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.
|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|
Reinvestment Deposit Scheme
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.
Janata Sahakari Bank Monthly Income Scheme
Janata Sahakari Bank Quarterly Interest Scheme
Janata Sahakari Bank Janahit Deposit Scheme
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:
Let us take a look at the list of documents required for opening an FD at 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.
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:
When filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs.
Tax Deducted at Source (TDS)
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.
To close your fixed deposit account in Janata Sahakari Bank, you can follow these steps:
Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover is applicable on Janata Sahakari Bank FD.
If you need money due to an unforeseen circumstance, you can avail a loan against your fixed deposit scheme instead of closing it.
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.