Jana Small Finance Bank Revises Fixed Deposit Interest Rates. Here's What Peers Pay
Small finance banks (SFBs), aimed at financial inclusion, offer financial products such as savings, recurring and fixed deposit (FD) accounts. While their products are similar to those provided by mainstream commercial banks, the interest rates paid by the small finance banks are higher comapred to their larger peers. Jana Small Finance Bank revised its fixed deposit and recurring deposit interest rates with effect from today. The small finance bank pays a return of 8.5 per cent on fixed deposits up to Rs 1 crore over a maturity period or term of 181-365 days, according to a statement by Jana Small Finance Bank.
Rival AU Small Finance Bank pays interest at the rate of 7 per cent on fixed deposits up to Rs 1 crore over a term of six months one day to 13 months. Another peer, Capital Small Finance Bank, pays an interest rate of 7.15 per cent on fixed deposits of the same size over a term of 180 days to less than one year. On the same tenure, State Bank of India (SBI), the largest lender of the country, pays interest at the rate of 6.80 per cent over a term of one to less than two years.
Here's a comparison of fixed deposit (FD) interest rates paid by Jana Small Finance Bank, Capital Small Finance Bank and AU Small Finance Bank on fixed deposits up to Rs 1 crore:
Jana Small Finance Bank
These are the FD interest rates paid by the bank on fixed deposits below Rs 1 crore, according to its website - janabank.com:
| Period | Interest Rate (p.a) | Interest Rate (p.a) | Interest Rate (p.a) |
|---|---|---|---|
| Fixed Deposit Plus with No Premature Withdrawal | Regular Fixed Deposit | Senior Citizen Fixed Deposit | |
| Applicable on deposit of >15 lakhs | Applicable on deposit < 1 crore | Applicable on deposit of < 1 crore | |
| 7-45 days | 6.00% | 6.00% | 6.60% |
| 46-60 days | 6.50% | 6.50% | 7.10% |
| 61-180 days | 7.25% | 7.00% | 7.60% |
| 181-365 days | 8.75% | 8.50% | 9.10% |
| More than 1 year and up to 2 years | 9.00% | 8.50% | 9.10% |
| More than 2 years to less than 3 years | 9.00% | 8.50% | 9.10% |
| 3 years | 9.25% | 9.00% | 9.60% |
| More than 3 years and up to 5 years | 8.50% | 8.50% | 9.10% |
| More than 5 years and up to 10 years | 7.00% | 7.00% | 7.60% |
AU Small Finance Bank
These are the FD interest rates paid by the bank on fixed deposits below Rs 1 crore, according to its website - aubank.in:
| TENURE BUCKETS | Interest rate for general public | Interest rate for senior citizen |
|---|---|---|
| 7 Days to 1 Month 15 Days | 5.50% | 6.00% |
| 1 Month 16 Days to 3 Months | 6.75% | 7.25% |
| 3 Months 1 Day to 6 Months | 6.90% | 7.40% |
| 6 Months 1 Day to 13 Months | 7.00% | 7.50% |
| 13 Months 1 Day to 18 Months | 8.25% | 8.75% |
| 18 Months 1 Day to 24 Months | 8.50% | 9.00% |
| 24 Months 1 Day to 36 Months | 7.75% | 8.25% |
| 36 Months 1 Day to 45 Months | 7.75% | 8.25% |
| 45 Months 1 Day to 60 Months | 8.00% | 8.50% |
| 60 Months 1 Day to 120 Months | 7.25% | 7.75% |
Capital Small Finance Bank
These are the FD interest rates paid by the bank on fixed deposits below Rs 1 crore, according to its website - capitalbank.co.in:
| Slab | Rate of interest for general public with effect from November 19, 2018 | Rate of interest for senior citizens with effect from November 19, 2018 |
|---|---|---|
| 15 Days to 30 Days | 5.25% | 5.75% |
| 31 Days to 45 Days | 5.75% | 6.25% |
| 46 Days to 89 Days | 6.50% | 7.00% |
| 90 Days to 179 Days | 6.85% | 7.35% |
| 180 Days to less than 1 Year | 7.15% | 7.65% |
| 1 Year to less than 5 Years | 7.65% | 8.15% |
| 5 Years and upto 10 Years | 7.50% | 8.00% |
| Special Category | ||
| 400 Days | 7.85% | 8.35% |
| 900 Days | 7.75% | 8.25% |
Post offices pay between 6.9-7.8 per cent on fixed deposits.