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Jana Premier Banking (Acc. Opening experience)- Benefits and Suggestions

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cc_dc_explorer

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Quick Note: My BM was very helpful and agreed to reverse charges on Debit card every year(applicable for PREMIER acc only). If you’re in Bangalore and wants to open JFSB account DM me. I will share the details.


RSDC = RuPay Select Debit Card
IP = Initial Payment/Funding


I recently opened Jana Bank Premium account for RSDC. There is a post for opening account but it mention online account experience. Nowadays there are some issues with online acc opening. So with suggestion from Vasuki I opened offline only.

BTW Vasuki has detail post on Jana bank here… https://www.technofino.in/community/threads/jana-finance-bank-for-easiest-rupay-select-dc.25626/

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Here is my offline experience…

  • I Visited JANA bank and enquired about Jana products and offerings and benefits. I was trying to match with my research the previous day.
  • Invited the BM to my home to open Metro Savings account. Gave time slot of 4 PM.
  • BM arrived along with a person and started opening account. Meanwhile I asked them about Premier acc and charges. BM said the charges he can reverse on PREMIER account on the debit card as he have authority over that.
  • I doubled confirmed with BM regarding the same and BM confirmed. BM said next year yearly charges of 590 will apply and after that BM can reverse it as BM has authority to reverse DC charges for PREMIER banking up to 1000/- each year.
  • BM suggested if I do not want that then I can go with Exclusive acc where no charges are there. Additionally there is no MAB non-maintainanance charges on both PREMIER & EXCLUSIVE.
  • So, I went ahead with PREMIER and gave IP of 1 L. At the moment my brain didn’t click to get EXCLUSIVE otherwise would have opted for exclusive.
  • Signed few papers, along with one where it mention residence address form. Since I do not have same address on Aadhar as my current residence.
  • 2 OTP’s for Adhar and KYC.
  • Done with account opening in 10-15 mins.
  • SEE ATTACHED FILES FOR DETAILED SOC.

Below is the timeline

25th July 2024: Researched Jana products.
26th July 2024 (Friday) : Visited JANA bank, invited BM. BM arrived and opened account.
27th July 2024 (Saturday): Non working day: Received CRN. Able to login into mobile banking with limited access.
28th : Non working day.
30th July 2024 (Tuesday) : My welcome kit arrived with Debit card. Pictures attached.

I would say pretty fast service.




HERE IS THE SUM UP OF JANA BANK...and suggestion

  • If you want chargeable RSDC (590 Issuance, 590 yearly), then go for Metro savings account,
    • 5K MAB,
    • NEFT, UPI Check accepted for IP.
    • ( 6% or 600 charges on non maintenance of MAB)
  • If you want NO charge RSDC (590 yearly but reversed by BM after charge is levied next year),
    • Then go for Premier (newly launched), Just get confirmation from your BM if they have option to reverse it or not. Generally BM will have option to reverse it.
    • 1 L IP check, withdraw after one month.
    • Family banking supported.
    • ( NIL charges for non-maintenance of MAB).
    • You can choose your acc no.
  • If you have senior in your family get them Legend Savings acc,
    • 25k MAB ,
    • RSDC free LTF.
    • Use their DC.
  • If you want account without any charges, be it maintainance, account closure or any service. RSDC free. Go for their Exclusive offering.
    • 3L of IP Check.
    • Family banking supported.
    • No charges for anything even account closure.
    • 10k Taj voucher joining benefit.
    • (NIL MAB non-maintainance charge).
    • You can choose your acc no.
    • More features……


Here is my take...
Unfortunately My account is already opened as Premier otherwise I would have opted for Exclusive acc with 3L IP check. Since there is no MAB charges, you can withdraw after one month and still the account will be active.
Benefits: Choose your acc no + LTF RSDC + 10k Taj voucher + NO MAB non-maintanance charge( withdraw after one month) etc.....and many more.
 

Attachments

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But I visited the Jana branch and asked about exclusive account. They said it has non maintenance charges for AMB.
 
cc_dc_explorer said:
Not Sure, They should open it.

Also you can go with Metro Savings acc (5k MAB). Not much difference.
Click to expand...
I have some Qs, If you could help

If I give them 3l to open Exclusive

  • How and in how many days will I get the Taj Voucher
  • Is the branch having Instant RSDC
  • No NMC charges is until we are in the programme, have you seen cases of downgrade in 4 to 5 months of Non Maintenance
  • Is there any Virtual RSDC along with the Physical one
  • Is it possible to downgrade after 4 months and keep the cards.
 
Thanks. Any idea if there is any Eligibility criteria for Exclusive Banking ?
Since there is Nil MAB for Exclusive i get this doubt , as it becomes like Zero balance account right ?
 
its_karan said:
I have some Qs, If you could help

If I give them 3l to open Exclusive

  • How and in how many days will I get the Taj Voucher
  • Is the branch having Instant RSDC
  • No NMC charges is until we are in the programme, have you seen cases of downgrade in 4 to 5 months of Non Maintenance
  • Is there any Virtual RSDC along with the Physical one
  • Is it possible to downgrade after 4 months and keep the cards.
Click to expand...
1. You have to maintain exclusive amount(i.e 3L) for 2 months in your account and either spend 20k for 2 months on debit card or do mobile/internet banking of 2L for becoming eligible for taj voucher. If you need the tnC for taj offer, let me know I will attach it
2. RSDC will be delivered with welcome kit. I got welcome kit in 4 days. Applied on wednesday, got kit on monday.
3. Exclusive is a new varient so there's no information on downgrade. I would assume they wont do downgrades for atleast 1-2 years until they onboard a lot of customers under exclusive varient.
4. You get one physical rsdc. Not sure what you mean by virtual here, maybe you can provide more info? Physical RSDC can be activated once u get it in welckme kit since you have to do a atm transaction(like balance enquiry or withdrawal) to activate it.
5. Why would you downgrade the account? Just take the 3L out after 2 months(if u want taj voucher). There are no maintaince or NMC charges.
 
csantosh15 said:
Thanks. Any idea if there is any Eligibility criteria for Exclusive Banking ?
Since there is Nil MAB for Exclusive i get this doubt , as it becomes like Zero balance account right ?
Click to expand...
No eligibility criteria as such, you just have to do IP with 3L cheque. They dont require anything else like payslip etc.

Yeah, once the account is open you can withdraw the money as there are no charges for failure to maintain 3L in account so technically u can use it as zero balance account. But remember it is just how it is right now, they can add charges for non-manintaince of balance whenever they want after proper communcation(offcourse) 😊
 
its_karan said:
I have some Qs, If you could help

If I give them 3l to open Exclusive

  • How and in how many days will I get the Taj Voucher
  • Is the branch having Instant RSDC
  • No NMC charges is until we are in the programme, have you seen cases of downgrade in 4 to 5 months of Non Maintenance
  • Is there any Virtual RSDC along with the Physical one
  • Is it possible to downgrade after 4 months and keep the cards.
Click to expand...
csantosh15 said:
Thanks. Any idea if there is any Eligibility criteria for Exclusive Banking ?
Since there is Nil MAB for Exclusive i get this doubt , as it becomes like Zero balance account right ?
Click to expand...

Kindly maintain 3L balance till first 2 months at least, this will make you eligible for 10k Taj voucher. After that you can do whatever.
 
Hi!

If I open the exclusive variant, will I earn reward points for paying credit card bill through - (1) DC, or (2) Netbanking, using CRED or CHEQ? If yes, how many?
 
quino said:
but why? they only give like 0.3%, right?
Click to expand...
It appears in the Reward point T&C, under the Debit card section that ECOM/ POS txns > 2K will earn you rewards equalling 1.5% OF Txn value or 5K reward points (i.e. INR 1000), which ever is higher. So, I guess my question now becomes does CC bill payment through Cred/ Cheq using DC, amount to an eligible Ecom txn?
 
Finchamp! said:
t appears in the Reward point T&C, under the Debit card section that ECOM/ POS txns > 2K will earn you rewards equalling 1.5% OF Txn value or 5K reward points (i.e. INR 1000), which ever is higher
Click to expand...
firstly, it's whichever is lower. not higher.

next, say your txn is of 1,00,000. you'll get 1500 points (300 rs) -> net 0.3% cash value.
 
quino said:
firstly, it's whichever is lower. not higher.

next, say your txn is of 1,00,000. you'll get 1500 points (300 rs) -> net 0.3% cash value.
Click to expand...
Yes, lower. I am sorry!

But I have small doubt here - it says 1.5% of value of txn; Max 5000 pts/ txn. The phrase "value of txn" seems to indicate that the 1.5% is of the cash equivalent and not point equivalent.

So, for a txn of INR 1,00,000, 1.5% would be INR 1500, which in turn would mean 1500x5 = 7500 points (in 1:5 ratio), in which case the lower points viz. 5000 Pts of value of INR 1000 should be earned.
 
Last edited:
Finchamp! said:
Yes, lower. I am sorry!

But I have small doubt here - it says 1.5% of value of txn; Max 5000 pts/ txn. The phrase "value of txn" seems to indicate that the 1.5% is of the cash equivalent and not point equivalent.

So, for a txn of INR 1,00,000, 1.5% would be INR 1500, which in turn would mean 1500x5 = 7500 points (in 1:5 ratio), in which case the lower points viz. 5000 Pts of value of INR 1000 should be earned.
Click to expand...
that's not correct. in the whole TnC document, always points are mentioned. nowhere is cash equivalent mentioned. if you really want confirmation, reach out to them. no point in extending this.
 
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