This Bank Is Offering 8.5% Interest On Fixed Deposits For Senior Citizens

If you think saving up money in savings bank accounts is the story of the past due to extremely low returns and rate of interests provided by banks, you may have to think twice.

The Bengaluru-based small finance bank Jana Small Finance Bank has increased its interest rates across Savings bank and Fixed bank deposits and the rate of interest is higher for deposits made under senior citizens’ accounts.

The bank has also launched a special account called a ‘non-callable Fixed Deposit’ plan for a minimum investment corpus of Rs 15 lakh.

Here’s everything you need to know about the interest rates and rate hikes by the small finance bank.

Interest Rate Details by Jana Small Finance Bank 

Account holders of the new bank launched in 2017 will now get a hiked interest rate on their fixed deposits of over Rs 15 lakh to as much as Rs 2 crore at a rate of 8.35% for holding the money in the FD account for a tenure of 1-2 years.

This will be under the Fixed Deposit Plus Scheme. The scheme will not entertain any premature redemption of the corpus and there needs to be a minimum sum of Rs 15 lakh for the plan to come into action.

If you are a senior citizen, then you can get a benefit of up to 8.5% on the fixed deposit for holding the money for 2-3 years’ period, and an 8.2% interest for such citizens on holding money for 5 years.

The rate of interest provided to senior citizens holding money for 3-5 years will be 8.3%.

For citizens having a balance of Rs 1 lakh to Rs 50 crore in their Savings account, the small finance bank will provide an interest rate of 7% p.a. and a 4.5% annual interest for balance of up to Rs 1 lakh.

“Jana Small Finance Bank offers best-in-class products, pricing and services experience to customers. 

With this increase in interest rates across fixed deposits and savings Bank products, we are now offering the most competitive rates in the Banking space. We are witnessing excellent response from our customers; both new and existing,” said the President and Head of Branch Banking and Marketing of Jana SFB, Shrinivas Murthy.