Jammu and Kashmir Bank FD Interest Rates

2.90% - 4.00%
Interest rates
3 months - 10 years
Time Period
100 - no limit
Min. - Max amount
QUARTERLY
Compounding

About Jammu and Kashmir Bank FD

Jammu and Kashmir Bank Limited is a nationalized bank owned by the Ministry of Finance, Government of India, with its Corporate Headquarters in Srinagar, J&K, and Zonal Offices in J&K, Delhi, Mumbai, and Ladakh.

Jammu & Kashmir Bank offers a variety of fixed deposit programs to meet the needs of every person, whether they are short-term or long-term. Fixed deposits are intended to assist people to develop the habit of saving, which eventually leads to wealth building. J&K Bank offers a variety of fixed deposit programs from which investors can pick based on their needs.

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Started On1938
Head QuartersSrinagar, Jammu and Kashmir
CRISIL RatingNA
CEORajesh Kumar Chhibber
Listed on exchange asJammu & Kashmir Bank Ltd.
ICRA RatingNA

Jammu and Kashmir Bank FD Rates 2022

TenureRegular customersSenior citizens

Features and Benefits of Jammu and Kashmir Bank FD

  • A person or a group of individuals, children with the assistance of a guardian, Hindu Undivided Families (HUFs), public and commercial enterprises, and different partnership entities can create a fixed deposit account. The minimum amount required to start the account is Rs.100.
  • Interest is set and paid solely on a quarterly or at maturity basis.
  • This fixed deposit account has a minimum term of 7 days and a maximum term of 10 years.

Types of Jammu and Kashmir Bank FD Schemes

Regular Fixed Deposit Scheme

  • It is a non-cumulative fixed deposit program. 
  • The interest is not added to the principal amount and the investor receives it quarterly.

Cash Certificate Scheme

  • This is a non-cumulative program with J&K Bank FD rates that are fixed. The compounded interest is added to the principal amount. 
  • In this manner, investors receive interest on interest, resulting in more earnings.

Mehandi Deposit Scheme

 

  • This plan offers set J&K Bank FD interest rates and is intended to assist parents/guardians in securing their children's future. 
  • It is available in a variety of maturity quantities and tenure choices.

Tax Saver Deposit Scheme

  • As the name implies, this form of fixed deposit is specifically designed to give investors with tax savings potential.

Smart Saver Term Deposit Scheme

  • The plan comprises a core deposit of at least Rs. 25,000 that must be retained. 
  • The plan can be connected to either a savings or a checking account. If the FD is connected to a savings account, money will be auto-swept after a minimum amount of Rs. 5,000, but in the event of a current account, funds would be auto-swept after a minimum balance of Rs. 25,000. 
  • However, in the case of high-end savings bank accounts, such as the J&K Special Bachat Deposit Scheme, money may be swept in excess of Rs. 10,000.

Monthly Yield Deposit Scheme

  • J&K Bank pays a monthly yield, i.e. revenue received in the form of interest, to the investor under this fixed deposit program, as the name implies.

Term wise Jammu and Kashmir Bank FD Rates

Short-term deposit

The short-term deposit starts from 7 days and goes for 1 year. The general interest rates range from 2.90% to 3.50%, and 3.40% to 4.00% for senior citizens.

Medium-term deposit

The medium-term deposit ranges from 1 year to less than 5 years. The interest rates for general customers are 3.75% to 4.00% and 4.25% to 4.50% for senior citizens.

Long-term deposit

The long-term deposit ranges from 5 years up to 10 years. The interest rates that are offered are 4.00% for general customers and 4.50% for senior citizens.

Jammu and Kashmir Bank vs Other Banks' FD Rates

NameTenureInterest rate

How to invest in Jammu and Kashmir Bank FD?

For opening a Jammu and Kashmir Bank FD account, one has to visit the nearest Jammu and Kashmir Bank branch. Fill out the Jammu and Kashmir Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the Jammu and Kashmir Bank.

Eligibility for Jammu and Kashmir Bank FD

Individuals or entities satisfying the following criteria can opt for a fixed deposit in Jammu and Kashmir Bank –

  • Resident Individuals (sole or joint account)
  • Minor through parents/guardians
  • Private and Public Limited Companies
  • Hindu Undivided Families
  • Associations, Clubs, Societies, Trusts, etc.
  • Sole Proprietorship Concerns, Partnership Firms

Documents to Open Jammu and Kashmir Bank FD

The following documents have to be furnished for opening a Jammu and Kashmir Bank FD –

  • Filled in Application Form
  • PAN Card or Form 60 or 61
  • Photograph of depositor/s (2 copies)
  • Any other related documents as applicable to Minors, Companies, Partnership Firms, HUFs, etc.
  • Officially Valid Documents as per KYC norms

Tax on Jammu and Kashmir Bank Fixed Deposit

As per the general rules, fixed deposits under Jammu and Kashmir Bank are eligible for a tax deduction of up to Rs 1,50,000 under Section 80C in every financial year. However, different schemes might have different tax deductions applicable.

Loan Against Jammu and Kashmir Bank FD

Jammu and Kashmir Bank provides loans against their Fixed Deposits. The loan and the rate of interest for the loan depend on the rules set by Jammu and Kashmir Bank.

Premature Closure of Jammu and Kashmir Bank FD

All Jammu and Kashmir Bank Fixed Deposits can be withdrawn prematurely, excluding the tax-saving Fixed Deposits. Jammu and Kashmir Bank levies a 0.50% penalty on the interest for all premature withdrawals.

FAQs

How frequently do J&K Bank's FD interest rates fluctuate?

Depending on a variety of circumstances, including the central bank's adjustment in the repo rate, i.e. RBI, J&K Bank FD rates might vary at any moment and without previous warning to consumers.

 Do changes in J&K Bank's FD rates have an impact on the bank's current investors?

Only new investors and those whose FDs are up for renewal are affected by the change in J&K Bank FD interest rates.

Are J&K Bank FD rates the same for schemes with and without a withdrawal option?

No. J&K Bank's fixed deposit rates differ for plans with and without a withdrawal facility. Compare J&K Bank FD interest rates by clicking here.

Can an elderly person apply for a non-withdrawal deposit?

This service is not available to senior citizens at J&K Bank.

Who is eligible to open a fixed deposit account with J&K Bank?

Residents and members of HUFs are both able to invest in fixed deposits with J&K Bank.

Calculate Jammu and Kashmir Bank FD Interest
Investment Amount
₹25,000.00
Time Period
9 Months
1 Year
2 Years
3 Years
Maturity Amount
Jammu and Kashmir Bank
@3.75% p.a
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online upto 0%
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