J&K Bank Super Earner Deposit Scheme
J&K bank is the only bank in India which has a majority vested in the state government and has dedicated themselves to provide opportunities for economic development and act as an agent for growth.
One such product offered by J&K Bank is the Super Earner Deposit Scheme. This scheme is open for individuals, jointly held accounts, and accounts for firms and sole proprietorship firms. Its features are as given below.
Also, Check - Fixed deposit
Features of Super Earner Deposit Scheme:
- The minimum amount required to open Super earner Deposit Scheme is Rs 1000.
- The minimum tenure of this deposit scheme is 1 year and the maximum tenure is 10 years.
- The interest provided for this scheme is of a floating type of interest and are paid out based on the selection of the deposit holder. The available choices for interest pay-outs are either on a quarterly basis or upon maturity.
- The deposit allows for early withdrawal or premature withdrawal but will levy a penalty accordingly.
- The deposit allows for a loan facility.
Interest Rates offered on Super Earner Deposit Scheme:
The Super Earner Deposit Scheme is a domestic term deposit and as such the interest rates provided are shown in the below table
Period of Maturity | Interest Rates(Below Rs.1 crore) | Interest Rate(Rs.1 crore to Rs.5 crores ) |
1 year to below 3 years | 7.75% | 7.60% |
3 years to below 5 years | 7.60% | 7.50% |
5 years to 10 years | 7.35% | 7.25% |
Senior citizens holding deposits will receive an additional interest of 0.5% p.a.
Disclaimer - The interest rates can be changed at any time at the discretion of the bank.
Eligibility Criteria for Super Earner Deposit Scheme:
- The deposits can be opened by individuals above the age of 18 years.
- The deposits can be opened for minors by the minor's parents or legal guardians.
- The deposits can be held by more than one individual in their joint names.
- The deposits can be opened by sole proprietary firms and joint firms, societies, clubs, trusts, associations and even private or public limited companies.
- The depositors may also need to meet other criteria set forth by the bank from time to time.
Documents Required for Super Earner Deposit Scheme:
- The depositor would need to submit a filled out application form.
- The depositor will need to present valid ID including 2 passport photographs and other criteria as per the Know Your Customer regulations.
- The depositor will need to provide a copy of their PAN card or submit either a form 60 or a form 61.
- Other documents related to firms, companies such as registration certificates, tax receipts and other documents related to minors such as birth records establishing relationships.
FAQs on J&K Bank Super Earner Deposit Scheme
- How long can one open a Super earner Deposit for?
The minimum tenure of a super earner deposit scheme is 1 year and the maximum available tenure is 10 years.
- How much is the minimum deposit amount to open a super earner deposit?
The minimum amount to open a deposit is Rs 1000 and there is no cap on the maximum amount that can be deposited.
- Can the deposit schemes be opened in the name of a minor?
Yes. Parents or guardians can open the deposits for a minor.
- Are there any added incentives for senior citizens?
Yes. Senior citizens are those who are above the age of 60 and such depositors receive an additional interest rate of 0.50% p.a. atop the interest rate offered for the scheme.
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