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Senior Citizens Fixed Deposit Interest Rates in Jana Small Finance Bank

Updated 19 Dec 2023

Jana Small Finance Bank has been a beacon of trust and commitment in the banking sector. Recognizing the significance of financial stability for senior citizens, Jana Small Finance Bank ensures that their FD scheme for senior citizens stands out by providing higher interest rates than those available to the general public. Delve into how Jana Small Finance Bank rolls out the red carpet for senior citizens with its attractive interest rates.

Features of Jana Small Finance Bank Senior Citizen FD

  • Enhanced Interest Rates: Senior citizens usually gain from an extra interest rate over the standard FD rates. The particular rate depends on the bank's ongoing propositions.
  • Qualification: Senior citizen FD accounts are exclusively available to individuals aged 60 and above.
  • Duration: Customers can opt from an assorted range of FD terms, typically spanning between 7 days to 10 years.
  • Early Withdrawal: Even though penalties might be charged, senior citizens frequently avail more lenient terms for premature FD closures.
  • Borrowing Options: In line with other depositors, senior citizens can leverage the advantage of obtaining loans against their FDs.
  • Beneficiary Assignment: Jana Small Finance Bank ensures that beneficiaries can access the FD funds following the demise of the account owner.
  • Tax Deduction at Source (TDS) Implications: Indian tax rules dictate that interest earnings are subject to tax. However, senior citizens, upon providing Form 15H, can avert TDS subtractions.
  • Automatic Renewal: Several banks, perhaps including Jana Small Finance Bank, incorporate an automatic renewal feature, ensuring the FD remains active post its maturity unless stated otherwise.
  • Deposit Limits: The amount for a senior citizen FD might vary. A minimum limit is usually established, but a maximum cap might be non-existent.
  • Unique Offerings: On occasion or through bank-driven campaigns, bespoke benefits or features designed for senior citizens might be introduced.

Jana Small Finance Bank FD Interest Rate for Senior Citizens

TenureSenior Citizen FD Rate
7 days - 14 days4.25%
15 days - 1 month 29 days4.80%
2 months - 2 months 29 days5.50%
2 months 30 days - 5 months 27 days6.75%
5 months 28 days - 11 months 29 days7.50%
11 months 30 days - 11 months 30 days7.75%
1 year - 1 year 11 months 29 days9.00%
1 year 11 months 30 days - 2 years 11 months 30 days7.90%
3 years - 4 years 11 months 28 days7.80%
4 years 11 months 29 days - 9 years 11 months 28 days6.50%

Note: All interest rates shown above are as on 4th Aug 2023

Eligibility

  • The ‘Senior Citizen FD’ at Jana Small Finance Bank is exclusively available for individuals aged 60 or above.
  • The bank provides an augmented interest rate of 0.75% for its Senior Care FD.
  • Please note the Senior Care FD scheme is not extended to NRIs.

Documents Required to Open a Jana Small Finance Bank Fixed Deposit for Senior Citizens

Identity Proof

  • Aadhaar card
  • Voter ID
  • Ration card
  • Passport
  • PAN card
  • Driving Licence

 

Address Proof

  • Bank Statement
  • Cancelled Cheque
  • Utility Bills

FAQs

Is there a special scheme for senior citizens?

Yes, Jana Small Finance Bank offers the 'Senior Citizen Care' FD, which furnishes additional perks compared to the regular FD.

Can I break my Senior Citizen FD prematurely?

Yes, you can. However, this action might attract a penalty. It's recommended to consult the bank for more information.

Is TDS applicable on the interest garnered from Senior Citizen FD?

Absolutely. TDS is levied if the aggregate interest earned surpasses the benchmark determined by the Income Tax department within a fiscal year.

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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.

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