Interest rates

Jana Small Finance Bank cuts interest rates on short-term FDs by 25 basis points

Investment

oi-Vipul Das

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Jana Small Finance Bank has made interest rate revisions on fixed deposits of less than Rs 2 Cr. DICGC-insured bank cut interest rates on one-year short-term deposits [365 days] and over one year to two years by 25 basis points from April 12, 2022. Previously, the bank offered an interest rate of 6.75% on these deposits; however, the interest rate will now be 6.50%. Apart from the two aforementioned tenors, the bank kept the interest rates of the other tenors constant.

Jana Small Finance Bank Fixed Deposit Interest Rates

The bank now grants an interest rate of 2.50% on term deposits of less than Rs 3 crore which mature in 7 to 14 days. Jana Small Finance Bank is currently offering an interest rate of 3.00% on fixed deposits due in 15-60 days. Deposits maturing in 61-90 days will now pay an interest rate of 3.75%, while deposits maturing in 91-180 days will now pay an interest rate of 4.50%. Jana Small Finance Bank currently pays an interest rate of 5.50% on deposits due between 181 and 364 days, and an interest rate of 6.50% on deposits maturing in one year. [365 days] and more than one year to two years. The bank currently offers an interest rate of 6.75% on term deposits maturing in more than 2 years to 5 years [1825 days] and an interest rate of 6.00% on deposits due in more than 5 years to 10 years. Seniors will continue to receive an additional rate of 0.80% on top of standard rates.

Period Regular interest rate FD (pa) Senior Citizen FD interest rate (pa)
7-14 days 2.50% 3.30%
15-60 days 3.00% 3.80%
61-90 days 3.75% 4.55%
91-180 days 4.50% 5.30%
181-364 days 5.50% 6.30%
1 year [365 Days] 6.50% 7.30%
More than 1 year – 2 years 6.50% 7.30%
More than 2 years – 3 years 6.75% 7.55%
More than 3 years to less than 5 years 6.75% 7.55%
5 years [1825 Days] 6.75% 7.55%
More than 5 years – 10 years 6.00% 6.80%
Source: Bank website. Effective from April 12, 2022

Jana Small Finance Bank Recurring Deposit Interest Rates

Effective April 12, 2022, the bank grants the following interest rate on recurring deposits of less than Rs 2 crore maturing in 1 month to 120 months.

Period Regular interest rate RD (pa) Senior RD interest rate (pa)
More than 1 month – 6 months 4.00% 4.80%
More than 6 months to less than 12 months 5.50% 6.30%
12 Months – 24 Months 6.50% 7.30%
More than 24 months – 36 months 6.75% 7.55%
More than 36 months – 60 months 6.75% 7.55%
More than 60 months – 120 months 6.00% 6.80%
Source: Bank website. Effective from April 12, 2022

Article first published: Wednesday, April 13, 2022, 12:53 p.m. [IST]