on the resolution to keep the policy repo rate unchanged at 4.0 per cent.

 

Jana Small Finance Bank

Jana Small Finance Bank is one of the leading SFB banks that offers the highest rates among other SFBs. The bank offers the highest interest rates on Fixed Deposits (FDs,) Recurring Deposits (RDs) and Savings accounts. This month the bank has revised its interest rates on various products after the recent RBI Repo Rate hike.

The bank offers the highest interest rates on RD, up to 7.80% for tenure above 36 months to 60 months. Whereas, on FDs, the bank offers 7.80% interest rates for on tenure of 3 years to 5 years. Interest rates are applicable on deposits less than 2 Crore for FDs. Interest is calculated using the actual number of days in a year, which is 365 in a nonleap year and 366 in a leap year. The tenor of Deposit is calculated in a number of days.

Interest Rates on Fixed Deposit w.e.f 05 May 2022

Interest Rates on Fixed Deposit w.e.f 05 May 2022

PeriodRegular FD Interest Rate (p.a.)Senior Citizen FD Interest Rate (p.a.)
7-14 days2.50%3.80%
15-60 days3.00%3.80%
61-90 days3.75%4.55%
91-180 days4.50%5.30%
181-364 days5.50%6.30%
1 Year [365 Days]6.50%7.30%
> 1 Year - 2 Years6.50%7.30%
>2 Years - 3 Years6.75%7.55%
> 3 Year - < 5 Years7.00%7.80%
5 Years [1825 Days]6.75%7.55%
> 5 Years- 10 Years6.00%6.80%

Source - Janabank.com

Note- The maximum amount is Rs 1.5 Lakhs for Tax Saver FD.

Interest Rates on Fixed Deposit Plus w.e.f 10 May 2022
 

Interest Rates on Fixed Deposit Plus w.e.f 10 May 2022

PeriodInterest Rates (p,a.) (<2 Crore)Interest Rates (p.a.) (2 Crore & above)
7-14 days2.50%2.50%
15-60 days2.50%2.50%
61-90 days2.50%2.50%
91-180 days2.50%2.50%
181-364 days3.50%3.50%
1 Year[365 Days]6.50%6.50%
> 1 Year - 2 Years7.00%7.00%
> 2 Years - 3 Years6.85%6.85%
> 3Years - < 5 Years6.85%6.85%
5 Years[1825 Days]6.85%6.85%
> 5 Years - 10 Years6.00%6.00%

Source - Janabank.com

Note - 1. This FD comes with premature Withdrawal Facility.
2. The above rate is applicable for Fixed Deposits above Rs 15 Lakhs only.

Interest Rated on Recurring Deposits w.e.f 05 May 2022

Interest Rated on Recurring Deposits w.e.f 05 May 2022

PeriodRegular RD Interest Rate (p.a.)Senior Citizen RD Interest Rate (p.a.)
7-14 days2.50%3.80%
15-60 days3.00%3.80%
61-90 days3.75%4.55%
91-180 days4.50%5.30%
181-364 days5.50%6.30%
1 Year [365 Days]6.50%7.30%
> 1 Year - 2 Years6.50%7.30%
>2 Years - 3 Years6.75%7.55%
> 3 Year - < 5 Years7.00%7.80%
5 Years [1825 Days]6.75%7.55%
> 5 Years- 10 Years6.00%6.80%

Source - Janabank.com

Note - 1. Bank reserves the right to close the recurring deposit in case the customer misses 5 consecutive recurring deposit instalments.
2. The minimum tenor of the Recurring Deposit should be 6 months.
3. The minimum instalment amount should be Rs 100 and the instalment amount should be in multiples of Rs 100.

Investors should know

While investing in FDs or RDs, investors should know and be aware of the fact that interest rates are subject to change from time to time without prior notice by banks. While investing in these investment products investors should cross-check the interest rates to get maximum return on investment.

Story first published: Thursday, May 19, 2022, 17:25 [IST]
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