Janata Sahakari Bank Fixed Deposit (FD)
Janata Sahakari Bank Ltd. has over 110 years of banking, with more than 47 branches. This scheduled cooperative bank has a business of around Rs. 11,800 crore.
Janata Sahakari Bank registered a 15.52% hike from the previous year in its deposits at the end of March 2015 and net worth of Rs. 415.27 crore, up 22.16% from March 2014.
Features and benefits of Janata Sahakari Bank FD schemes
Janata Sahakari Bank offers flexible tenors and attractive interest rates for its fixed deposit schemes. It offers different types of fixed deposit schemes, apart from the regular term deposits.
You can open an FD account individually or have a joint fixed deposit with up to 4 persons. Let’s take a look at each of them and their features:
- Term Deposit Schemes
- You can deposit your money with Janata Sahakari Bank fixed deposits for periods ranging from 7 days to more than 36 months (3 years).
- Interest rates range from 6% to 8.65%
- Shubhashish Deposit Scheme
- This scheme offers the advantages of a recurring deposit with cumulative interest.
- The interest rates are among the highest offered by the bank.
- The This is a long-term deposit, with tenors of 1 year to 18 years available.
- The bank offers a Shubhashish Recurring & Reinvestment Deposit scheme and a Shubhashish Recurring Deposit scheme.
- Monthly Income Deposit Scheme
- For those who want to earn a monthly income from their fixed deposit scheme, this is ideal.
- The interest generated on your deposit amount can be moved to your savings account or withdrawn every month.
- Mukta Deposit Scheme
- Mukta Deposit combines the flexibility of Savings Accounts with the interest rates of fixed deposits.
- The minimum deposit amount is Rs. 25,000.
- There is no penalty if you withdraw the amount before the scheme attains maturity.
- Quarterly Interest Deposit Scheme
- This is a long-term deposit scheme.
- You can earn interest on a quarterly basis instead of annual.
- You can take loan with this fixed deposit plan as collateral.
- Janahit Deposit Scheme
- This scheme combines the advantages of Savings Accounts and Fixed Deposits.
- The minimum amount to start a Janahit Deposit Scheme is Rs. 5,000.
- The tenure of this scheme is 45 days.
- You can either transfer your interest to your savings or current account, or accumulate the interest.
- Reinvestment Scheme
- This is a long-term plan requiring a single large deposit.
- You will receive the principal and interest together at the time of maturity.
- This is a great scheme for long-term planning such as children’s education.
- Tax-saving Deposit Scheme
- This scheme offers a single long-term deposit of 5 years or more.
- This scheme offers one of the best interest rates by the bank.
Eligibility criteria to open a Janata Sahakari Bank FD account
To open a fixed deposit account with the Janata Sahakari Bank, you need to:
- Have a government identity and address proof
- Have the minimum amount required for opening the FD of your choice
How to apply for a Janata Sahakari Fixed Deposit Account:
To open a fixed deposit account with Janata Sahakari Bank, the following needs to be done:
- Download the application form for opening a fixed deposit account from the bank’s website. You can also visit the nearest branch to get it. Fill this up with all the required information.
- Paste your photographs wherever required on the application form.
- Attach the documents required with the application form. This will be copies of your proof of identity and proof of address.
- Attach proof of your age if you are a senior citizen or a minor.
FAQs on Janata Sahakari Bank FD
- What happens if the account-holder dies before the scheme attains maturity?
Most of the FD schemes of Janata Sahakari Bank offer nomination facility. While applying for the deposit scheme, you can name one person as a nominee for your money. The nominated person will receive the amount on maturity if the original account-holder dies before the end of the scheme tenure.
- How can I take a loan against my fixed deposit?
Janata Sahakari Bank allows you to take loans against long-term fixed deposits. The deposit certificate will be considered as collateral and up to 90% of your total deposit amount can be taken as loan.
- I need some money immediately. Can I withdraw the amount in my FD before maturity?
It depends on the scheme you have chosen. While some schemes have no penalty on premature withdrawal, for some you may have to pay a small amount as penalty.
- I am a minor. Can I start an FD account?
Yes. The fixed deposit for a minor will have to be opened under the supervision of a guardian who should be above 18 years of age. This guardian has to handle all transactions of an account in the name of a minor until the minor is 18 years old.
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