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Savings Account

Jammu and Kashmir Bank was incorporated in the year 1938 and is listed as the universal bank of Jammu and Kashmir State. It is regarded as a specialised bank with branches in other parts of the country as well. This bank has a pan-India presence with 833 branches and 726 ATMs spread across the country. The Jammu and Kashmir Bank is rated P1+, indicating the highest degree of safety by rating agencies such as Standard & Poor’s and CRISIL. Jammu and Kashmir Bank is the sole bank for the state government of Jammu and Kashmir.

Jammu and Kashmir Bank offers three different types of savings accounts to help consumers grow their capital and for catering to their various unique requirements. One account is a premium account offering additional features while the other is a basic J&K Bank savings account with basic banking features. The third account is designed for the lower segment of society with lower balance requirements and having transactions of a lower value. Let us take a look at the various savings accounts in detail for a better understanding of the savings account options provided by J&K Bank.
 

2. Types and Features of J&K Bank Savings Account

  1. Deluxe Savings Account – a premium savings account with J&K Bank with host of features and benefits the list of which are mentioned underneath:
  • The J&K Bank minimum balance requirement of the Average Quarterly is Rs. 5,000 in the account
  • Up to 15 free cash withdrawals are allowed at the branch every month and if the customer uses the Withdrawal form then there is no limit on the number of withdrawals that can be done
  •  J&K Bank offers free International Gold ATM – cum – Debit Card is issued along with the account which has a daily cash withdrawal limit of Rs. 1 lakh and the daily POS transaction limit of Rs. 1.5 lakh
  • Nomination facility is available with this J&K Bank savings account
  • Free internet banking facility is provided with the savings accounts
  • Interest is compounded quarterly on the end of day balance

Eligibility: The J&K Bank savings account eligibility are provided below for reference

  • The savings account with J&K Bank can be opened by individuals either solely or as joint savings account by parents or guardians on behalf of minors, literate minors aged 10 years and above who can sign themselves, organizations, entities, etc.

Documents required

  • Application Form
  • 2 passport sized photographs of the depositor
  • Documents required as per the KYC norms
  • PAN Card or Form 60 or Form 61
  • Any other relevant documents applicable in the case of minors, etc.
  1. General Savings Account – This is a simple savings account from J&K Bank to meet the regular banking requirements of individuals. The features and benefits of the J&K Bank savings account are as follows:
  • The minimum requirement of the Average Quarterly Balance is Rs. 500 in the account with cheque book facility and Rs. 300 for the account without cheque book facility
  •  J&K Bank offers up to 5 free cash withdrawals every month
  • A free International Gold ATM – cum – Debit Card is issued along with the savings bank account which has a daily cash withdrawal limit of Rs. 40,000 and the daily POS transaction limit of Rs. 1 lakh
  • Nomination facility is available with every J&K Bank savings accounts
  • Free internet banking facility is provided with the J&K Bank savings account
  • Interest is compounded quarterly based on the end of day balance methodology

Eligibility: The eligibility requirement for J&K Bank savings account is listed below

  • The J&K Bank savings account can be opened by individuals either solely or jointly, by parents or guardians on behalf of minors, literate minors aged 10 years and above who can sign for themselves, organizations, entities, etc.

Documentation for J&K Bank savings account

  • Application Form
  • 2 passport sized photographs of the depositor
  • Documents required as per the KYC norms
  • PAN Card or Form 60 or Form 61
  • Any other relevant documents applicable in the case of minors, etc.
  1. General Small Account – A savings account with J&K Bank is designed to cater to the banking requirements of the lower strata of the population with simpler features and lower balance requirements. The features of the savings accounts are as follows:
  • A minimum deposit of Rs. 50 is required to open the savings accounts. The account can also be opened with banking instruments like Banker’s Cheque, etc.
  • The minimum balance required in the J&K Bank general small account is Rs. 50.
  • The maximum balance in the savings bank account should not exceed Rs. 50,000
  • The maximum total credits in the account should not exceed Rs. 1 lakh in any year
  • The aggregate withdrawals and transfers should not exceed Rs. 10,000 in any month
  • 4 withdrawals are allowed for free every month and the ATM card can be used anywhere across the country. This makes it very convenient for people having savings account with J&K Bank to access their funds across the country
  • Cheque book facility is also provided to the customer provided he or she has maintained a minimum balance of Rs. 1,000 in the savings bank account in the last 6 months.
  • Nomination facility is available with every J&K Bank savings accounts.
  • There is no charge applicable for this J&K Bank savings account.

Eligibility

  • Individuals including pensioners can open the savings account with J&K Bank either solely or jointly. Literate minors aged 10 years and above who can sign themselves can also open the savings account.

Documents required

  • Application Form
  • 2 passport sized photographs of the prospective account holder
  • Documents required as per bank’s KYC norms
  • Any other relevant documents applicable in the case of minors, etc.
  1. Deluxe salary account: A J&K Bank savings account that is designed to exclusively to cater to the banking requirements of corporations and businesses. It offers attractive benefits and unique features that make it suitable for the requirements of salaried individuals. The characteristics of this savings bank account are discussed here:
  • Minimum average quarterly balance of Rs. 500 should be maintained
  • Free cash withdrawals at J&K Bank branches (up to 15 of every month)
  • No limit on cash withdrawal using the withdrawal form from the bank
  • J&K Bank offers free international gold debit card. It is issued with an ATM withdrawal limit of Rs. 1 lakh per day and POS transaction limit of Rs. 1.50 lakhs.
  • J&K Bank offers nomination facility which is applicable to every savings account.
  • Free e-banking facility is also available with this J&K Bank savings account
  • Temporary overdraft facility equivalent to 50% of the net salary subject to maximum of Rs 20,000 may also be availed by signing up for this account.

Eligibility:

  • Employees of central government/state government, public sector undertakings, independent bodies and recognised private institutions.

Documentation:

  • Savings account application form
  • 2 passport size photographs of the depositors
  • Documents as per KYC norms
  • Form no 60 or 61/ PAN card
  • Identity proof from the institution
  • Introduction and authorisation from the designated drawing disbursing officer
  1. Students savings bank account: A savings account from J&K Bank designed especially for students. This account makes basic banking facilities available to the student community, especially student drawing scholarships under government sponsored poverty alleviation programmes. Some of the basic features of this account are listed below:
  • The J&K Bank savings account shall be subject to Know Your Customer (KYC) / Anti-Money Laundering (AML) norms / guidelines for opening of savings accounts 
  • Initial deposit of Rs. 50 or above is required to open the savings bank account. However, no single credit entry of Rs. 5,00,000 or above shall be permitted
  • No requirement of maintaining minimum balance. No penalty shall be levied on student accounts with zero balance.
  • The debit card is issued free of charge.
  • 20 free cheque book leaves are available to students above the age of 18 years. Beyond this, charges @ Rs. 2 per leaf is chargeable
  • Free e-banking and SMS facilities
  • 50% concession on normal charges for students in respect of issue/cancellation of Demand Drafts and Pay Orders (only for study purpose)
  • Maximum four withdrawals in a month including ATM withdrawals
  • The account shall be offered with other facilities like RTGS / NEFT, inter-branch transfers, collection of cheques, etc. as per service charges schedule
  • Holders of ‘Student Savings Bank Account’ will not be eligible for opening any other savings bank deposit account
  •  Student savings bank account shall be converted to General Savings Bank Account after completion of studies or on attaining the age of 28 years, whichever is earlier
  • Nomination facility available

Eligibility:

  • The only eligibility criteria required for opening this account is that account holder should be a student at an institution in India.

Documents required:

  • Completely filled account opening form
  • Latest 2 passport size photograph of the applicants
  • Identity and Address proof
  • Loan documents which qualify for minor accounts
  1. Rate of interest

All the above mentioned J&K Bank savings account interest rate is of 4% per annum which is compounded quarterly and calculated on the end of day daily balances.

  1. Convert your J&K Bank savings account number to 16 digits: There are many instances where you will be asked to provide the 16-digit version of your J&K Bank account number. The 16-digit account number is a unique ID that contains information about your branch, account type and account number. The bank now gives you the facility of converting your account number from something like “SB8437” to an account number comprised of 16 digits.
  1. Applying for a Jammu and Kashmir Bank Savings Account Online

In keeping with the rising trend of online transactions, the bank offers the option of submitting savings accounts applications online. The process is simple and the applicant needs to provide only a few basic data is required in order to get your application processed.

The applicant simply needs to log on to the website and choose the correct tab in order to fill out the various details necessary for opening a new savings account. Subsequently, they will need to supply the necessary documentation and the bank’s executive will get in touch with the customer to get all applicable formalities sorted.

 Key information the applicant needs to provide include name, address, contact details, etc. which the bank uses to connect with the customer after which, the customer is guided on the application process so that he/she can open the savings account with ease.

An applicant may visit the nearest J&K Bank branches, obtain an application form for the relevant savings accounts, fill up the form and submit it with the relevant documents to open the savings account. Once the application process is complete, the bank will open the requested account in the name of the customer either solely or jointly.

  1. Customer Care

Customers can connect with the bank online by filling out and submitting the grievance redressal form online after which the bank’s executives get in touch with the customer to address their respective grievances. Alternatively, customers can also call on the bank’s helpline number to get their queries addressed.