Jammu and Kashmir (J&K) Bank is a well-reputed bank that was established in 1938. The bank is listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). J&K Bank offers a portfolio of financial services and this includes Fixed Deposits (FDs). The bank pays an attractive interest rate on all domestic term deposits that are less than Rs.1 crore, and also offers other benefits on their deposit schemes. This includes loan, nomination, joint account facility and premature withdrawal, among others. J&K deposits can be opened online and they provide internet banking services to all customers.
Given below are the updated interest rates offered by J&K Bank for regular and senior citizen depositors with effect from 11 May, 2018:
|Tenure||Regular interest Rate(per annum)||Senior Citizen FD Rate(per annum)|
|7 days to 30 days||5.00%||5.50%|
|31 days to 45 days||5.50%||6.00%|
|46 days to 90 days||6.00%||6.50%|
|91 days to less than 365 days||6.25%||6.75%|
|1 year to below 3 years||7.00%||7.50%|
|3 years to 10 years||6.25%||6.75%|
*All the above rates are for deposits that are of less than Rs.1 crore.
Jammu & Kashmir Bank pays a competitive rate of return on all fixed deposits and also offers other benefits such as quarterly interest payout options, etc. The bank offers short-term, medium-term and long-term deposits. Customers can choose the best interest rate and book a deposit accordingly. The highest FD rate offered by J&K Bank is 7.00% p.a. for deposits that are kept in the bank for a time period that ranges from 1 year to below 3 years. For the same tenure, senior citizens get the highest rate of 7.50% p.a.
It is very easy to apply for a term deposit online and this can be done online through the bank website. Existing account holders can easily open an FD account by logging on their internet banking accounts.
Jammu and Kashmir NRO and NRE fixed deposits
The bank also offers fixed deposits to Non-Resident Indians (NRIs) in the form of NRO and NRE FD accounts. Generally, the interest rates that are offered on them are pretty similar to what is paid on domestic term deposits. These accounts come with a repatriable facility.
J&K Bank also offers a wide range of FCNR accounts. All FCNR deposits can be maintained in most major foreign currencies in the world. This may include USD, CAD, AUD, EURO, and JPY. The interest that may be gained from such a deposit account is generally not subject to any type of tax in the home country.