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JK Bank FD - Scheme, Eligibility, Documents

Jammu And Kashmir Bank Fixed Deposit Highlights

Last Updated 06th Jul 2021

Jammu And Kashmir Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 3.00% to 5.30%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs 100
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    Jammu And Kashmir Bank FD

    Jammu And Kashmir Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years. Apart from that, Jammu And Kashmir Bank FD offers regular returns on fixed deposits ranging between 3.00% to 5.30%. For senior citizens, the interest rates on fixed deposits range between 3.50% to 5.80%. In addition to that, Jammu And Kashmir Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Jammu And Kashmir Bank Fixed Deposit Schemes

    Different type of Jammu And Kashmir Bank term deposit products offered to the investors are listed as follows:

    Standard Fixed Deposit

    Description:

    Benefits of Jammu And Kashmir Bank FD

    Jammu And Kashmir Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are mentioned below:

    • Guaranteed returns: The best thing about Jammu And Kashmir Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Jammu And Kashmir Bank offers FD rates up to 5.30%. The interest rates offered on Jammu And Kashmir Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Jammu And Kashmir Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in an FD scheme is not only a reliable investment option but can also act as an asset. This is because Jammu And Kashmir Bank fixed deposit allows one to borrow a secured loan against Jammu And Kashmir Bank FD. Benefits of Loan Against FD of Jammu And Kashmir Bank are as follow:
      • Loan against FD of Jammu And Kashmir Bank offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the Jammu And Kashmir Banks flexible repayment options.
      • The processing fee of Loan Against FD in the Jammu And Kashmir Bank is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: Jammu And Kashmir Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. Jammu And Kashmir Bank offers fixed deposit for a minimum tenure of 7 days up to a maximum tenure of 10 years. Jammu And Kashmir Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Jammu And Kashmir Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs 100. Apart from that, one can invest in the Jammu And Kashmir Bank FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Jammu And Kashmir Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Jammu And Kashmir Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Jammu And Kashmir Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Jammu And Kashmir Bank FD

    Jammu And Kashmir Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Jammu And Kashmir Bank FD

    Jammu And Kashmir Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    Credit Card Against Jammu And Kashmir Bank FD

    Credit Cards againstJammu And Kashmir Bank FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against Jammu And Kashmir Bank FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in Jammu And Kashmir Bank?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. Jammu And Kashmir Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under Jammu And Kashmir Bank?

    Jammu And Kashmir Bank Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs 100.

    What is the minimum amount for a fixed deposit in Jammu And Kashmir Bank?

    The minimum amount required for a fixed deposit investment in Jammu And Kashmir Bank fixed deposit is Rs 100.

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

    Currently, Jammu And Kashmir Bank offers an interest rate ranging between 3.00% to 5.30% on its fixed deposits.

    What is the penalty for early withdrawal in Jammu And Kashmir Bank?

    Bank charges penalty on premature withdrawal of fixed deposits. The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Jammu And Kashmir Bank?

    Jammu And Kashmir Bank fixed deposit can be opened with a minimum tenure of 7 days. The tenure of the Jammu And Kashmir Bank fixed deposits ranges from 7 days to 10 years.

    Can I deposit additional amount in my Jammu And Kashmir Bank 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.

    What documents are required to open an FD account in Jammu And Kashmir Bank?

    The documents required to open an FD account in Jammu And Kashmir Bank includes KYC documents and Passport size photos.

    In how many years FD doubled in the Jammu And Kashmir Bank?

    The time Jammu And Kashmir Bank fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the Jammu And Kashmir Bank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a Jammu And Kashmir Bank fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in Jammu And Kashmir Bank schemes. It means that they are not eligible to invest in fixed deposits.

    Is the Jammu And Kashmir Bank safe for FD?

    Yes, the Jammu And Kashmir Bank is one of the safest avenues for any investments. Jammu And Kashmir Bank is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the Jammu And Kashmir Bank?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from Jammu And Kashmir Bank are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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    JK Bank News - Jul 2021
    • 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.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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