Kalyan Janata Sahakari Bank FD Interest Rate

Short Term Deposit

• Minimum investment: ₹5,000
• Maximum investment: No upper limit. 
• Scheme tenure: 7 days to less than 365 days
• Senior citizens receive an additional interest rate.
• Premature withdrawal is allowed with an applicable penalty.
• You can avail a loan under this scheme of up to 90% of the deposit amount.
• The auto-renewal facility is available with this deposit.
• A nomination facility is available.

Monthly Income Plan

• Minimum investment: ₹5,000 and in multiples of ₹1,000.
• Maximum investment: No upper limit.
• Scheme tenure: 1 year to 10 years.
• The bank will pay the interest monthly.
• Senior citizens receive an additional interest rate.
• Premature withdrawal is allowed with an applicable penalty.
• You can avail a loan under this scheme of up to 90% of the deposit amount.
• The auto-renewal facility is available with this deposit.
• A nomination facility is available.

Quarterly Income Plan

• Minimum investment: ₹5,000 and in multiples of ₹1,000.
• Maximum investment: No upper limit.
• Scheme tenure: 1 year to 10 years.
• The bank will pay the interest quarterly.
• Senior citizens receive an additional interest rate.
• Premature withdrawal is allowed with an applicable penalty.
• You can avail a loan under this scheme of up to 90% of the deposit amount.
• The auto-renewal facility is available with this deposit.
• A nomination facility is available.

Re-Investment Plan

• Minimum investment: ₹5,000 and in multiples of ₹1,000.
• Maximum investment: No upper limit.
• Scheme tenure: 1 year to 10 years.
• The interest is compounded quarterly, and the bank pays the accumulated interest and the principal amount at maturity.
• Senior citizens receive an additional interest rate.
• Premature withdrawal is allowed with an applicable penalty.
• You can avail a loan under this scheme of up to 90% of the deposit amount.
• The auto-renewal facility is available with this deposit.
• A nomination facility is available.

Tax Saver Scheme

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.

• Minimum investment: ₹100
• Maximum investment: ₹1.5 lakhs per annum.
• Scheme tenure: 5 years.
• Lock-in period: 5 years.
• You can opt for monthly, quarterly or on-maturity payout options.
• Senior citizens receive an additional interest rate.
• Premature withdrawal is not allowed under this scheme.
• You cannot avail of any loan or overdraft on this deposit.
• The auto-renewal facility is available with this deposit.
• A nomination facility is available.

Long Term Subordinated Deposits

• Minimum investment: ₹10,000 and in multiples of ₹5,000.
• Maximum investment: ₹25 lakhs for individuals and ₹50 lakhs for other than individuals.
• Scheme tenure: 5 years.
• You can opt for monthly, quarterly or on-maturity payout options.
• Senior citizens receive an additional interest rate.
• Premature withdrawal is not allowed under this scheme.
• You cannot avail of any loan or overdraft on this deposit.
• DICGC coverage is not applicable. 
• The auto-renewal facility is not applicable.
• A nomination facility is available.

251 Days Special

• Minimum investment: ₹5,000 and in multiples of ₹100.
• Maximum investment: No upper limit.
• Scheme tenure: 251 Days (days may vary & will be notified while launching scheme)
• This is a special scheme that is activated in the Ganeshotsav period only.
• Senior citizens receive an additional interest rate.
• Premature withdrawal is allowed with an applicable penalty.
• You can avail a loan under this scheme of up to 90% of the deposit amount.
• The auto-renewal facility is available with this deposit.
• A nomination facility is available.

• Period: The FD with Kalyan Janata Sahakari Bank ranges from 7 days to 10 years.
• Convenient: Open hassle-free FD using online banking in a few minutes
• 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 Kalyan Janata Sahakari Bank can be opened with an investment of ₹5,000 and for tax saver FD as low as ₹100. 
• Preference to senior citizens: Additional interest rate for senior citizens.
• Nomination facility: Depositors can nominate beneficiaries for their investments in Kalyan Janata Sahakari Bank FDs. 

• 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.

The eligibility criteria to open a fixed deposit at Kalyan Janata Sahakari Bank are as follows:

• Nationality: Indian
• Age: 18 and above
• Applicant Type: Resident individuals, Associations, Trusts, Hindu Undivided Families (HUF), Clubs, Societies, Firms (proprietorship/partnership), Public or Private limited companies, Institutions permitted by RBI, etc.

The following documents are needed to open an FD account in Kalyan Janata Sahakari Bank:

• Proof of identity: Passport, driving licence, Aadhaar card or Voter ID card.
• Address proof: Voter ID card, electricity bill, passport, driving licence, or Aadhaar Card. 
• PAN Card
• Form 60, if a PAN card is not available
• Recent passport-size photograph

You need to follow the below steps to open a Fixed Deposit in Kalyan Janata Sahakari Bank:

Step 1: Visit the nearest branch of Kalyan Janata Sahakari Bank in which you want to open a fixed deposit account.

Step 2: Fill up the Fixed Deposit Account Form with the necessary details mentioned in the prescribed form, such as name, address, email ID, contact number, PAN, nominee's name, type of account, etc.

Step 3: Enter the fixed deposit tenure in the account opening form. 

Step 4: Attach a cheque amount that you need for the fixed deposit. If required, you can transfer that amount through NEFT from another account.

Step 5: Provide the KYC documents after filling up the form. This should include PAN, Address Proof, and Identity Proof. 

Step 6: Verification from the bank representative 

Step 7: Get the Fixed Deposit Receipt.

The penalty for premature closure of fixed deposits is 1% less than the applicable Kalyan Janata Sahakari FD interest rates. No interest shall be payable if you withdraw your term deposit before 7 days from the investment date. 

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. 

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.