New Delhi, Nov 15 (PTI) Jana Small Finance Bank on Tuesday said it has raised interest rates on savings and fixed deposits up to 8.50 per cent with immediate effect, beating the current inflation rates.

Senior citizens (above 60 years) will get the highest return of up to 8.5 per cent on their fixed deposits for 2-3 years.

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Announcing the hike in interest rates across savings accounts and fixed deposits from November 15, 2022, Jana Small Finance Bank (SFB) said it is offering one of the highest interest rates across the SFBs.

The lender will offer interest of 8.35 per cent on deposits from Rs 15 lakh to Rs 2 crore for a tenure of 1-2 years, Jana SFB said in a release on Tuesday.

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Among others, it will offer an interest rate of 7 per cent on savings bank deposits for balance bucket of more than Rs 1 lakh up to Rs 50 crore.

Jana SFB offers 4.5 per cent per annum on savings bank balances up to Rs 1 lakh, among the highest in the banking sector.

Amid rising inflation, the hike in fixed deposit rates gives customers an opportunity, particularly to senior citizens, to get inflation-beating returns from their fixed deposits, said the lender.

The retail inflation for the month of October stood at 6.77 per cent, government data showed on Monday. Wholesale inflation ruled at over 8 per cent.

"With this increase in interest rates across fixed deposits and savings bank products, we are now offering the most competitive rates in the banking space. We are witnessing excellent response from our customers; both new and existing," Shrinivas Murthy, President and Head of Branch Banking and Marketing, Jana Small Finance Bank, said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)