In comparison to larger banks like the State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank, and ICICI Bank, many local financing banks in the nation are providing consumers with higher returns on their savings. These little financial institutions are giving bumper interest on savings accounts as well as fixed deposits. Jana Small Finance Bank is giving up to 9 per cent interest on FD to its customers.
The interest rates on fixed deposits have just been modified by Jana Small Finance Bank. The effective date of these interest rates is January 2, of this year. Following the modification, senior persons will receive a maximum return of 9.00 per cent, while the general public will receive 8.50 per cent, all for a year.
For FDs maturing in 7–14 days, Jana Small Finance Bank is currently offering a 3.00% interest rate; for FDs maturing in 15–60 days, the interest rate is 4.25%. The bank is now giving a 5.0% interest rate for FDs having a duration of 61-90 days and a 6.5% interest rate for FDs with a duration of 91-180 days. Deposits maturing in 365 days presently have an interest rate of 8.50 per cent, while deposits maturing in 181-364 days currently have an interest rate of 8.00 per cent.
As a bank customer, you should be aware that you are covered for up to Rs 5 lakh in insurance coverage in the event that your bank defaults or files for bankruptcy. Deposit Insurance and Credit Guarantee Corporation, or DICGC, is the organization that gives you this sum. The majority of the nation’s banks are registered with DICGC. DICGC is an organization wholly owned by the Reserve Bank. If your money is deposited in any bank, then you can check whether your bank is registered for deposit insurance or not by clicking on the link .
Jana Small Finance Bank is a small finance bank that commenced operations on March 28, 2018, headquartered in Bangalore, India. It has been issued a license to operate by the Reserve Bank Of India
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