|Head Quarters||Srinagar, Jammu and Kashmir|
|CEO||Rajesh Kumar Chhibber|
|Listed on exchange as||Jammu & Kashmir Bank Ltd.|
|Tenure||Regular customers||Senior citizens|
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.
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.
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.
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.
Individuals or entities satisfying the following criteria can opt for a fixed deposit in Jammu and Kashmir Bank –
The following documents have to be furnished for opening a Jammu and Kashmir Bank FD –
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.
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.
All Jammu and Kashmir Bank Fixed Deposits can be withdrawn prematurely, excluding the tax-saving Fixed Deposits.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.
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.