J&K Bank Child-Care Deposit Scheme

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

  1. Investment can be as small as Rs.100 or in multiples of Rs.100
  2. Term-deposit tenure can be 5, 7 and 10 years respectively
  3. Quarterly interest rates will be compounded
  4. Premature withdrawal is allowed with penalty
  5. 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

  1. Can term deposit be withdrawn prematurely?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.

  2. Is a loan facility available against the term deposit?

    Yes, there is a loan facility available against the term deposit.

  3. 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.

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