Jammu and Kashmir Bank (J&K Bank) is one of India’s oldest private-sector banks. It is a Scheduled Commercial Bank, incorporated in 1938, with its headquarters in Srinagar. J&K Bank is a leading bank in the entire region of Jammu and Kashmir and Ladakh. The Reserve Bank of India has designated J&K Bank to be its agent in the region and to carry out banking business with the Governments of Jammu, Kashmir, and Ladakh. J&K Bank offers various fixed deposit schemes for its customers across several tenures and interest rates. Let’s learn more about Jammu Kashmir Bank FD rates, other FD schemes and how to apply for FD.
| Minimum Deposit | ₹100 |
| Maximum Deposit | No Upper Limit |
| Minimum Tenure | 7 days |
| Maximum Tenure | 10 years |
| Interest Rates | 3.50% to 7.10% for regular deposits below ₹2 crores 4.75% to 7.00% for withdrawable term deposits above ₹2 crores 6.10% to 7.10% for non-withdrawable term deposits |
| Lock-in Period | 5 years (for Tax-Saving Term Deposit) |
| Senior Citizen | 3.50% to 7.60% |
| General Citizen | 3.50% to 7.10% |
Jammu Kashmir Bank FD Rates 2024
| Tenure | General Citizen | Senior Citizen |
|---|
Features and Benefits of Jammu and Kashmir Bank FD Interest Rates
Check out the features and benefits of J&K Bank’s fixed deposit interest rate:
- Fixed deposit schemes at Jammu and Kashmir Bank range from 7 days to 10 years.
- The process of opening an FD scheme is hassle-free and can be done in a few minutes.
- The amount a depositor invests with J&K Bank is covered by Deposit Insurance and Credit Guarantee Corporation (DICGC). This is particularly relevant for a particular sum of ₹5 lakhs.
- Senior citizens will earn 0.5% higher than the prevalent interest rates.
- As depositors, you can nominate your beneficiaries for investments in the FD schemes of J&K Bank.
How to Book Jammu and Kashmir Bank FD?
Here are the steps you need to follow to avail an attractive J&K Bank interest rate on fixed deposit investments:
1. Online
Follow these steps to open a fixed deposit scheme online at J&K Bank:
- Step 1:
- Visit the official website of Jammu and Kashmir Bank.
- Step 2:
- Navigate to the ‘Personal’ tab on the home page. Choose ‘Fixed Deposit Schemes’ under ‘Term Deposits’.
- Step 3:
- You’ll be redirected to the ‘Fixed Deposit Receipts’ page. On the right-hand side, you’ll find a tab named ‘Apply Online’. Click on this button.
- Step 4:
- Fill up the form that will open up. Make sure you’ve added accurate details.
- Step 5:
- After you submit the form, officials from the bank will connect with you and guide you on the subsequent steps.
2. Offline
Check these steps below to open an FD scheme offline at Jammu and Kashmir Bank.
- Step 1:
- Visit your nearest J&K Bank branch. Inform them that you want to open an FD scheme and collect the fixed deposit account opening form from the counter.
- Step 2:
- Make sure you fill out the form accurately. Select the FD scheme and the amount you wish to invest. The J&K Bank interest rates on fixed deposits depend on the tenure and type of scheme.
- Step 3:
- Attach a cheque for the investment amount and submit it with the application form. Alternatively, you can transfer the amount via a net banking facility.
- Step 4:
- Don’t forget to attach all the KYC documents requested by the bank with your application form.
J&K Bank will verify the application form and all the documents. If they’re fully satisfied with the verification result, they’ll provide you with an FD certificate and the account opening form’s acknowledgement slip.
Documents Required to Open J&K Bank FD
Here are the documents required to open J&K Bank FD schemes:
- PAN Card (Form 60 or Form 61 in case PAN Card is not available with an applicant)
- Application form accurately filled up
- Officially valid KYC Documents for identity proof (Aadhar Card, Voter ID Card, Driving Licence or Passport)
- Officially valid KYC Documents for address proof (Electricity Bill, Telephone Bill or Bank Statement)
- Valid age proof (Birth Certificate, LIC Policy or School Passing Certificate)
- 2 recent passport-size photographs of an applicant
- Other relevant documents related to partnership firms, minors, companies and HUFs (Hindu Undivided Families), as asked by the bank
Eligibility to Open J&K Bank FD
The eligibility criteria to open an FD account in J&K Bank may depend on the fixed deposit scheme. However, the points listed below cover all the entities eligible to open a fixed deposit scheme at this bank.
- Applicant type: Resident Individuals (including single and joint accounts), Hindu Undivided Families (HUF), Partnership Firms, Sole Proprietorship Concerns, Private and Public Limited Companies, Associations, Clubs, Trusts and Societies
- Age (in case of individual applicants): An applicant should be more than 18 years of age. Minors below 18 years can also apply through their guardians or parents.
Types of J&K Bank FD Schemes
Here is a list of different types of fixed deposit schemes offered by Jammu and Kashmir Bank.
1. Regular Fixed Deposit Scheme
Jammu and Kashmir Bank offers a Regular Fixed Deposit Scheme, a non-cumulative term deposit, where depositors receive simple interest every quarter. Applicable to all individuals and entities, this standard FD account comes with a premature withdrawal and loan/overdraft facility.
- Minimum Deposit: ₹100
- Maximum Deposit: No upper limit
- Tenure: 7 days to 10 years
- Interest Rate: 3.50% to 7.10% for general citizens and 3.50% to 7.60% for senior citizens
- Eligibility: Indian residents, HUFs, Minors, Senior Citizens, Private and Public Limited Companies
2. Mehandi Deposit Scheme
J&K Bank launched the Mehandi Deposit Scheme to help parents financially secure their children’s future. This fixed deposit is available for varying tenures of 5,7, 10, 12 or 15 years. The interest rate is fixed and is payable by the bank on a quarterly compounding basis.
- Minimum Deposit: Varies for all depositors, depending upon the maturity amount and tenure chosen by them.
- Maximum Deposit: No limit specified
- Tenure: 5 years to 15 years
- Interest Rate: 3.50% to 7.10%
- Eligibility: Minors under guardianship
3. Cash Certificate Scheme
This fixed deposit scheme is suitable for people who wish to invest their money in a cumulative term deposit. Investors receive the compound interest only at the time of maturity. By investing in this FD scheme, an account holder can avail of a loan/overdraft amounting to 90% of the FD investment.
- Minimum Deposit: ₹100
- Maximum Deposit: No upper limit
- Tenure: 7 Days to 10 years
- Interest Rate: 3.50% to 7.10%
- Eligibility: HUFs, Resident Individuals, Sole Proprietorship Firms, Partnership Firms, Private and Public Limited Companies, Associations, Clubs and Trusts
4. Tax Saver Term Deposit Scheme
People who invest in this fixed deposit scheme can seek a tax deduction up to Rs. 1.5 lakh in a financial year under Section 80C of the Income Tax Act.
- Minimum Deposit: ₹1,000 and its multiples
- Maximum Deposit: No upper limit
- Tenure: 5 years to 10 years
- Interest Rate: 6.50% to 7.60%
- Eligibility: Resident Individuals and Karta of a HUF apply for single and joint accounts. Joint accounts are only eligible either in the name of an adult and a minor or in the name of two adults.
5. Smart Saver Term Deposit Scheme
It is a core term deposit designed with an auto-sweep facility. Under this scheme, an investor can open dual accounts, allowing the FD amount above the floor level to get swept into the investor’s existing savings or current bank account.
- Minimum Deposit: ₹25,000 and in multiples of ₹1,000
- Maximum Deposit: No limit specified
- Tenure: 1 year to 10 years for core deposits and 180 days for linked deposits
- Interest Rate: Same as the interest rate structure of Domestic, NRE & NRO Rupee Term Deposits of less than ₹1 crore, for a maturity period of 180 days.
- Eligibility: Individuals (single or joint), HUFs, Sole Proprietorships, Partnership Firms, Limited Companies
6. Monthly Yield Deposit Scheme
The Monthly Yield Deposit Scheme is another addition to the list of different types of Jammu and Kashmir Bank FD schemes. The most important feature of this FD scheme is that the investor will receive the interest every month at a discounted rate. Besides monthly interest payouts, this scheme also provides premature withdrawal facilities.
- Minimum Deposit: ₹1,000
- Maximum Deposit: No upper limit
- Tenure: 1 year to 10 years
- Interest Rate: 3.50% to 7.10%
- Eligibility: Individuals (single or joint accounts), Minors under guardianship, Private and Public Limited Companies, Partnership Firms, Sole Proprietorship Firms, Associations, Societies, Trusts, Clubs and HUFs
7. NRE Fixed Deposit Scheme
This fixed deposit scheme is a term deposit plan offering interest payments every quarter and the option to reinvest. It also provides the option of repatriating the FD proceedings in any currency of a depositor’s choice.
- Minimum Deposit: No limit specified
- Maximum Deposit: No limit specified
- Tenure: 1 year to 3 years
- Interest Rate: 6.50% to 7.10%
- Eligibility: NREs (Non-Resident Externals)
8. NRO Fixed Deposits
NRO Fixed Deposits is another scheme helping NRI invest their funds in India. Under this scheme, the principal amount invested is non-repatriable. However, the interest amount is repatriable after tax deductions.
- Minimum Deposit: No limit specified
- Maximum Deposit: No limit specified
- Tenure: 7 days to 120 months
- Interest Rate: 3.50% to 7.10%
- Eligibility: Non-Resident Indians
Now that you’ve gone through the details of J&K Bank FD rates, it might be easier for you to choose a suitable scheme. Each above-mentioned fixed deposit scheme has its specific terms and conditions. So, go through them carefully and make sure to have a clear idea about your monthly financial requirements before making a final decision.
FAQs
To close your FD account, you need first to visit your nearest branch of J&K Bank and obtain an FD account closure form. Fill it up carefully and attach all the required KYC documents. Lastly, you have to submit the FD certificate or receipt along with the form.
In an auto-sweep facility, when an operative account (current or savings account) balance exceeds its minimum threshold, it gets transferred and forms a linked term deposit. If you open an account under J&K Bank’s Smart Saver Term Deposit scheme, you can avail this facility.
Yes, an NRI can open a joint account under the NRO Fixed Deposit Scheme of Jammu and Kashmir Bank.
Yes, the NRO FD scheme of Jammu and Kashmir Bank is a cumulative scheme that comes along with a quarterly interest payout option.
Besides high-yielding interest, the NRO fixed deposit scheme of Jammu and Kashmir Bank provides a wide range of additional benefits such as auto-renewal option, safe deposit locker and overdraft facilities.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
