The Fixed Deposit (FD) is often considered a lucrative investment scheme. It helps one earn high returns with minimum risk. J & K Bank offers child-care deposits scheme with investment as small as Rs.100.
Features and benefits of J & K child-care deposit scheme
- Investment can be as small as Rs.100 or in multiples of Rs.100
- Term-deposit tenure can be 5, 7 and 10 years respectively
- Quarterly interest rates will be compounded
- Premature withdrawal is allowed with penalty
- Accidental insurance cover for parent/guardian
Eligibility criteria for J & K child-care deposit scheme
- Parents/guardians can apply on behalf of minors
- Individuals can apply their name
Documentation required for J & K child-care deposit scheme
- KYC documents according to the bank norms
- 2 passport size photographs of applicant’s parent/guardian
- Applicants birth certificate
- PAN card or Form 60/61
- Legal proof in case of guardian
- Declaration form signed by parent/guardian in case of minors
FAQs on J&K Bank Child-care Deposit Scheme
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Can term deposit be withdrawn prematurely?
Yes, you can withdraw term-deposit prematurely. However, you will have to pay a penalty interest on premature withdrawal.
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Is a loan facility available against the term deposit?
Yes, there is a loan facility available against the term deposit.
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How much monthly installment do I need to deposit in Phase-I?
You can deposit a fixed monthly installment of Rs 100 and above in multiples of Rs 100.
