Jana Small Finance Bank has hiked interest rates across savings accounts and fixed deposits with effect from today (15th November 2022). With this new offer, the bank is providing one of the highest interest rates across the small finance banking sector.
In a statement, the bank said that Customers will now get an interest rate of as high as 8.35% on deposits of more than Rs 15 lakhs to Rs 2 crores for a tenure of 1-2 years under the Fixed Deposit Plus scheme.
Jana Bank’s Fixed Deposit Plus is a non-callable FD plan which allows no premature redemption and there is a minimum investment cap of Rs 15 lakh.
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Meanwhile, senior Citizens can get up to 8.50% on an FD for a tenure of 2-3 years while regular customers can get 7.35% interest. On deposits of 5 years, Jana Bank is offering 8.2% interest to senior citizens while for 3-5 year deposits, the interest rate for seniors is 8.3%.
On Savings accounts, Jana Bank will now offer an interest rate of 7% for a balance of more than Rs 1 lakh to Rs 50 crore. The Jana Bank also offers 4.5% per annum interest on Savings Bank balances up to Rs 1 Lakh.
Jana Bank said that in the rising inflation scenario, the hike in fixed deposit rates gives customers an opportunity, particularly to senior citizens, to get inflation-beating returns from their fixed deposits.
Jana Bank Retail Term Deposit Rates
Fixed Deposit Plus (Non-Callable FD) Interest Rates (From 15th November 2022)
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Commenting on the hike in interest rates, Shrinivas Murthy, President and Head of Branch Banking and Marketing said, “Jana Small Finance Bank offers best-in-class products, pricing and services experience to customers. With this increase in interest rates across fixed deposits and savings Bank products, we are now offering the most competitive rates in the Banking space. We are witnessing excellent response from our customers; both new and existing.”
The bank said that existing customers can also enjoy the benefits of booking or investing in FD from the comfort of their homes or offices through internet banking. With this online process, customers can book the FDs instantly in a hassle-free manner.
