Latest News on Jana Small Finance Bank
Earn high yields with small finance banks, offering competitive interest rates of up to 9%
In response to the Reserve Bank of India’s (RBI) recent 25 basis points repo rate cut, investors are seeking high-yield fixed deposit (FD) schemes. Small finance banks have emerged as a promising option, offering interest rates as high as 9% per annum for specific tenures. Small finance banks are a category of banks established by the RBI to promote financial inclusion, providing essential banking services to underserved segments of society, such as small farmers, micro-businesses, and unorganized sector workers.
Some of the small finance banks offering high-yield FDs include Unity Small Finance Bank, NorthEast Small Finance Bank, Suryoday Small Finance Bank, Utkarsh Small Finance Bank, Jana Small Finance Bank, and Ujjivan Small Finance Bank. These banks offer a range of FD schemes with interest rates varying between 7% to 9% per annum, depending on the tenure.
It’s essential to note that small finance bank FDs are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to Rs 5 lakh per depositor. Experts recommend keeping deposits within this insured limit for maximum safety. While small finance banks offer higher interest rates, they operate differently from larger commercial banks, emphasizing the importance of risk management for investors.
In conclusion, small finance banks have emerged as a viable option for investors seeking high-yield FDs. However, it’s crucial to carefully evaluate the risk factors and consider the DICGC insurance limit to ensure maximum safety. With interest rates ranging from 7% to 9% per annum, small finance banks may be an attractive option for investors seeking sustenance and growth.
Searching for competitive returns? Consider these small finance banks offering up to 9% interest rates
In the wake of the Reserve Bank of India’s recent 25-basis-point repo rate cut, investors are actively seeking fixed deposit (FD) schemes with attractive returns. Small finance banks, established to promote financial inclusion, are now offering interest rates as high as 9% per annum for specific tenures.
Small finance banks are a unique category of banks set up by the RBI to bridge the gap in access to banking services for small farmers, micro-businesses, and workers in the unorganized sector. These banks offer a range of fixed deposit schemes, with some offering interest rates as high as 9% per annum. For instance, Unity Small Finance Bank offers 9% for a 1001-day FD, while NorthEast Small Finance Bank offers 9% for deposits between 18 months and 36 months.
Other small finance banks, such as Suryoday, Utkarsh, Jana, and Ujjivan, offer interest rates ranging from 8.1% to 8.5% per annum for deposits ranging from one to five years. AU Small Finance Bank offers 8.1% for an 18-month FD and 7.25% for a one-year FD.
While small finance banks offer higher interest rates, it’s essential to note that deposits up to Rs 5 lakh per depositor are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). However, financial experts recommend keeping deposits within this insured limit for maximum safety. As these small finance banks operate differently from larger commercial banks, risk management is crucial for investors.
Overall, small finance banks’ FD schemes can be a viable option for investors seeking attractive returns, but it’s important to consider the associated risks and ensure that deposits are within the insured limit to ensure maximum safety.
Senior Citizens, Take Advantage! Top banks offer a competitive 9% interest rate for your FD deposits
Small finance banks in India are offering attractive interest rates on fixed deposits (FDs) to senior citizens, enabling them to earn good returns while keeping their savings safe. Many of these banks are offering interest rates of 8.5% or more, outshining their big bank counterparts. Some of the top offers in the market are:
* Northeast Small Finance Bank, offering 9.00% interest rate on FDs ranging from 1 year to 3 years, making it an attractive short-term investment option.
* Suryodaya Small Finance Bank, offering 9.10% interest rate on 5-year FDs, making it an excellent option for long-term investors.
* Unity Small Finance Bank, offering 9.50% interest on 1001 days FD and 8.65% interest on 3-year FDs, making it a high-earning option.
* Jana Small Finance Bank, offering 8.75% interest on FDs of 1 year to 3 years, making it a profitable opportunity for short and medium-term investors.
* Equitas Small Finance Bank, offering 8.60% interest on 1-year FD and 8.50% interest on 3-year FD, providing a safe and good returns option.
* Ujjivan Small Finance Bank, offering 8.60% interest on 18-month FD, making it a medium-term investment choice.
These small finance banks are offering higher returns on FDs than their bigger counterparts, making them an attractive option for senior citizens looking to earn good returns while keeping their savings safe. With interest rates ranging from 8.50% to 9.50%, investors have a wide range of options to choose from, depending on their investment horizon and risk appetite.
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Bandhan Bank Embarks on New Phase of Expansion, Launches Nine New Branches Across Three States
Bandhan Bank has announced the expansion of its operations by opening nine new branches across three states in India. This move is part of the bank’s strategy to increase its presence in the country and cater to the growing demand for banking services.
The nine new branches have been set up in the states of Andhra Pradesh, Telangana, and Odisha. The branches will provide a range of financial services, including savings accounts, current accounts, loans, and credit cards. The bank has also introduced its flagship product, the Bandhan Jana Yojana, which offers suite of financial products and services to customers.
The expansion is a significant milestone for the bank, which has grown rapidly since its inception in 2014. The bank was set up with a mission to bring banking to the underbanked and unbanked populations, and to promote financial inclusion in the country. In a short span of time, the bank has become one of the largest private sector banks in the country, with over 3,200 branches and a network of over 20,000 ATM.
The new branches have been designed to provide a unique banking experience, with a focus on customer service, technology, and innovation. The branches will be equipped with advanced technology, including mobile banking, internet banking, and ATM facilities, to facilitate easy and convenient banking for customers.
The expansion is also expected to create new employment opportunities, with the bank planning to hire more employees to support the growth of its operations. The bank has a strong commitment to social responsibility, and has implemented various initiatives to promote financial inclusion, empower women, and promote education.
Bandhan Bank’s expansion into new markets is a major boost for the country’s banking sector, which has been growing rapidly in recent years. The bank’s focus on financial inclusion and social responsibility has made it a leader in the industry, and its expansion is expected to have a positive impact on the local economies where it operates.
Senior Citizens Can Earn a Competitive Return: 9.1% FD Rate for 5-year Tenure
For senior citizens looking to invest in a Fixed Deposit (FD), this may be a good opportunity to do so, as some banks are still offering attractive interest rates. Although the Reserve Bank of India (RBI) recently cut its repo rate by 25 basis points, some banks are still offering interest rates as high as 9.1% on 5-year FDs. Here are some banks that are currently offering high interest rates to senior citizens:
* Suryoday Small Finance Bank: 9.1% interest rate on 5-year FDs
* Unity Small Finance Bank: 8.65% interest rate on 5-year term FDs
* Northeast Small Finance Bank: 8.5% interest rate on 5-year FDs
* Utkarsh Small Finance Bank: 8.35% interest rate on 5-year fixed deposits
* Jana Small Finance Bank: 8.2% interest rate on 5-year FDs
In addition to earning interest on their FDs, senior citizens can also take advantage of tax benefits. Under the old tax regime, investing in 5-year FDs can provide a tax exemption of up to Rs 1.5 lakh under Section 80C. However, under the new tax regime, this exemption is not available. Senior citizens can also avail an exemption on interest income of up to Rs 50,000 every financial year under Section 80TTB.
It is important to note that deposits in small finance banks are insured up to Rs 5 lakh by the Deposit Insurance Credit Guarantee Corporation (DICGC). However, experts advise investors to carefully consider the risks and decide on the limit of their investment accordingly, as the business model of these banks may differ from traditional banks.
Overall, for senior citizens, investing in FDs can be a good way to earn a steady return, while also taking advantage of tax benefits. However, it is essential to carefully review the terms and conditions of the FD and assess the risks involved before making a decision.
Tap into a diverse range of deposit options with varying maturity terms – Money News
As interest rates are expected to fall, investors may want to consider locking in higher returns by investing in top-rated corporate deposits or small finance bank fixed deposits (FDs). Corporate FDs typically offer 150-200 basis points (bps) higher returns than those of public sector banks, while small finance bank FDs offer 100-150 bps higher returns.
Experts recommend depositors consider FDs with maturities of three years or more to minimize the risk of interest rate fluctuations. For example, State Bank of India offers 6.5% for a 5-year FD, while Shriram Finance and Jana Small Finance Bank offer 8.47% and 8.2%, respectively, for the same tenure.
Corporate deposits can be offered in cumulative or interest-generating options, with the latter providing liquidity at fixed intervals. Depositors should consider their investment horizon, liquidity needs, and risk appetite when choosing the deposit tenure.
The key is to check the credit ratings of the deposit-issuing companies, with AAA-rated companies being a good option. Adhil Shetty, CEO of Bankbazaar, suggests that corporate deposits are suitable for those looking to boost their fixed income returns.
Small finance banks, categorized as scheduled banks, offer higher capital protection and may provide similar or higher returns than corporate FDs. Spreading deposits across multiple banks can help investors maximize insurance coverage and ladder FDs across multiple maturities, says Gaurav Aggarwal, chief business officer of Unsecured Loans, Paisbazaar.
Given the expected downward trend in interest rates, investors may want to lock in higher rates for 3-5 years to mitigate the risk of interest rate fluctuations. Ultimately, the right approach depends on an individual’s financial goals and liquidity needs.