Home>Fixed Deposit>Jana Small Finance Bank>Jana Small Finance Bank FD Interest Rate
bank_logo

Jana Small Finance Bank FD Interest Rate

Jana Small Finance Bank Limited (Jana Small Finance Bank) is a leading Small Finance Bank in India. It was operating as an NBFC-MFI before getting a banking licence from the Reserve Bank of India (RBI...Read More

Jana Small Finance Bank Fixed Deposit Interest Rates

Note: All interest rates are updated as of 30 Jan 2024
TenureFor General Citizen (p.a)For Senior Citizen (p.a)
7-14 Days3.75 %4.25 %
15-60 Days4.25 %4.75 %
61-90 Days5 %5.5 %
91-180 Days6.25 %6.75 %
181-364 Days7 %7.5 %
1 Year [365 Days]7.25 %7.75 %
max_returns
366 - 499 Days
8.5 %9 %
501 Days - 2 Years8.5 %9 %
> 2 Years - 3 Years7.35 %7.85 %
> 3 Year - < 5 Years7.25 %7.75 %
5 Years [1825 Days]6 %6.5 %
> 5 Years - 10 Years6 %6.5 %
500 Days8.5 %9 %

Types of FD offered by Jana Small Finance Bank

Regular Fixed Deposit

Regular fixed deposit allows customers to park their surplus funds as a lump sum and enjoy attractive returns on it.

  • The minimum deposit amount for FDs is ₹1,000
  • Interest can be received monthly, half-yearly, quarterly, or yearly. 
  • For all non-cumulative FDs, interest is calculated on a simple interest basis.
  • The interest payout schedule is aligned with the financial year and is not dependent on the date of booking. If you choose monthly interest payouts, you will receive them on the 1st of every month. For quarterly payouts, you will receive them on the 1st of every quarter. Half-yearly payouts are made on the 1st of October and the 1st of April, and annual interest payouts are made on the 1st of April.
  • Both new and existing customers of Jana Small Finance Bank can open a fixed deposit.

Tax Saver FD

Save on your taxes by investing in Jana Small Finance Bank’s Tax Saver Fixed Deposit. The following are some of the features of Tax Saver FD:

  • Investments made in this scheme are eligible for a tax deduction of up to ₹ 1.5 lakhs under Section 80C of the Income Tax Act of 1961 in each financial year. 
  • The deposit amount can range from a minimum of ₹100 to a maximum of ₹ 1.5 lakhs. 
  • The tenure of the deposit is five years, and it comes with a lock-in period of 1825 days.
  • Senior citizens can avail of additional interest rates on their deposits in this scheme.
  • Only the first holder of the deposit can avail the deduction under Section 80C of the Income Tax Act of 1961.
  • All other terms and conditions in this scheme will be the same as regular fixed deposits.

FD Plus

FD Plus depositors enjoy a higher interest rate than a Regular FD. Let’s have a look at some of its features:

  • The minimum amount of investment is above ₹15 lakhs
  • The FD can be made for a period of 7 days to 10 years
  • Auto-renewal facility is not available
  • Premature withdrawal of FD is not allowed except in case of death of the account holder or on order from statutory and/or regulatory authorities.
  • The interest is computed on the actual number of days in a year i.e. 365 for a non-leap year and 366 for a leap year.

Pros of investing in Jana Small Finance Bank Fixed Deposit

  • Period:  The tenure of the FD with Jana Small Finance Bank ranges from 7 days to a maximum of 10 years.  
  • DICGC insurance: The amount invested with the Jana Small Finance Bank is covered by Deposit Insurance and Credit Guarantee Corporation (DICGC) for the total sum of ₹5 lakhs. 
  • Minimum amount: Fixed deposits with Jana Small Finance Bank can be opened with an investment as low as ₹1,000. 
  • Tax benefits: Jana Small Finance Bank’s Tax Saving FD offers exemptions under Section 80C of the Income Tax Act of 1961 thus helping to save taxes.   
  • Auto-renewal option: Jana Small Finance Bank offers an auto-renewal option for their FDs. It means at the time of maturity of the FD, it gets renewed automatically. This facility is not available for FD plus scheme.
  • Nomination facility: Depositors can nominate beneficiaries for their investments made in Jana Small Finance Bank FDs. 

Cons of investing in Jana Small Finance Bank Fixed Deposit

  • Not dynamic: Interest rates on FD are not dynamic. So, it fails to overcome the risk of inflation. 
  • Fixed rate: Fixed deposits offer a fixed rate on the investment. Hence, no benefit can be availed for higher returns in cases of an increase in market interest rates.

Eligibility Criteria to Open a Fixed Deposit with Jana Small Finance Bank

To invest in Jana Small Finance Bank Fixed Deposits, the following are eligible:

  • Individuals,
  • Minors,
  • Proprietorship,
  • Hindu Undivided Family (HUF),
  • Registered and unregistered bodies,
  • Cooperative societies,
  • Trusts, 
  • Partnerships,
  • NGO, and
  • Private limited organisations.

Documents Required to Open a Jana Small Finance Bank Fixed Deposit

To open a fixed deposit, you will need to complete the KYC check with the bank. You need to submit identification proof such as PAN and Aadhaar card. Apart from this, the following are the Officially Valid Documents (OVD) as specified by the Government of India and RBI will be accepted: 

  • Passport 
  • Voters ID Card 
  • Driving Licence 
  • Job Card issued by NREGA duly signed by an officer of the State Government 
  • Letter issued by the National Population Register containing details of name and address

How To Open A FD Account with Jana Small Finance Bank?

Fixed deposit accounts can be opened in following ways: 

  • You can contact Jana Small Finance Bank’s Customer Care and their executive will schedule a service appointment at a time that is convenient to you so that the Relationship Manager can help you with the online application process, or 
  • Visit the nearest branch of Jana Small Finance Bank and officials in the branch will help you with the FD process. 
  • Investors can also choose a video KYC form to open an FD with Jana Small Finance Bank. 

Jana Small Finance Bank Fixed Deposit Premature Withdrawal

  • In case of a premature withdrawal of an FD Plus deposit, the applicable interest rate will be reduced by a penal rate of either 0.5-1% depending on the deposit amount. For FDs of less than ₹2 crores, the penal rate is 0.5%, while for FDs of ₹2 crores or more, the penal rate is 1%. The applicable interest rate will be either the contracted tenure rate or the interest rate applicable for the duration of the deposit, whichever is lower.
  • FD Plus deposits can be withdrawn prematurely only in case of the account holder's death or on orders from regulatory or statutory authorities. Tax Saver Fixed Deposits, on the other hand, do not allow premature withdrawals.

Tax implications on Jana Small Finance Bank FD

As per the Income Tax Act of India of 1961, taxpayers can seek deductions under Section 80C if they invest in FDs.

In a given financial year, a taxpayer can avail tax deduction to a maximum of ₹1.5 lakhs from their gross taxable income, provided the following conditions are fulfilled:

  • Taxpayers can invest in FD either through public or private sector banks. 
  • Individuals and HUFs can avail tax deductions by investing in tax savings FDs. 
  • Bank's five year tax saving FD offers exemptions under Section 80C. 
  • Investors cannot get loans against these FDs. 
  • In case of joint holders, only the first holder can get tax benefits. 

How to claim tax benefits?

At the time of filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs. 

Tax Deducted at Source (TDS)

  • TDS will be deducted on the interest accrued on the FDs if the interest is more than ₹40,000 (₹50,000 for senior citizens) in a given financial year. 
  • For Resident customers, If you have submitted your PAN card details then the deduction will be at 10% per year on the interest. Without a PAN card, the bank will deduct 20% TDS per year.

FAQs

What is the minimum tenure for Tax Saver FD in Jana Small Finance Bank?

Minimum tenure for a tax saver FD in Jana Small Finance Bank is 5 years with no premature withdrawal allowed.

Is the ₹5 lakhs DICGC insurance cover applicable on Jana Small Finance Bank FD?

Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover is applicable on Jana Small Finance Bank FD.

What is the maximum tenure of FD?

The maximum tenure of FD in Jana Small finance bank is 10 years

fd_banner
Jana Small Finance Bank

Calculate Jana Small Finance Bank FD Returns

₹1,00,000
366 - 499 Days
7-14 Days15-60 Days61-90 Days91-180 Days181-364 Days1 Year [365 Days]366 - 499 Days501 Days - 2 Years> 2 Years - 3 Years> 3 Year - < 5 Years5 Years [1825 Days]> 5 Years - 10 Years500 Days
8.5 %
Yes
No
Maturity Amount₹1,08,523

Top Banks Interest Rates

Understanding Fixed Deposit

fd_banner

Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

wint fd

Earn upto 9.5% p.a. interest by investing in FDs with Wint Wealth.