Jana Small Finance Bank is offering a flat 6.75% interest rate for short term deposits, with tenures ranging from seven to 180 days. There is no penalty for early withdrawal.

The rate is applicable for retail deposits ranging from Rs 10 lakh to Rs 3 crore. In case of bulk deposits, the amount is above Rs 3 crore to Rs 200 crore.

“The aim is to serve a new segment of customers who look at short-term bank deposits to meet their needs of managing surplus money,” said Jana Small Finance Bank managing director and CEO Ajay Kanwal.

The new deposit scheme offers features like T+0 (same day) redemption, availability of partial withdrawal feature and instant overdraft facility.

There are no pre-maturity redemption charges. 

The ‘liquid plus’ fixed deposit scheme will allow Jana Small Finance Bank to build its short-end deposit book, an activity it had neglected so far. Since in the last two years it had started vendor financing, which are all short term, the new scheme is aimed at bridging the gap on the liability side.

Most of Jana SFB’s deposits are with maturity period of over one-year.