Exclusive Savings Account with Jana Small Finance Bank: Is it Too Good to be True?

[Gabbar.Singh]

I am evaluating the Exclusive Savings Account offered by Jana Small Finance Bank, which includes a RuPay Select Debit Card with benefits such as access to domestic and international airport lounges. Furthermore, the bank claims no non-maintenance of AMB ((Average Monthly Balance) charges. While this appears to be an attractive offer, I would appreciate information on any potential drawbacks or limitations associated with banking with Jana Small Finance Bank.

 

[Lobogris]

I received a message from JSFB that reads:

"Dear Customer, The charges for Non-Maintenance of AMB and rewards criteria have been revised. For more details, please visit our website, contact your nearest branch, or call us at 1800 2080. Regards -JSFB"

I feel misled. Maintaining an Average Monthly Balance (AMB) of 3 lakhs solely for a RuPay Select debit card doesn’t seem reasonable. Am I right to feel this way?

So keep 3 lakhs. That's quite reasonable. People are happy to get free lounge access but don't want to keep even a small token relationship with the bank.

 

[Pissant]

Anybody received their Taj Voucher yet? What spends did you do?

 

[Vickymaster1010]

Are

Anybody received their Taj Voucher yet? What spends did you do?

u able to apply for IPO with this shit bank?

 

[Pissant]

Are

u able to apply for IPO with this shit bank?

I would never do any actual banking with this bank lol. You should only use it to keep emergency money/FD’s. I have IDFC First for ipo’s. It has the best interface for ASBA in the app.

 

[Vickymaster1010]

I would never do any actual banking with this bank lol. You should only use it to keep emergency money/FD’s. I have IDFC First for ipo’s. It has the best interface for ASBA in the app.

but u have kept ur 3 lkh in ths bank in saving correct?

 

[Pissant]

but u have kept ur 3 lkh in ths bank in saving correct?

Yes I have

 

[ENIAC]

Yes I have

have u got Taj voucher yet, if yes did u mail them

 

[Pissant]

have u got Taj voucher yet, if yes did u mail them

I opened the account a month ago so not eligible yet.

 

[Tonymathew]

Better value with utkarsh bank and select card (despite being paid)

 

[ENIAC]

I opened the account a month ago so not eligible yet.

for me, will get to know this month if they honor or not and will then close in Jan, by again redeeming all the rupay select benefits, not worth maintaining 3L

 

[theflash]

Better value with utkarsh bank and select card (despite being paid)

Jana SFB gives @590/yr, for the 1st year it's 1180 also MAB is low.

Utkarsh needs MAB + 1180 each year....

 

[Vickymaster1010]

Better value with utkarsh bank and select card (despite being paid)

How what benefits

 

[Vickymaster1010]

for me, will get to know this month if they honor or not and will then close in Jan, by again redeeming all the rupay select benefits, not worth maintaining 3L

It's 3 months u need to keep 3 lakhs I am stuck since 2 months got stuck in their scam I thought they supported ipo option but they did not cheaters

 

[theflash]

For all..

Jana SA offer SA rates

upto 1 lakh-2.5%
1-5L - 5%

So 1 lakh rupees per year would fetch you an interest of 2500. Now subtract 590. Your net saving is 1910.

Utkarsh interest rate

< 1 L - 4%
1-5 L - 6.25%

So same 1 lakh gives you 4000 rupees.
Subtract 1180
Net annual interest earned is 2820.

910 rupees difference.

This difference becomes so worse with their higher variant exclusive account, requiring Mab Of 3 L, which offers free select without AMC. (not getting into deets).

Also utkarsh just needs 50k in sb account for select card.



Also if you are into FD's, utkarsh offer 8.5% interest for their peak cat, with a net annual yield of around 9.2%. DICGC covers 5 L per account. Keep 5 L. You become eligible for select card.

In that scenario the interest on the same 1 L is around 9200. Subtract 1180 for select card.

Net yield is 8K.



So your yield is much much higher, in any case compared to premature Jana, or even any bank, with which I had encounters.


Ofcourse there are 2 points to be noted.

1) Tax payable not included.

2) Like IDFC, utkarsh can also devalue their savings account interests. However less likely anytime soon. As IDFC did it after reaching Market cap of around 30-40K Cr. Whereas utkarsh is still under 5K Cr

I'm using ₹2500 MAB account and was referring to the same. Also if you have any Sr Citizen you can take ₹25k MAB joint acct with JSFB and get 2 DC that's a different thing but ₹2.5k MAB is accessible to almost everyone.

And if you take ₹2.5k MAB acct and pay 590/yearly the benefits still outweigh what you have paid it's same with ₹1180 but if you're saving ₹590 then why not use this one..

I'm not trying to argue but just keeping my point. In Utkarsh you need to maintain 1/2L whatever is the required MAB, whereas 1L/2L MAB is still an issue for lot of acct holders including me because I have around 15 bank accounts I can't maintain funds everywhere....

 

[Tonymathew]

Afa

I'm using ₹2500 MAB account and was referring to the same. Also if you have any Sr Citizen you can take ₹25k MAB joint acct with JSFB and get 2 DC that's a different thing but ₹2.5k MAB is accessible to almost everyone.

And if you take ₹2.5k MAB acct and pay 590/yearly the benefits still outweigh what you have paid it's same with ₹1180 but if you're saving ₹590 then why not use this one..

I'm not trying to argue but just keeping my point. In Utkarsh you need to maintain 1/2L whatever is the required MAB, whereas 1L/2L MAB is still an issue for lot of acct holders including me because I have around 15 bank accounts I can't maintain funds everywhere....

Afaik 2.5 MAB account is not entitled for select.

There is something called silver select account. Provides free select with no annual charges. MAB 75K. That makes sense, or at par with utkarsh

 

[theflash]

Afaik 2.5 MAB account is not entitled for select.

Maybe there might be new changes then not sure.

I'm talking Jana SFB 2.5K MAB and I have RSDC.

Post in thread 'Jana Finance Bank (For easiest Rupay Select DC)'

Apr 26, 2024

Finally Jana SFB Select DC out for delivery via Bluedart!! 😁

Arrived just now.

• theflash

• 
• 

 

[Tonymathew]

Maybe there might be new changes then not sure.

I'm talking Jana SFB 2.5K MAB and I have RSDC.

Post in thread 'Jana Finance Bank (For easiest Rupay Select DC)'

Apr 26, 2024

Finally Jana SFB Select DC out for delivery via Bluedart!! 😁

Arrived just now.

• theflash

• 
• 

Now read abt the video kyc account. I was unaware of that account. So missed the plot completely. You are ri8. Hence deleting the previous comments.