No need to break Fixed Deposit! Jana Small Finance Bank offers money at just 0.25% above FD rate

Consultant picture/Pixabay

With a purpose to supply monetary assist to its account holders affected by COVID-19, Jana Small Finance Financial institution Ltd has prolonged its Overdraft (OD) facility Towards Mounted Deposit (FD) at a nominal rate of interest to all its prospects throughout India. The financial institution mentioned in a press release at the moment that the rate of interest on this facility is 0.25 proportion factors over and above the FD price with a utilisation of fifty per cent or extra.

The financial institution mentioned {that a} buyer can stand up to 90 per cent of the FD worth as OD. The particular pricing will likely be accessible to the financial institution’s current prospects until thirty first December 2021. To get the OD, prospects have been requested to use earlier than thirtieth June 2021.

Jana Small Finance Financial institution prospects can avail this facility as a substitute of liquidating the FD to fulfill their liquidity necessities. The financial institution additionally mentioned prospects will proceed to earn relevant charges of curiosity on their FDs.

ALSO READ | SBI Customer? Avail loan up to Rs 5 lakh for Covid-19 treatment – Check details

Clients could make the cost for the OD facility based on their selection, i.e., both in lump sum or in instalments. Jana Small Finance Financial institution is not going to cost any processing price for a similar. This facility might be availed by offering easy documentation and might be rapidly performed.

Commenting on the supply, Ajay Kanwal, MD and CEO, Jana Small Finance Financial institution Ltd mentioned, “Because the lockdown opens it’ll assist our prospects to have a credit score line accessible for his or her enterprise or private want with out liquidating their deposit. Due to this fact, we now have taken a aware name to supply the bottom price of 0.25 proportion over the FD price as we expect that is the necessity of the hour.”

The minimal OD FD facility quantity with the financial institution ought to be Rs 10,000 and FD tenure of 180 days or extra. The client can withdraw the cash via any accessible channels of Jana Small Finance Financial institution like on-line, cheque, and so on.