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JK Bank FD Interest Rates

JK Bank FD Rates 2020

Last Updated 12th Aug 2020

Jammu And Kashmir Bank is one of most reliable FD providers amongst a number of FD providers in the market. Jammu And Kashmir Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on Jammu And Kashmir Bank FD is 5.30%. Latest Jammu And Kashmir Bank FD interest rate for senior citizens, on the other hand ranges between 3.50% to 5.80%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 30 days 3.00% 3.50%
31 days to 45 days 3.25% 3.75%
46 days to 90 days 3.75% 4.25%
91 days to 180 days 4.10% 4.60%
181 days to 270 days 4.40% 4.90%

JK Bank Fixed Deposit (FD)

Jammu And Kashmir Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of Jammu And Kashmir Bank FD are:

  • Deposit Amount: Jammu And Kashmir Bank FD can be opened with an amount as a low to up to .
  • FD Tenure: Ranges between 7 days to 2 years 364 months.
  • Interest Rate Range: 3.00% p.a. to 5.30% p.a.
  • Senior Citizens FD Rate: 3.50% to 5.80% p.a.
  • Highest Interest Rate: As per today’s rate, Jammu And Kashmir Bank’s highest interest rate on FD is 5.30% offered for a tenure of 2 years 364 months.
  • Safety of Jammu And Kashmir Bank Deposits: Jammu And Kashmir Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: Jammu And Kashmir Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes:

Jammu And Kashmir Bank Best FD Plan

We need to compare tenure wise latest FD rate of Jammu And Kashmir Bank to choose the tenure at which it provides the highest interest rate. Jammu And Kashmir Bank FD rates are best for the deposits with a tenure of 2 years to 31 years 10 months 5 days, wherein the current FD rate of interest is 5.30% p.a

If one is looking to invest in short term deposits with Jammu And Kashmir Bank, FD interest rates range from 3.00% p.a. to 4.75% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Jammu And Kashmir Bank FD rates for senior citizens range from 3.50% to 5.25% p.a.

If one is looking to invest in long term deposits, Jammu And Kashmir Bank FD interest rates with tenure of 5 years to 2 years 364 months are a good choice with interest rates on deposits with a tenure of 2 years 364 months at 5.30%. Senior citizens are offered special rates from bank with highest deposit rates of 5.80% p.a. on long term FDs.

Fixed Deposits of Jammu And Kashmir Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Jammu And Kashmir Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

FD in Jammu And Kashmir Bank – Premature Withdrawal

Premature closure of Term Deposit with Jammu And Kashmir Bank is along with the lower interest rate of than the contracted rate. The penal provisions for premature closure on Jammu And Kashmir Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Jammu And Kashmir Bank

Jammu And Kashmir Bank offers loan up to 0% against its own deposit. Note that Jammu And Kashmir Bank will not give you loan against FD of any other bank. Jammu And Kashmir Bank offers Loan against FD at the rate of 4% to 6.3%

FD Account Opening Process at Jammu And Kashmir Bank

To open a Fixed Deposit account in Jammu And Kashmir Bank, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Jammu And Kashmir Bank FD after reading the terms and conditions.

Nomination Facility on Jammu And Kashmir Bank FD

Jammu And Kashmir Bank offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Jammu And Kashmir Bank fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

FAQs

What is the highest FD rate for Jammu And Kashmir Bank?

You can earn a maximum interest of 5.30% on Jammu And Kashmir Bank fixed deposit.

Are there any special rates for senior citizens FD of Jammu And Kashmir Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 3.00% to 5.30%. Compared to this, the rate of senior citizens FD are in the range of 3.50% to 5.80%.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in Jammu And Kashmir Bank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

Is it possible to change the tenure of my existing fixed deposit account with Jammu And Kashmir Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Jammu And Kashmir Bank without their PAN card

  • TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

What is the current interest rate on FD in Jammu And Kashmir Bank?

Current interest for FD in Jammu And Kashmir Bank ranges between 3.00% - 5.30%.

Can a customer open a FD account online in Jammu And Kashmir Bank?

Yes, you can submit your application for opening a FD account on the website of Jammu And Kashmir Bank. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in Jammu And Kashmir Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 5.30%. For Jammu And Kashmir Bank FD the number of years in which your FD will get doubled is; 72/5.30 = 14


JK Bank News - Sep 2020
  • 2020-05-14 : Jammu and Kashmir Bank revised its FD rates
    Jammu and Kashmir Bank revised the fixed deposits rates, which are in effect from 11 January 2020. FD rates for 7 to 30 days is 3.50%, for 31 to 45 days it is 3.75% and 46 to 180 days it is 4.50%. Fixed deposits rate for 181 to 270 days is 5% and for 271 days to less than one year is 5.25%. The rate for long tenors of one year to less than three years is 5.70% and for three years to less than 10 years, the rate stands at 5.50%. The revised rates will be effective from 11 May 2020.
  • 2020-01-13 : Jammu and Kashmir Bank revised its FD rates
    Jammu and Kashmir Bank revised the fixed deposits rate which are in effect from 11 January 2020. FD rates for 7 to 30 days is 4.50%, for 31 to 45 days it is 5% and 46 to 180 days it is 5.50%. Fixed deposits rate for 181 to 270 days and 271 days to one year is 5.75% and 6%. Rate for long tenors of one year to two years is 6.25%and 2 years to less than 3 years is 6.30%. Further, the Fixed deposit rate for 3 years to 5 years is 6.25% and 5 years to 10 years is 6%.
  • 2019-10-18 : Revised Fixed Deposit rates by Jammu and Kashmir Bank
    Jammu and Kashmir Bank revised its interest rates on Fixed Deposits for October. The revised interest rate for 7-30 days is 4.75, for 31-45 days it is 5.25, the rate for 46-90 days is 5.75, for 91-180 days it is 5.50%, the rate for 181- 270 days is 5.75%, and for 271 days to 1 year, the rate is 6.00%. For longer tenures of 1-5 years, the rate is 6.50%, and for 5-10 years, it is 6.00%. For Senior citizens, the rates differ by an additional 50 basis points.
  • 2019-07-17 : J&K Bank revises interest rates on term deposits
    J&K Bank has revised interest rates on domestic term deposits with immediate effect. The rates have been revised for an amount less than Rs. one crore. For 7 to 30 days, the rate has been revised to 5.00%. While the rate for 1 year has been revised to 7.30 % respectively and for 5 year to 10 year the rate now stands at 6.50%. The revised rates are effective from July 10, 2019.
  • 2018-12-14 : Jana Small Finance Bank raises Interest Rates on fixed deposits as well as Recurring Deposits
    One of the leading small finance banks, Jana Small Finance Bank has announced an increase in its interest rates on term deposits. Jana Small Finance Bank said in a statement. Upon revision, the deposit holders will earn interest up to 9.6% on their investment while on a fixed deposit of a maturity period or term of three years without a premature withdrawal facility, the interest rate will be 9.25%. The new interest rates will come into effect from December, 14 2018.
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