Jana Small Finance Bank has floated a new FD scheme — Liquid Plus Fixed Deposit — at an interest rate of 6.75% per annum for tenures ranging from 7 to 180 days. The rate is applicable to a minimum deposit of Rs 10 lakhs for retail deposits up to Rs 3 crore, and for bulk deposits between Rs 3 crores and Rs 200 crores per customer for a short period of time.
Interest rates
As per Jana Small Finance Bank website as of September 19, 2024, the interest rate for the Liquid Plus Fixed Deposits is 6.75% for all tenures.
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%
Key features:
I. The term deposit provides higher returns, offering better yields than traditional short-term investments.
II. It offers same-day redemption (T+0), providing instant access to funds.
III. There is flexibility to withdraw a portion of the fixed deposit whenever needed.
IV. The term deposit comes with no exit load, making it flexible and risk-free in case of early withdrawal.
V. Additionally, you can obtain an overdraft against your fixed deposit to address urgent cash requirements without the need to break your deposit.
VI. In the event of a partial withdrawal from the Liquid Plus Fixed Deposit, it is imperative that the remaining value of the fixed deposit post-withdrawal equals or exceeds the minimum fixed deposit threshold.
VII. The retail fixed deposit scheme encompasses a minimum deposit value of ₹10 lakh, while the upper limit is below ₹3 crore.
VIII. Notably, within the Liquid Plus Fixed Deposit, interest disbursements are aligned with the financial year calendar. Monthly interest payments are scheduled for the first of each month, quarterly dividends are to be received on the first day of every quarter, and semiannual payouts are set for the 1st of October and April.