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Fixed Deposit

Jammu and Kashmir Bank offers a variety of Fixed Deposit Schemes to cater to the requirement of every individual whether it for a short term or a long term tenure.

Let us now take a look at the various types of Deposit schemes in the bank’s kitty offered to its customers.
 

JK Bank FD Rates 2018

Deposit Category

Deposit Amount

Interest Rates (% p.a.)

Domestic Deposits

Less than Rs 1 crore

 

 

1 Year – 3 Years

 

7.50%

8.00%

3 Years – 5 Years

 

7.50%

8.00%

5 Years – 10

 

7.25%

7.75%

Domestic Deposits

Rs 1 crore – Rs 5 crore

 

 

1 Year – 3 Years

 

7.25%

7.75%

3 Years – 5 Years

 

7.25%

7.75%

5 Years – 10 Years

 

7.25%

7.75%

Tax Saver Deposits

Upto Rs 1 lakh

 

 

5 Years – Years

 

7.25%

7.75%

NRO Deposits

Less than Rs 1 crore

 

 

1 Year – 3 Years

 

7.50%

N.A

3 Years – 5 Years

 

7.50%

N.A

5 Years – 10 Years

 

7.25%

N.A

NRO Deposits

Rs 1 crore – Rs 5 crore

 

 

1 Year – 3 Years

 

7.25%

N.A

3 Years – 5 Years

 

7.25%

N.A

5 Years – 10 Years

 

7.25%

N.A

NRE Deposits

Less than 1 crore

 

 

1 Year – 3 Years

 

7.50%

N.A

3 Years – 5 Years

 

7.50%

N.A

5 Years – 10 Years

 

7.25%

N.A

NRE Deposits

Rs 1 crore – Rs 5 crore

 

 

1 Year – 3 Years

 

7.25%

N.A

3 Years – 5 Years

 

7.25%

N.A

5 Years – 10 Years

 

7.25%

N.A

** Interest rates revised on Aug 30th 2016

Types of Fixed Deposit offered by the JK Bank

Fixed Deposit Scheme:

A deposit scheme with a large range of tenure to choose from. The features of the scheme are as follows:

  • Minimum amount of deposit Rs.1000
  • The tenure of the deposit ranges from a period of 7 days to 10 years
  • Simple interest is paid on the deposits made and can be availed quarterly or on deposit maturity
  • Loan up to 90% of the balance in the deposit account
  • Premature withdrawals allowed

Eligibility

  • Individual (solely or jointly)
  • Parents of guardians on behalf of the minors
  • Sole proprietorship concerns
  • Partnership concerns
  • Private and public limited companies
  • HUFs, associations, clubs, societies, trusts, etc

Documentation

  • 2 passport sized photograph of the depositor/s
  • Documents required as per KYC norms
  • PAN Card or Form 60 or 61
  • Any other relevant documents applicable for minors,
  • Partnership firms, companies, HUFs, etc.

Cash Certificate Scheme

A scheme with the following features:

  • The minimum deposit amount is Rs.1000
  • The fixed deposit tenure ranges from a period of 6 months to 10 years
  • Interest is compounded quarterly and is paid on maturity
  • Loan can be availed up to of 90% of the balance in the deposit account
  • Premature withdrawals allowed

Eligibility

  • Individuals (solely or jointly)
  • Parents of guardians on behalf of the minors
  • Sole proprietorship concerns
  • Partnership concerns
  • Private and public limited companies
  • HUFs, associations, clubs, societies, trusts, etc

Documentation

  • 2 passport sized photograph of the depositor/s
  • Documents required as per KYC norms
  • PAN Card or Form 60 or 61
  • Any other relevant documents applicable for minors
  • Partnership firms, companies, HUFs, etc

Open-Ended Deposit Scheme

A scheme of deposit with the following features:

  • The minimum deposit amount is Rs.1000
  • The tenure of the deposit ranges from a period of 6 months to 10 years
  • Interest is compounded quarterly compounding and is paid on maturity
  • The deposit is held in units of Rs.500 which can be withdrawn any time subject to the condition that the balance of the deposit account post withdrawal does not fall below Rs.1000
  • Loans up to of 90% of the deposit balance account is available

Eligibility

  • Individual either solely or jointly
  • Parents of guardians can also open behalf of the minors
  • Sole proprietorship concerns
  • Partnership concerns
  • Private and public limited companies
  • HUFs, associations, clubs, societies, trusts, etc

Documentation

  • 2 passport sized photograph of the depositor/s
  • Documents required as per KYC norms
  • PAN Card or Form 60 or 61
  • Any other relevant documents applicable for minors, partnership firms, companies, HUFs, etc

Flexi Deposit Scheme

Another deposit scheme offering flexibility with the following features: 

  • Minimum deposit amount of Rs.1000
  • The deposit tenure ranges from a period of 6 months to 10 years
  • Interest is compounded quarterly basis and is paid on maturity
  • Flexi credit facility available; the depositor can simply avail multiple credits or withdrawals of up to 90% of the deposit balance
  • Premature withdrawals allowed

Eligibility

  • Individual either solely or jointly
  • Parents or guardians of the minors
  • Sole proprietorship concerns
  • Partnership concerns, private and public limited companies
  • HUFs, associations, clubs, societies, trusts, etc

Documentation

  • 2 passport sized photograph of the depositor / s
  • Documents required as per KYC norms
  • PAN Card or Form 60 or 61
  • Any other relevant documents applicable for minors, partnership firms, companies, HUFs, etc

Mehandi deposit Scheme

A deposit scheme with the following features:

  • A scheme where the maturity amount is fixed at Rs.25, 000, Rs.50, 000 or Rs.1 lakh. The customer choose the required maturity value and the deposit amount is calculated based on that value
  • Fixed deposit can be made for 5, 7, 10, 12 or 15 years
  • Interest is calculated compounded quarterly and is paid on maturity
  • Accidental Insurance cover for the parent or guardian is linked to the maturity value
  • Loan can be availed against the deposit to a maximum limit of 90% of the balance in the deposit account including earned interest if any.
  • Deposit amount can be prematurely withdrawn

Eligibility

  • Minors can open the account with their parent or guardian

Documentation

  • 2 passport sized photograph of the parent or guardian
  • Documents required as per KYC norms of the parent or guardian
  • Minor’s Birth Certificate
  • Guardianship Proof for Legal Guardian through a Court Decree
  • Minor Declaration signed by the parent or guardian

JK Bank Tax Saver Term Deposit

A deposit scheme designed to save tax under Section 80C of the Income Tax Act. The features are:

  • The deposit can be made with a minimum amount of Rs.1000 and its multiples
  • The tenure of the deposit ranges from 5 years to 10 years
  • This fixed deposit is offered in 3 variants. Under the first variant simple interest is calculated on the deposit and paid every quarter, under the second variant a discounted simple interest is paid to the customer every month and under the third variant compound interest is calculated and paid on maturity
  • Loan facility is not available and premature withdrawal is not permitted before the expiry of 5 years
  • A maximum amount of Rs.1.5 lakhs under the deposit will be tax exempted

Eligibility

  • A resident assesse for himself or herself or as a Karta of a HUF can avail of the deposit.
  • Two adults or one adult and one minor can also avail the deposit in a joint account where tax benefit will be applicable for the first applicant

Documentation

  • 2 passport sized photograph of the depositor/s
  • Documents required as per KYC norms
  • PAN Card or Form 60 or 61
  • Any other relevant documents applicable for minors, partnership firms, companies, HUFs, etc

Smart Saver Term Deposit

A deposit with the following features:

  • The deposit is a dual account with core deposit and linked deposits. The core deposit is linked to the customer’s savings or current account with the bank for auto sweep-in facility.
  • The deposit can be made with a minimum amount of Rs.25, 000 and above in multiples of Rs.1000 thereafter
  • The tenure for the core deposit is 1-10 years and for the linked deposit is 180 days
  • Any excess of Rs.5000 in the account is swept in to the linked deposit account to earn higher interest
  • Balance in excess of Rs.25, 000 for individuals, HUFs, sole-proprietorships and partnerships, is transferred to the linked deposit account.
  • For limited companies and limited liability partnerships, the minimum balance is Rs.1 lakh beyond which any excess is swept out to the deposit account

Eligibility

  • Individuals either solely or jointly
  • HUFs, sole-proprietorship firms
  • Partnership firms and limited companies

Documentation

  • 2 passport sized photograph of the depositor/s
  • Documents required as per KYC norms
  • Any other relevant documents applicable for partnership firms, companies, HUFs, etc

Monthly Yield Deposit Scheme

A scheme with the following features:

  • The fixed deposit can be made with a minimum amount of Rs.1000 and above
  • The tenure of the deposit ranges from 1 years to 10 years
  • A discounted simple interest is paid monthly
  • Premature withdrawal is allowed at a penalty

Eligibility

  • Individual either solely or jointly)
  • Parents or guardians of the minors
  • Sole proprietorship and partnership firms
  • Private and public limited companies
  • HUFs, associations, clubs, societies, trusts, etc

Documentation

  • 2 passport sized photograph of the depositor/s
  • Documents required as per KYC norms
  • PAN Card or Form 60 or 61
  • Any other relevant documents applicable for minors, partnership firms, companies, HUFs, etc

JK Bank Recurring Deposit Scheme

A scheme where monthly deposits of a fixed amount are paid for a fixed period. The features are: 

  • A minimum monthly installment of Rs.50 is required and thereafter in multiples of Rs.5
  • The tenure of the deposit ranges from 6 months to 10 years
  • Interest is calculated on a quarterly compounding basis and is paid on maturity of the deposit
  • Loan up to of 90% of the deposit balance
  • The deposit can be withdrawn prematurely for which the bank charges a penalty from the customer

Eligibility

  • Individuals (solely or jointly)
  • Parents of guardians on behalf of the minors
  • Sole proprietorship firms
  • Partnership firms, private and public limited companies
  • HUFs, associations, clubs, societies, trusts, etc

Documentation

  • 2 passport sized photograph of the depositor/s
  • Documents required as per KYC norms
  • PAN Card or Form 60 or 61
  • Any other relevant documents applicable for minors, partnership firms, companies, HUFs, etc

Child Care Deposit Scheme

A scheme for children with the following benefits:

  • A minimum monthly installment of Rs.100 is required and thereafter in multiples of Rs.100
  • The tenure is divided into 2 phases:
  • Phase I can be taken for 7, 9 and 10 years as recurring deposits
  • Phase II can be taken for 5, 7 and 10 years as fixed deposits
  • Interest is calculated on a quarterly compounding basis and is paid on maturity of the deposit
  • Accidental Insurance cover for the parent or guardian is linked to the deposit account
  • Premature withdrawal is allowed at a penalty

Eligibility

  • Minors can open the account through parents or guardians
  • An individual can also open the account

Documentation

  • 2 passport sized photograph of the parent or guardian
  • Documents required as per KYC norms of the parent or guardian
  • Minor’s Birth Certificate
  • Guardianship Proof for Legal Guardian through a Court Decree
  • Minor Declaration signed by the parent or guardian
  • PAN Card or Form 60 or 61
  • Any other relevant documents applicable for minors

Depositor’s Pension Scheme

A scheme with the following features:

  • A minimum deposit of Rs.25 is required and thereafter in multiples of Rs.25, Rs.50 or Rs.100
  • The tenure is divided into 2 phases:
  • Phase I can be taken for 84, 105 or 111 months  as recurring deposits and
  • Phase II can be taken as per option of customers
  • Quarterly compound interest is paid in Phase I and simple interest is paid in Phase II and are paid monthly
  • Premature withdrawal is allowed at a penalty

Eligibility

  • Any individual (solely or jointly) can open the account
  • Parents or guardian on behalf of minors can open

Documentation

  • 2 passport sized photograph of the depositor / s
  • Documents required as per KYC norms
  • PAN Card or Form 60 or 61
  • Any other relevant documents applicable for minors

Super Earner Deposit Scheme

A scheme with the following features:

  • The deposit can be made with a minimum amount of Rs.100 and above
  • The tenure of the deposit ranges from 1-10 years
  • Simple interest is calculated on a floating basis and is paid either quarterly or at maturity as per the customer’s request
  • Premature withdrawal is allowed at a penalty

Eligibility

  • Individual either solely or jointly
  • Parents or guardians on behalf of the minors
  • Sole proprietorship and partnership firms
  • Private and public limited companies,
  • HUFs, associations, clubs, societies, trusts, etc

Documentation

  • 2 passport sized photograph of the depositor/s
  • Documents required as per KYC norms
  • PAN Card or Form 60 or 61
  • Any other relevant documents applicable for minors, partnership firms, companies, HUFs, etc

Super Re-investment Deposit Scheme

A scheme with the following features:

  • The deposit can be minimum amount of Rs.1000 and above
  • The tenure of the deposit ranges from 1-10 years
  • Interest is compounded quarterly and paid on maturity
  • Premature withdrawal is allowed at a penalty

Eligibility

  • Individual (solely or jointly)
  • Parents or guardians on behalf of the minors
  • Sole proprietorship firms
  • Partnership
  • Private and public limited companies
  • HUFs, associations, clubs, societies, trusts, etc

Documentation

  • 2 passport sized photograph of the depositor/s
  • Documents required as per KYC norms
  • PAN Card or Form 60 or 61
  • Minors, partnership firms, companies, HUFs, etc

Daily Deposit Scheme

A scheme with the following features:

  • Deposit is made daily at a minimum amount of Rs.100 and thereafter in multiples of Rs.50
  • The tenure of the deposit ranges from 1-10 years
  • Premature withdrawal is allowed at a penalty

Eligibility

  • Individuals and joint accountholders
  • Proprietors and individual partners

Documentation

  • 2 passport sized photograph of the depositor/s
  • Documents required as per KYC norms
  • PAN Card or Form 60 or 61
  • Any other relevant documents