How to Open Janata Sahakari Bank Fixed Deposit Account

Overview FD Interest Rates Open FD Close FD Tax Saving FD Senior Citizen FD Rates

Updated 04 Oct 2023

Fixed deposits (FDs) have long favoured investment choices for many Indians. They offer stability, predictable returns, and an added layer of security. One bank at the forefront of providing reliable FD services is Janata Sahakari Bank.

This blog will guide you through the simple steps to open an FD account with Janata Sahakari Bank, delve into the eligibility criteria and required documentation, and address some frequently asked questions.

How to Open an FD account in Janata Sahakari Bank

Visit the nearest branch and request an account opening form for a fixed deposit.
Fill it up by providing all the necessary details such as your name, contact details, address, PAN number, type of account you wish to open, name of the nominee, etc.
Enter the tenure for your fixed deposit scheme.
Attach a cheque for the amount you wish to invest in the term deposit scheme and your account opening form. Alternatively, you can transfer the amount from any other account via net banking.
Submit the form along with all the supporting KYC documents.
The bank representatives will verify all your documents.
The bank will provide an acknowledgement slip for your fixed deposit.

Apart from this, you can also download the fixed deposit application form from the bank’s website and complete the rest of the process by submitting the form along with the documents to the nearest bank branch.

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Eligibility Criteria

To invest in a fixed deposit offered by Janata Sahakari Bank, you must fulfil specific eligibility criteria. The following are eligible for these schemes:

Indian residents
Minors (under the guardians)
Hindu Undivided Families (HUFs)
Non-Resident Indians (NRIs)
Companies
Proprietary firms
Partnership firms
Association of Persons (AOPs)
Trusts
Local authorities
Body of Individuals (BOIs)
Registered societies
Limited Liability Partnerships (LLPs)

Documents Required

Identity Proofs:

PAN card (Form No. 60 or 61 in case you cannot produce your PAN card)
Aadhaar card
Voter card
Driving licence
Passport

Address Proofs:

Aadhaar card
Electricity bill
Telephone bill
Bank statement with a cheque

Additionally, the bank may request recent passport-sized photographs and other documents concerning HUFs, partnership firms, trusts, associations, and companies.

FAQs

Is there any advantage for senior citizens who invest in the Janata Bank Income Tax Savings Scheme?

Yes, senior citizens who wish to opt for the Janata Sahakari Bank Income Tax Savings Scheme will receive an additional 0.5% on the FD interest rates applicable to regular citizens.

How to break FD in Janata Sahakari Bank?

To close your fixed deposit account in Janata Sahakari Bank, you can follow these steps:

Fill up the FD account closure or fixed deposit liquidation form of Janata Sahakari Bank.
Kindly submit it to the bank along with all the requisite documents.
Return the FD deposit certificate or receipt to the bank officials.

Is the ₹5 lakhs DICGC insurance cover applicable on Janata Sahakari Bank FD?

Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover is applicable on Janata Sahakari Bank FD.

What are the alternative ways of arranging money instead of closing an FD?

If you need money due to an unforeseen circumstance, you can avail a loan against your fixed deposit scheme instead of closing it.

How can you get an exemption on TDS?

If your interest earnings are less than ₹40,000 within a financial year, you can apply for a TDS exemption by submitting Form 15G to the bank. Senior citizens have a threshold of ₹50,000 and must submit Form 15H.

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