Jana Small Finance Bank Ltd. on Tuesday announced the launch of its new 'Liquid Plus' Fixed Deposit scheme. The scheme will offer an attractive interest rate of 6.75% per annum for tenures ranging from seven to 180 days, according to its media statement.
Retail investors can deposit a minimum of Rs 10 lakh and a maximum up to Rs 3 crore to avail themselves of the benefit under the new interest rate scheme.
For bulk deposits, it applies to amounts between Rs 3 crore and Rs 200 crore per customer, the statement said.
The liquid plus fixed deposit aims to facilitate easy and appealing short-term fund deployment with higher returns, responding to customer feedback on the need for short-term investment options, it said.
The 'Liquid Plus' Fixed Deposit is tailored to meet the needs of individuals, high-net-worth individuals, and corporates looking for short-term investment options that provide safety, liquidity, and guaranteed returns, according to the release.
In addition to competitive interest rates, this solution includes innovative features such as same-day (T+0) redemption, the option for partial withdrawals, and an instant overdraft facility when needed.
Importantly, there are no pre-maturity redemption charges or exit loads, making it a flexible and advantageous investment option, it said.
Ajay Kanwal, managing director and chief executive officer at Jana Small Finance Bank, said that the aim is to serve a new segment of customers who look at short-term bank deposits to manage their surplus money.
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