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Savings accounts are one of the most common choices of every individual who wants to park their money and earn interest rates on the sum. You can also withdraw and deposits anytime in a savings account, however, there are certain limitations depending from bank to bank. On the other hand, fixed deposits are the safest investment schemes offered by banks with guaranteed returns at a specified tenure. FDs are risk-free! Jana Small Finance Bank is one of the leading SFBs in India. The SFB has one account where an investor can open either a savings account or opt for FDs in simple steps. Not just that, the SFB offers inflation-beating interest rates on FDs, while its interest rate is huge up to 7% on a savings account.
Currently, India’s consumer price index (CPI) inflation is at 7%.
Jana Small Finance Bank’s DIGIGEN account (Digital account)
Under this account, a customer can open a savings account or fixed deposits in 3 easy steps. They also get attractive interest rates on their hard-earned money.
The digital account can be opened easily. It offers up to a 7% interest rate per annum on a savings balance of more than ₹1 lakh to ₹50 lakh. Meanwhile, the SFB gives a massive 7.35% per annum on FDs for more than 3 years and less than 5 years tenure.
Also, the account offers anytime, anywhere fund transfer facilities with NEFT, RTGS, and IMPS. Debit card with unlimited transactions benefit is available at Jana Bank ATMs and hosts of other Rupay card benefits.
The initial deposit under this account is ₹1,000. Depositors at 18 years of age and above are eligible to open the account.
Compare what other banks are offering on savings accounts and FDs
SBI interest rates
On savings deposits, SBI offers a 2.70% interest rate on balances up to ₹1 lakh and above.
On FDs below ₹2 crore, the bank offers 2.90% to 5.65% to the general category, while the senior citizens earn between 3.40% to 6.45% on tenures from 7 days to 10 years.
AU Small Finance Bank interest rates
AU Small offers a 3.50% rate on saving deposits less than ₹1 lakh, while the interest rate is 5% on balances from ₹1 lakh to ₹10 lakh. The SFB gives a 6% rate each on balances between ₹10 lakh to less than ₹25 lakh, and ₹1 crore to less than ₹10 crore. The interest rate is highest at 7% on balances between ₹25 lakh to less than ₹1 crore.
On fixed deposits less than ₹2 crore, AU Small gives 3.75% to 6.90% interest rates on tenures from 7 days to 120 months. The annualised interest rates range from 4.84% to 7.08% on tenures from 3 Months 1 Day to 120 months.
HDFC Bank interest rates
The private banker gives 3% interest on saving balances less than ₹50 lakh, while the rate is 3.50% on above ₹50 lakh saving deposits.
In regards to FDs below ₹2 crore, a depositor in the general category can earn between 2.75% to 6.10%, while the interest rate rises from 3.25% to 6.50% for senior citizens on tenures from 7 days to 10 years.
Punjab National Bank interest rates
PNB offers a 2.70% rate on saving deposits below ₹10 lakh, while the rate is 2.75% on deposits of ₹10 lakh and above.
On FDs below ₹2 crore, the bank offers 3% to 5.75% to the general category, while it offers 3.50% to 6.45% for senior citizens on maturity from 7 days to 10 years.
ICICI Bank interest rates
The bank gives a 3% rate on saving balances below ₹50 lakh, while the rate is 3.5% on saving balances of ₹50 lakh and above.
On FDs below ₹2 crore, ICICI Bank gives 2.75% to 6.10% to the general category. While senior citizens earn from 3.25% to 6.60% on these FDs. The maturity period is from 7 days to 10 years.
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