J&K Bank was established in 1938 and commenced business in 1939. It operates as a universal bank in Jammu and Kashmir and acts as a specialized bank in the rest of the country. It also offers fixed deposits at attractive interest rates for short, medium and long term deposits.
The updated list of J&K Bank FD Rates, for Regular and Senior Citizen, is listed below:
|Deposit Tenure||General Customers (%)|
|7 days to 30 days||5|
|31 days to 45 days||5.5|
|46 days to 90 days||6.25|
|91 days to 180 days||6.5|
|181 days to 270 days||6.5|
|271 days to less than 1 year||6.5|
|1 year to less than 3 years||6.75|
|3 years to less than 5 years||6.5|
|5 years to 10 years||6.5|
The bank offers attractive interest rates for short term fixed deposits. For a minimum tenure of 30 days, the rate of interest offered is 5.00% p.a. The rate of interest increases by a huge margin of 3% thus making it 7.00% p.a. for a tenure period of 60 and 90 days. The rate of interest is upped by 1.00% from 7.00% p.a. to 8.00% p.a. for a tenure of 181-270 days. A tenure of up to one year earns a rate of interest of 8.25% p.a.
It offers a higher rate of interest for medium and long term fixed deposits. A medium term tenure ranging from 1 to 2 years earns a rate of interest of 9.00% p.a. A rate of interest of 8.75% p.a. is levied on term deposits of 3 and 4 years and a tenure of 5 years earns an interest of 8.50% p.a.
J&K Bank offers an additional rate of interest of 0.50% higher than the prescribed rates. The highest rate of interest offered for senior citizens at 9.25% p.a. for a tenure ranging between 1 to 2 years.