After the increase in repo rate by RBI, banks have also started increasing interest rates. Apart from increasing the interest rate on loans, the interest rates on bank deposits have also started increasing. In this series, Jana Small Finance Bank has also increased the interest rates on fixed deposits ie FDs.
The bank’s new FD rates have become effective from December 15, 2022. With this hike, the bank is offering one of the highest interest rates across the industry. Customers will now get an interest rate of 7.85 per cent on deposits for a period of 2 to 3 years, while senior citizens are being offered an interest rate of 8.80 per cent for the same period.
Jana Small Finance Bank New FD Rates for Common Citizens
7 to 14 days – 3.75%
15 to 60 days – 4.25%
61 to 90 days – 5.25%
91 days to 180 days – 5.50%
181 days to 364 days – 7.00 Per cent
365 days – 7.25 per cent
> 1 year-2 years – 7.50 per cent
> 2 years-3 years – 7.85 per cent
> 3 years- 5 years-10 years – 6.00 per cent
RBI has increased the repo rate 5 times this year
Reserve Bank has increased the repo rate 5 times so far this year. With the intention of reducing inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7.
Many banks have increased the rates of Fixed Deposits
It is noteworthy that recently SBI, Kotak Mahindra Bank, HDFC Bank, Indian Overseas Bank, Suryoday Small Finance Bank, Yes Bank etc. have also increased their FD rates. This process of rate hike has started after the increase in repo rates by RBI.
