Janata Sahakari Bank FD Interest Rate
Janata Sahakari Bank Ltd. started its journey on October 18, 1949, in Pune. It was established by a group of individuals who wanted to create a banking institution for the masses, not just the classes. This bank has developed a vast network across Maharashtra and Gujarat, comprising 71 branches and two extension counters. Additionally, as Janata Sahakari is a Scheduled Co-Operative Bank, it accepts deposits from Government and Semi-Government corporations. In 2012, this bank became a Multi-State Scheduled Co-Op Bank.
Interest Rates Chart 2023
| Tenure | For General Citizens (p.a.) | For Senior Citizens (p.a) |
|---|---|---|
| 7 days to 45 days | 3% | 3% |
| 46 days to 179 days | 4.5% | 4.5% |
| 180 days to 210 days | 5.25% | 5.25% |
| 211 days to 364 days | 5.75% | 5.75% |
| 12 Months to 24 Months | 6.8% | 7.3% |
| Above 24 Months to 36 Months | 7.25% | 7.75% |
| Above 36 Months to 60 Months | 7% | 7.5% |
| Above 60 Months | 6.5% | 7% |
| Janhit (45 Days) | 3% | 3% |
| Swadhan (30 Days) | 3% | 3% |
| Note: All interest rates are updated as of 18th May 2023 | ||
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Janata Sahakari Bank@6.8% p.a
₹1,14,437
All you need to know about Janata Sahakari Bank FD Interest Rate
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Types of Janata Sahakari Bank Fixed Deposits
Reinvestment Deposit Scheme
- Scheme tenure: 7 days to 10 years
- Principal, along with compound interest, is repaid at the time of maturity.
- Senior citizens enjoy an additional interest rate.
- You can avail a loan of up to 90% of accrued money.
- A nomination facility is available.
Deposits For Income Tax Savings
If you invest in this FD, you are eligible for a tax deduction of up to ₹1.5 lakhs under Section 80C of the Income Tax Act of 1961.
- Maximum investment: ₹1.5 lakhs per annum.
- Scheme tenure: 5 years
- Lock-in period: 5 years
- Senior citizens enjoy an additional interest rate.
- No loan facility is available under this deposit.
- A nomination facility is available.
Janata Sahakari Bank Monthly Income Scheme
- Scheme tenure: 7 days to 10 years.
- Under this scheme, the bank pays the interest monthly.
- The interest under this scheme is payable at discounted rates.
- Senior citizens enjoy an additional interest rate.
- A nomination facility is available.
Janata Sahakari Bank Quarterly Interest Scheme
- Scheme tenure: 7 days to 10 years.
- Under this scheme, the bank pays the interest quarterly.
- Senior citizens enjoy an additional interest rate.
- You can avail a loan under this scheme.
- A nomination facility is available.
Janata Sahakari Bank Janahit Deposit Scheme
- Minimum investment: ₹5,000 and in multiples of ₹1,000.
- Scheme tenure: 45 days
- You can opt for cumulative and non-cumulative options. In this non-cumulative option, the bank will transfer the interest to your current or savings account.
- You can avail a loan of up to 90% of the deposit.
- You can avail a loan under this scheme.
- A nomination facility is available.
Pros of investing in Janata Sahakari Bank Fixed Deposit
- Period: The FD with Janata Sahakari Bank ranges from 7 days to 10 years.
- DICGC insurance: The amount invested with the bank is covered by Deposit Insurance and Credit Guarantee Corporation (DICGC) for the total sum of ₹5 lakhs.
- Minimum amount: Fixed deposits with Janata Sahakari Bank can be opened with a minimum investment of ₹5,000
- Preference to senior citizens: Additional interest rates for senior citizens.
- Nomination facility: Depositors can nominate beneficiaries for their investments in Janata Sahakari Bank FDs.
Cons of investing in Janata Sahakari 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, you cannot benefit from higher returns in cases of increased market interest rates.
Janata Sahakari Bank FD Eligibility Criteria
To invest in a fixed deposit offered by Janata Sahakari Bank, you must fulfil specific eligibility criteria. The list below specifies the ones eligible for these schemes:
- Indian residents
- Minors (under the guardians)
- Hindu Undivided Families (HUFs)
- Non-Resident Indians (NRIs)
- Companies
- Proprietary firms
- Partnership firms
- Association of Persons (AOPs)
- Trusts
- Local authorities
- Body of Individuals (BOIs)
- Registered societies
- Limited Liability Partnerships (LLPs)
Documents Required for Janata Sahakari Bank FD Account
Let us take a look at the list of documents required for opening an FD at Janata Sahakari Bank:
- Proof of identity: PAN card (Form No. 60 or 61 in case you cannot produce your PAN card), Aadhaar card, voter card, driving licence, passport or any other documents as per KYC norms.
- Proof of address: Aadhaar card, electricity bill, telephone bill, bank statement with a cheque and any other proof as per KYC norms.
- Recent passport-sized photographs
- Any other documents concerning HUFs, partnership firms, trusts, associations and companies requested by the bank.
How to Open an FD with Janata Sahakari Bank?
Here is a step-by-step detailed guide that you can follow to open a fixed deposit account at Janata Sahakari Bank:
Step 1: Visit the nearest branch and request an account opening form for a fixed deposit.
Step 2: Fill it up by providing all the necessary details such as your name, contact details, address, PAN number, type of account you wish to open, name of the nominee, etc.
Step 3: Enter the tenure for your fixed deposit scheme.
Step 4: Attach a cheque for the amount you wish to invest in the term deposit scheme and your account opening form. Alternatively, you can transfer the amount from any other account via net banking.
Step 5: Submit the form along with all the supporting KYC documents.
Step 6: The bank representatives will verify all your documents.
Step 7: The bank will provide an acknowledgement slip for your fixed deposit.
Apart from this, you can also download the fixed deposit application form from the bank’s website and complete the rest of the process by submitting the form along with the documents to the nearest bank branch.
Tax implications on Janata Sahakari Bank FD
According to 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 the case of joint holders, only the first holder can get tax benefits.
How to claim tax benefits?
When 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 from 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, the deduction will be 10% per year on the interest. The bank will deduct 20% of TDS annually without a PAN card
FAQs
Is there any advantage for senior citizens who invest in the Janata Bank Income Tax Savings Scheme?
Yes, senior citizens who wish to opt for the Janata Sahakari Bank Income Tax Savings Scheme will receive an additional 0.5% on the FD interest rates applicable to regular citizens.
How to break FD in Janata Sahakari Bank?
To close your fixed deposit account in Janata Sahakari Bank, you can follow these steps:
- Fill up the FD account closure or fixed deposit liquidation form of Janata Sahakari Bank.
- Kindly submit it to the bank along with all the requisite documents.
- Return the FD deposit certificate or receipt to the bank officials.
Is the ₹5 lakhs DICGC insurance cover applicable on Janata Sahakari Bank FD?
Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover is applicable on Janata Sahakari Bank FD.
What are the alternative ways of arranging money instead of closing an FD?
If you need money due to an unforeseen circumstance, you can avail a loan against your fixed deposit scheme instead of closing it.
How can you get an exemption on TDS?
If your interest earnings are less than ₹40,000 within a financial year, you can apply for a TDS exemption by submitting Form 15G to the bank. Senior citizens have a threshold of ₹50,000 and must submit Form 15H.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.