My Frustrating Experience with Jana Small Finance Bank

[Vickymaster1010]

Do you have demat and trading account with any broker?

yes i have with zerodha but when i try via upi it does not accept it from my jana bank account

 

[Vickymaster1010]

Do not apply for jana bank if u want to apply for ipo they don't support the bank sucks

 

[saurzx]

Do not apply for jana bank if u want to apply for ipo they don't support the bank sucks

Don't you have any other bank account? Just transfer the amount to other bank and apply for IPO.
ASBA should not be a dealbreaker for a small finance bank account.

 

[Vickymaster1010]

Don't you have any other bank account? Just transfer the amount to other bank and apply for IPO.
ASBA should not be a dealbreaker for a small finance bank account.

It should i have exclusive account with jana and i cant keep balance below 3 lakhs so me in loss,

 

[Vickymaster1010]

even small banks like utkarsh have tie up with rbi for asba and upi mandate for ipo

 

[Vickymaster1010]

this is strange bank like jana bank and u cant apply for any ipo even when their own bank is listed in stock excahnge lol

 

[saurzx]

It should i have exclusive account with jana and i cant keep balance below 3 lakhs so me in loss,

You can easily transfer money for short period to other bank without getting downgraded. There are zero non maintainence charges on exclusive account.

 

[Vickymaster1010]

You can easily transfer money for short period to other bank without getting downgraded. There are zero non maintainence charges on exclusive account.

but to get taj vocuher u need to maintain for 2 months

 

[Vickymaster1010]

so money stuck for 2 months

 

[TechnoFi]

In a quest to get the LTF Rupay Select Debit Card, I opened 2 savings account at Jana Small Finance Bank in Lucknow. The process, which started with a call-back request on their website for the Exclusive account (initially I was interested in exclusive account), went downhill from there. Despite waiting 5–6 days, no one contacted me, prompting me to visit their only branch in the city, which is 20 km from my residence.

At the branch, I spoke to a RM who provided vague details about the Exclusive account, pushing offers like ₹10,000 Taj vouchers with welcome kit (as per T&C it takes min. 3-4 months) and a zero MAB after an IP of ₹3 lakhs. Having already researched the account, I wasn't convinced. Instead, I decided on the Legend account for my parents, which had a more reasonable ₹25k MAB and came with a LTF RuPay Select Debit Card, a key feature of the Exclusive account.

The RM continued to push the Exclusive account, but I made it clear that as someone with no prior experience in small finance banking, I wanted to start with the lower-tier Legend account. Then the real challenges began.

The RM explained that accounts could only be opened through a home visit, not at the branch. While this sounded like a convenient feature, it quickly became a major disadvantage. I was at the branch around noon and requested a home visit for later that day. The RM assured me he would come within a few hours, but he never showed up. For the next seven days, I followed up repeatedly via calls and WhatsApp messages, only to receive either no response or false assurances.

Frustrated, I escalated the issue by emailing the MD's office with a detailed timeline and supporting screenshots. This finally got some attention. The very next day, I received a conference call from the Regional Head and the BM, who apologized for the delays. The BM personally visited our home to open the accounts.

However, the hurdles didn't end there. The IP had to be made via cheque, and no online options were available. While the accounts were officially opened on 22nd August, the cheque for my father’s account wasn’t deposited until six days later, and my mother's account saw a deposit even later. When I enquired about the debit card with BM confirmed me that the Debit Card will be issued automatically by the head office, only after IP deposit. So, after 5 days of IP deposit my father received his debit card on 3rd September, but my mother’s card took an additional nine days because it wasn’t issued automatically after IP rather it required me to contact customer care and apply for the debit card.

After these complications, I learned from BM that I could add myself as a joint holder to my parents’ accounts to receive an additional RuPay Select Debit Card. I filled out the necessary forms on 10th September, but even as of today, 20th September, the process hasn't been completed yet. Today they found that I am already a nominee in my parents' account, so I can't be a Joint Holder without deletion of nominee, so they sent someone to get my parents' signatures on a nominee deletion form, and now I'm waiting once again.

Timeline of Events:

• 07/08/2024: Requested the call back from the website.
• 12/08/2024: Visited branch
• 20/08/2024: Emailed MD’s desk
• 21/08/2024: BM visited our home to open accounts
• 22/08/2024: Accounts opened, but no IP deposit made
• 29/08/2024: Father’s cheque deposited
• 01/09/2024: Mother’s cheque deposited
• 03/09/2024: Father’s debit card received
• 09/09/2024: Called customer care to request mother’s debit card
• 10/09/2024: Form filled for joint holder addition
• 13/09/2024: Mother’s debit card received
• 20/09/2024: Form filled for nominee deletion

While the escalation to the MD’s office improved the situation somewhat, the internal processes at Jana Small Finance Bank were slow, inefficient, and inconsistent. Although I have a good rapport with the BM now, the overall experience left me feeling that the staff's laid-back attitude and outdated processes were reminiscent of old PSBs. It might be a branch-specific issue, so if others have had better experiences, I’d be interested to hear them.

UPDATE: Got 2nd Jana RSDC FREE by adding myself as a second holder in my Father's Legend savings account.

I think if second account holder is not a senior citizen, then RSDC is chargeable card for 2nd holder in jana bank legend savings account ?

 

[saurzx]

but to get taj vocuher u need to maintain for 2 months

Ipo process will take around 3-4 days at max. For such short duration you can withdraw funds and afterwards deposit some additional fund to fullfill MAB requirement.

I assume you won't be applying for more than 1 lot of shares. That will result in 15-20k only.

 

[saurzx]

I think if second account holder is not a senior citizen, then RSDC is chargeable card for 2nd holder in jana bank legend savings account ?

No, I already got Joint holder RSDC and no fees has been charged. Even the customer service confirmed that there will be no charge for debit card for joint holder.

 

[Vickymaster1010]

Ipo process will take around 3-4 days at max. For such short duration you can withdraw funds and afterwards deposit some additional fund to fullfill MAB requirement.

I assume you won't be applying for more than 1 lot of shares. That will result in 15-20k only.

no the amb will take a big hit if i withdraw for 3-4 days then il need to keep 50k more for the remaining days please check the calculcation , and i apply in all ipo so no use having jana account stuck now