Jana Small Finance Bank RD Interest Rates

Jana Small Finance Bank, formerly known as Janalakshmi Financial Services, began operations in 2008 and is based in Bengaluru. The Reserve Bank of India, or the RBI granted it a small finance bank license in 2015.

In addition, it got its final banking license in April 2017 and began operations on March 28, 2018. In India, the bank has 500 branches spread over 19 states. This is also a Bank that provides its customers with RD accounts.

The Public sector banks, cooperative banks, private sector banks, international banks, and regional rural banks all offer bank RDs. You are expected to invest in pre-determined regular amounts (typically monthly). Banks offer multiple tenure options with varying interest rates that you can choose from based on your needs. The interest rate is determined quarterly rather than annually, and the maturity amount is taxed.

Premature withdrawals are not permitted with recurring deposits; however, you may take the entire amount at any time after paying the penalty, which is typically 1%.

Jana Bank RD Interest Rates 2024

Here is the table to show the Jana Small Finance Bank RD interest rates:

Tenure

Jana Bank RD rates for general customers

Jana Small Finance Bank RD rates for senior citizens

0 to 1 month

0.00%

0.00%

> 1 month to 6 months

4.00%

4.80%

> 6 months to 12 months

5.50%

6.30%

12 Months to 24 Months

7.25%

8.05%

> 24 months to 36 months

7.25%

8.05%

> 36 months to 60 months

7.35%

8.15%

> 60 months to 120 months

6.00%

6.80%

Jana Small Finance Bank Recurring Deposit

Jana Small Finance Bank Ltd allows you to accumulate wealth over time by making recurring monthly contributions of a specified amount. It gives you a variety of RD alternatives with deposit terms ranging from 12 months to 120 months. The highest deposit amount for an RD is unlimited.

When you open an RD account, you must provide instructions for the disposition of maturity profits. Loans or overdrafts of up to 90% of the deposited amount are available. The interest rate on RDs is the same as on term deposits. The rate applicable to all Senior Citizens aged 60 and up will be 0.50% higher than the rate applicable to general consumers.

Investing in Jana Small Finance Bank Ltd is an excellent choice for those with little income. The advantage of RDs is that you obtain the same interest rate for the duration of the RD, even if future RD rates are lower.

Characteristics of the Jana Small Finance Bank RD Account

  • The interest rate is calculated using the actual number of days in a year, which is 365 for a non-leap year and 366 for a leap year. The deposit tenor is expressed in terms of days.
  • In the event of an early withdrawal from a recurring deposit, a penalty based on the applicable rate of interest will be levied for the term of the deposit with Jana Bank.
  • For late and/or missed monthly payments:
  1. A penalty based on the amount of the installment will be assessed.
  2. This penalty will be assessed based on the number of days of delay.
  3. The customer will be given a grace period of 5 days to make the installment payment in order to avoid penal costs.
  • If a customer fails to make 5 consecutive recurring deposit payments, Jana Bank maintains the right to cancel the account.
  • Recurring Deposits should have a minimum term of 6 months.
  • The minimum monthly payment should be 100.
  • The amount of each installment should be in multiples of 100.

How to Apply for the Jana Small Finance Bank RD Account?

There are three usual ways that you can apply for the RD account from Jana Small Finance Bank:

  • The Jana Bank Existing customers can set up recurring deposits via their bank's Mobile Banking App or Jana Bank Internet Banking.
  • Open a Recurring Deposit at your nearby Jana Bank location.
  • You can also contact Jana Bank, and one of our Customer Care Representatives will set up a service appointment with the Relationship Manager of the bank to assist you with the application process.

FAQs

Q1. What are the main documents required to apply for the RD scheme from Jana Small Finance Bank?

ID proof, such as Aadhaar Card, PAN, License, ration, and more.

Address proof, such as Aadhaar, telephone bill, bank statement, certificate of the post office, and more.

Q2. Will these interest rates change often?

There will be periodic changes in the interest rate from Jana Small Finance Bank.

Q3. Will utility bills be considered ID Proof?

No. Utility bills will only be considered as the address proof.

Q4. Is there a nomination facility for the RD account from Jana Small Finance Bank?

Yes, while applying for the RD account, you can nominate the preferred person.

Q5. Can I get a loan against my RD account from Jana Small Finance Bank?

Yes. You can get 90% of the RD account value as a loan from the bank.

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