Fixed Deposit Interest Rate: Jana Small Finance Bank (SFB) has recently changed its interest rates on Fixed Deposit, giving customers more attractive options to increase their savings.
The interest rates of fixed deposits keep on increasing and decreasing. If you also want to invest in FD and are looking for which bank will give you the highest interest, then know about it in detail. The new fixed deposit rates of Jana Small Finance Bank claim to give better returns.
FD can start from Rs 1000
With Jan SFB, customers can start FDs as low as Rs.1,000. The new interest rates will be applicable for deposits of less than Rs 2 crore. Additionally, Jana SFB has fixed a minimum tenure of 1 year for Fixed Deposits for NRE. The customer can choose any option for the payment of interest, monthly, quarterly, twice a year and once a year.
How much will be the benefit? (FD Interest Rate)
Not only this, the bank offers special interest rate for senior citizens of 60 years and above. The special rates are applicable on FDs for resident Indians only. It is important to note that interest will be calculated based on the actual number of days in each year, 365 days for a normal year and 366 days for a leap year. Jana SFB (SFB) is providing 7.75 percent interest rate on FD for 365 days to senior citizens while the interest rate for the rest of the customers is 7.25 percent.
Similarly, senior citizens can avail 9 percent interest rate on FDs for more than 365 days and up to 2 years. At the same time, the interest rate for the rest of the customers has been fixed at 8.5 percent for the same period of FD. Tax Saving FDs are also available, with a maximum limit of Rs 1.5 lakh. Senior citizens can enjoy tax saver FD. However, these deposits have a lock-in period of 5 years. Premature withdrawal is not allowed.