In order to present monetary help to its account holders impacted by COVID-19, Jana Small Finance Bank Ltd has extended its Overdraft (OD) facility Against Fixed Deposit (FD) at a nominal interest price to all its buyers across India. The bank mentioned in a statement today that the interest price on this facility is .25 percentage points more than and above the FD price with a utilisation of 50 per cent or more.
The bank mentioned that a buyer can get up to 90 per cent of the FD worth as OD. The particular pricing will be out there to the bank’s current buyers till 31st December 2021. To get the OD, buyers have been requested to apply just before 30th June 2021.
Jana Small Finance Bank buyers can avail this facility alternatively of liquidating the FD to meet their liquidity specifications. The bank also mentioned buyers will continue to earn applicable prices of interest on their FDs.
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Customers can make the payment for the OD facility according to their decision, i.e., either in lump sum or in instalments. Jana Small Finance Bank will not charge any processing charge for the exact same. This facility can be availed by offering easy documentation and can be swiftly carried out.
Commenting on the present, Ajay Kanwal, MD and CEO, Jana Small Finance Bank Ltd mentioned, “As the lockdown opens it will help our customers to have a credit line available for their business or personal need without liquidating their deposit. Therefore, we have taken a conscious call to offer the lowest rate of 0.25 percentage over the FD rate as we think this is the need of the hour.”
The minimum OD FD facility quantity with the bank must be Rs 10,000 and FD tenure of 180 days or more. The buyer can withdraw the revenue via any out there channels of Jana Small Finance Bank like on the internet, cheque, and so on.