Latest news with #JanaSmallFinanceBank
Time of India
11 hours ago
- Business
- Time of India
FD rate up to 8.8% for senior citizens investing for three years; Know the list of banks
Bank FD interest rate for senior citizens FD rate up to 8.8% FD rate up to 8.75% for senior citizens Academy Empower your mind, elevate your skills Bank Name FD rate Suryoday Small Finance Bank 8.8% Utkarsh Small Finance Bank 8.75% Unity Small Finance Bank 8.5% slice Small Finance Bank 8.25% Jana Small Finance Bank 8.25% FD rate up to 8.5% FD rate up to 8.25% When is TDS deducted from bank FDs? There are still some banks who continue to offer up to 8.8% interest rate on fixed deposits (FD) made by senior citizens (age 60 years and above) for three year tenure and not exceeding Rs 3 below to know the list of banks offering FD interest rate up to 8.8%. Suryoday Small Finance Bank is offering 8.8% interest rate on FD of three year tenure. Utkarsh Small Finance Bank is offering 8.75% interest rate on FD for three year tenure for senior as of June 18, 2025Unity Small Finance Bank is offering up to 8.5% interest rate on FD for three year Small Finance Bank is offering 8.25% interest rate on FD for three year Jana Small Finance Bank is offering 8.25% interest rate on FD for three year While deposits in small finance banks are insured by the Deposit Insurance Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, experts advise investors to exercise caution when investing in their FDs. Given their unique business model, the risk associated with investing in small finance bank FDs might differ slightly from that of scheduled commercial banks. To mitigate potential risks, it's recommended that investors limit their exposure to small finance bank FDs to an amount that falls within the DICGC coverage. This ensures that their principal and interest are protected in unforeseen is required to be deducted by banks if the interest amount in an FD is above Rs 1 lakh in a particular bank. Do note that TDS is not any additional tax, you can get this tax back as a refund or adjust it with your total tax liability at the time of income tax return filing (ITR). Moreover, if you are eligible for a tax refund then you might be eligible for interest on tax instance, if a senior citizen's income is Rs 11 lakh then, it's not subject to income tax due to Section 87A tax rebate under the new tax regime for FY 2025-26. Section 87A tax rebate is available for up to Rs 12 lakh income level under the new tax a senior citizen can submit Form 15H to prevent TDS deduction if his total income after all deductions claim and Section 87A rebate is below the taxable limit like Rs 12 lakh for the new tax regime or Rs 5 lakh for the old tax the fact that no income tax is levied on such an income level (below Rs 12 lakh), banks and other financial institutions will still deduct TDS. This is because the law mandated them to deduct TDS once the interest/income amount crossed a particular threshold which was Rs 1 lakh for senior citizens. This happens because banks are not aware about tax liability and deduct TDS whenever the annual interest amount crosses Rs 1 lakh. So, can such a senior citizen file form 15H to avoid TDS on fixed deposits in such situations.
Time of India
4 days ago
- Business
- Time of India
Small finance banks struggle with perception. Will numbers turn the tide?
Last week Jana Small Finance Bank announced that it has submitted application to the Reserve Bank of India (RBI) for a universal banking licence, marking a strategic move to transition beyond the constraints of a small finance bank (SFB). If granted, the licence would place Jana among the ranks of full-service lenders like ICICI Bank, Axis Bank, and HDFC Bank. The bank now boasts a net worth of INR3,880 crore, well above the RBI's minimum
Fashion Value Chain
11-06-2025
- Business
- Fashion Value Chain
Jana Small Finance Bank Applies to RBI for Universal Banking License
Jana Small Finance Bank (Jana SFB), one of India's leading small finance banks, is pleased to announce that it has formally submitted an application to the Reserve Bank of India (RBI) seeking approval to transition into a Universal Bank. This strategic move marks a significant milestone in Jana Bank's growth journey and reflects its long-term commitment to financial inclusion, innovation, and sustainable banking. Over the past several years, Jana SFB has successfully built a strong retail and MSME franchise, expanded its digital and physical footprint across the country, and consistently delivered on key financial and governance metrics. 'Applying for a Universal Banking license is a natural progression for Jana Bank,' said Ajay Kanwal, Managing Director & CEO, Jana Small Finance Bank. 'Our mission has always been to serve the underserved and build a bank that's inclusive, agile, digital and forward-looking. Becoming a Universal Bank will enable us to offer a broader range of services and become the Anchor Bank to a Rising and Atmanirbhar India.' Since receiving its SFB license in 2017, Jana has built a robust portfolio in deposits, loans, and financial services tailored to individuals, MSMEs, and institutions. With a growing deposit base, national presence, digital services and a strong asset quality track record, the bank believes it is well-positioned to take the next step in its evolution. Jana SFB reaffirms its unwavering commitment to governance, compliance, customer-centricity, and innovation as it embarks on this next phase. About Jana Small Finance Bank Jana Small Finance Bank, a scheduled commercial bank, is the 4th largest Small Finance Bank in India with an experience of over 18 years in lending and serving more than 12 million customers. The Bank, launched as an SFB in March 2018, is a solid combination of a digital institution and national presence across 23 states and 2 union territories, spread across 802 branches. From its origin of being a NBFC-MFI, the Bank has transformed steadily over the years, leading to 70% of its lending book being secured, mostly backed by mortgages. The Bank has created a fast growing retail deposit franchise with a strong brand presence and high standards of customer service. The Banks management team has an average experience of 27 years with a reputed and experienced Board. For more details, please visit –
Business Standard
10-06-2025
- Business
- Business Standard
Jana Small Finance Bank rises on plan to transition into universal bank
Jana Small Finance Bank rose 2.49% to Rs 532.65 after the bank submitted an application to the Reserve Bank of India (RBI) on 9 June 2025, seeking approval for a voluntary transition into a universal bank. The application has been filed in line with the RBI's guidelines for 'on tap' licensing of Small Finance Banks issued on 5 December 2019, and the subsequent circular on voluntary transition to universal banks dated 26 April 2024. Universal banks provide a comprehensive range of financial services that go beyond traditional commercial and investment banking, often including offerings like insurance. Until now, small finance banks (SFBs) have largely been focused on basic banking activities such as accepting deposits and lending to underserved and unserved segments of the population. In 2016, the Reserve Bank of India introduced the concept of on-tap licensing, allowing banks to apply for licenses throughout the year instead of waiting for a specific invitation from the central bank. This made the licensing process more flexible and accessible to eligible financial institutions. For an SFB to transition into a universal bank, it must meet a series of eligibility requirements laid out by the RBI. The bank should have a minimum net worth of Rs 1,000 crore and be operating as a scheduled bank with a satisfactory performance record for at least five years. Financially, it must have posted net profits in the past two financial years, with gross non-performing assets not exceeding 3% and net NPAs capped at 1% over the same period. The banks shares also need to be listed on a recognized stock exchange. Additionally, the RBI does not allow the introduction of new promoters or changes to existing promoter structures during the transition process. Any previously approved promoter shareholding dilution plan must remain unchanged. Preference is generally given to SFBs that have a well-diversified loan portfolio, signaling stability and reduced risk. Jana Small Finance Bank was launched in March 2018. It has national presence across 23 states and 2 union territories, spread across 802 branches. On a standalone basis, Jana Small Finance Bank's net profit fell 61.61% to Rs 123.48 crore while total income rose 11.02% to Rs 1,433.16 crore in Q4 March 2025 over Q4 March 2024.
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Business Standard
10-06-2025
- Business
- Business Standard
Here's why Jana Small Finance Bank share is buzzing in trade on June 10
Jana Small Finance Bank share price: Jana Small Finance Bank (Jana SFB) share price was buzzing in trade on Tuesday, June 10, 2025, with the stock rising up to 6.38 per cent to hit an intraday high of ₹552.90 per share. At 10:06 AM, Jana SFB share price was trading 2.42 per cent higher at ₹532.30 per share. In comparison, BSE Sensex was trading 0.03 per cent higher at 82,469.38 levels. What sparked a rally in Jana SFB share price today? Jana SFB shares advanced after the lender submitted an application to the Reserve Bank of India (RBI), seeking its approval to convert from a Small Finance Bank to a Universal Bank. In an exchange filing, Jana SFB said, 'We wish to inform you that the Bank has submitted its application to the Reserve Bank of India (RBI) today i.e. June 9, 2025 seeking approval for voluntary transition from a Small Finance Bank to a Universal Bank.' Jana SFB Q4 results Adjusted profit after tax (PAT) zoomed 33 per cent year-on-year (Y-o-Y ) to ₹779 crore in FY25, from ₹587 crore in FY24. The Asset AUM stood at ₹29,545 crore, up 19 per cent Y-o-Y with 70 per cent share of secured assets. Its secured assets grew 40 per cent and unsecured de-growth was 11 per cent for FY25. Its total deposits came in at ₹29,120 crore, up 29 per cent Y-o-Y. On Q4 show, Ajay Kanwal, MD and CEO of Jana Small Finance Bank had said, 'With this year's result, we have met the required conditions of GNPA<3 per cent and NNPA<1 per cent for 2 consecutive years. Thus, we will be applying for a Universal Banking Licence in this quarter. The Bank's performance during FY25 has been tremendous given the challenges in the MFI industry and tight liquidity faced during the year. However, being true to our strategy, we grew our Secured book by 40 per cent Y-o-Y, which is now at 70 per cent of AUM. Our deposits have grown at a solid 29 per cent, significantly over pacing the industry. Given that MFI stress peak has past last year, we are looking forward to a solid year ahead.' About Jana SFB Jana Small Finance Bank, a scheduled commercial bank and the fourth-largest Small Finance Bank in India, brings over 16 years of lending experience and serves more than 12 million customers. Established as a bank in March 2018, it has evolved from its roots as an NBFC-MFI into a digitally driven institution with a nationwide footprint across 23 states and 2 union territories through 802 branches. Today, around 70 per cent of its lending portfolio is secured, primarily backed by mortgages. Jana has built a rapidly expanding retail deposit base, underpinned by strong brand recognition and a focus on customer service. Its leadership team brings an average of 27 years of industry experience, supported by a well-rounded and respected Board.
