Bengaluru-based Jana Small Finance Bank on September 19 introduced a fixed deposit (FD) product catering to short-term liquidity needs. Liquid Plus Fixed Deposit, the product, offers interest rates of 6.75 percent per annum for tenures ranging from seven to 180 days, the bank said in a press release. It further said that the interest is applicable for the minimum deposit of Rs 10 lakh to Rs 3 crore for retail deposits and above Rs 3 crore to Rs 200 crore for bulk deposits per customer.
Ajay Kanwal, Managing Director and Chief Executive Officer (MD and CEO) of the bank, said that the objective of this product is to tap the short-term liquid funds market. Highlighting some of the key features of the FD, Kanwal said to Moneycontrol that customers can opt for instant overdraft facility, same day redemption and availability of partial withdrawal feature.
The bank also said that the product is designed to cater to the needs of individuals, high-net-worth individuals (HNIs) and corporates seeking short term investments options with safety, liquidity and assured returns.
“The bank has a reasonably sized supply finance book on the assets side to match a deposit product like this on liabilities. This is an innovative deposit product which is aimed at capturing the liquid mutual funds market,” Kanwal said.
For the first reporting quarter of fiscal year 2025, the bank’s total deposits stood at Rs 23,710 crore, growing by 41 percent on a year-on-year basis. The lender’s current account and sayings account (CASA) deposits were at Rs 4,846 crore, growth of 47 percent YoY. Total term deposits of the bank grew by 40 percent YoY.
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