High interest rate (6.75%) on short tenure FD of Jana Small Finance Bank

This bank is offering 6.75% FD interest rate for FD tenures of 7-180 days; check details

Jana Small Finance Bank (SFB) has launched a new fixed deposit scheme named 'Liquid Plus Fixed Deposit', which is ideal for investors interested in parking their extra funds for short durations.

According to the Jana SFB website, as of September 19, 2024, the tenure for this FD scheme ranges between 7 days and 180 days.

What are the minimum and maximum investment amounts for this FD scheme

According to the Jana Small Finance Bank press release, “The rate for this FD scheme is applicable for the minimum deposit amount of Rs 10 lakh for retail deposits up to Rs 3 crore and above Rs 3 crore to Rs 200 crore for bulk deposits per customer.”

Interest rates for Jana SFB Liquid Plus Fixed Deposits

According to Jana SFB website as of September 19, 2024, the interest rate for the Liquid Plus Fixed Deposits is 6.75% for all tenures.

Here’s a table showing the interest rates for Jana SFB Liquid Plus Fixed Deposits

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Tenure	Retail FD interest rate (p.a)	Bulk FD interest rate (p.a.)
7-14 days	6.75%	6.75%
15-60 days	6.75%	6.75%
61-90 days	6.75%	6.75%
91-180 days	6.75%	6.75%

Source: Jana SFB website

According to Jana SFB website, “The above rates will be applicable for all Resident Individual and Non Individual clients (no preferential rates are applicable for Senior Citizens or Bank’s employees under this product).”

Features of Jana SFB Liquid plus FD

In a press release dated September 19, 2024 Jana Small Finance Bank said, “Liquid Plus FD scheme is designed to cater to the needs of individuals, high-net-worth individuals (HNIs) and corporates seeking short term investments options with safety, liquidity and assured returns. Apart from offering high interest rates this solution also offers innovative features like T+0 (same day) redemption, availability of partial withdrawal feature and Instant Overdraft facility as required.Notably, there are no pre-maturity redemption charges i.e., no exit load, making it a highly flexible and beneficial fixed deposit investment option.”

Ajay Kanwal, Managing Director and Chief Executive Officer, Jana Small Finance Bank said, "Our aim is to serve a new segment of customers who will look at short term bank deposits meeting their needs of managing surplus money.”

Things to note about this FD product

The interest shall be computed based on the actual number of days in a year i.e. 365 days for a non-leap year and 366 days for a leap year. The tenor of the Fixed Deposit shall be calculated in the number of days.
In case of premature withdrawal or partial withdrawal of the Liquid Plus Fixed Deposit, interest shall not be paid at the originally contracted rate. In such cases, interest shall be paid at the applicable rate of interest for the duration for which the fixed deposit is maintained with us.
Minimum tenor for Liquid Fixed Deposits is 7 days. No interest shall be paid in case premature withdrawal is made within 7 days.
For all Non-Cumulative Fixed Deposits, interest shall be calculated on a simple interest basis.
The booking and partial withdrawal of the Liquid Plus Fixed Deposit Booking and Partial withdrawal can only be done in the banking hours by visiting the Branch. The same cannot be done through mobile banking applications or internet banking portals in any scenario whatsoever.
In case of partial withdrawal of the Liquid Plus Fixed Deposit, value of fixed deposit after the partial withdrawal should be equal to or more than the minimum fixed deposit value as stated above or as changed by the Bank from time to time.
In case of withdrawal of fixed deposit (partial or full), the Bank shall endeavour to settle the amount on T + 0 basis only in case the client has a Current / Savings Account with the Bank. The said turnaround time shall change in case any event occurs which is beyond the control of the Bank.

This story originally appeared on: India Times - Author:Faqs of Insurances