A rise in the interest rates on fixed deposits has been announced by Jana Small Finance Bank (SFB). The new rates are in effect as of today, February 6, 2023, according to the bank’s website. The interest rates on fixed deposit (FD) plus accounts where premature withdrawals are prohibited have risen as a result of the adjustment. The bank raises interest rates on fixed deposits and provides tempting interest rates, including 8.25% for FD Plus and 8.10% for regular fixed deposits (Non-Callable). The bank increased the interest rate on fixed deposit Plus (Non-Callable) today from 7.85% to 8.25%, whereas Jana SFB increased the interest rate on regular fixed deposit on February 1st, 2023 from 7.85% to 8.10%.
New Regular Fixed Deposit and Recurring Deposit Rates go into effect on February 1, 2023; Fixed Deposit Plus Rates go into effect on February 6, 2023; and after the announcement of an interest rate rise, Jana SFB’s rates are not only one of the highest across the banking industry but also are inflation-beating. Since customers may now get an interest rate of up to 8.10% on regular deposits for a duration of more than 2-3 years and 8.25% on Fixed Deposit Plus for a tenure of more than 2-3 years, Jana SFB’s rates.
Shrinivas Murty, President and Head of Branch Banking and Marketing said, “Our interest rates are best in class. We offer a wide range of Liabilities products suitable for every customer segment we serve. Jana Fixed deposits & Current accounts with sweep-in facility are extremely well received as these products help balance liquidity needs with returns. This increase in interest rates would help our customer plan their investments better & meet their financial objectives.”
Jana SFB FD Rates
The bank now offers an interest rate of 3.90% on fixed deposit plus accounts that mature in 7–14 days, while Jana Small Finance Bank (SFB) is now offering an interest rate of 4.40% on accounts that mature in 15–60 days. Currently, Jana Small Finance Bank (SFB) is offering interest rates of 5.40% on deposits with a maturity of 61 to 90 days and 5.65% on deposits with a maturity of 91 to 180 days. Deposits that mature in 181-364 days earn 7.15% interest, while those that mature in 1 year [365 days] get 7.40% interest.
The bank is now giving an interest rate of 7.65% on deposits maturing in one to two years, while Jana SFB is also offering a maximum interest rate of 8.25% on deposits maturing in two to three years. Deposits that mature between 3 and 5 years will earn interest at a rate of 7.50 percent, while those that mature after 5 years [1825 days] will earn interest at a rate of 7.40 percent. 6.15% interest is what Jana SFB guarantees on deposits held for 5–10 years.
Retail customers of Jana Small Finance Bank have the option to open current accounts, savings accounts, and recurring deposits in addition to traditional fixed deposits. Additionally, the bank provides NR (Non-Resident) Fixed Deposits with competitive interest rates.