Overview of Jammu & Kashmir Bank
The Jammu & Kashmir (J&K) Bank was established in 1938 by Maharaja Hari Singh. It is the universal bank of the state of Jammu & Kashmir and in other parts of the country it acts as a specialized bank. The J&K Bank operates 726 ATMs and 833 branches in places across India. The different banking and financial services offered by the bank include retail banking solutions, corporate banking solutions, loans, credit cards, mutual funds, fixed deposits, recurring deposits etc.
Jammu & Kashmir Bank Recurring Deposit
The term deposit and recurring accounts from the Jammu & Kashmir Bank offer high interest rates, flexibility and a variety of other features that make them very beneficial to the customers. In fact, the bank offers a wide range of deposit schemes that cater to the needs of all kinds of customers. The recurring deposit accounts from J&K Bank offer higher flexibility in terms of deposit tenure and amount, allowing the customers to save money with ease.
Features and Benefits of Jammu & Kashmir Bank Recurring Deposit
The features and benefits of the J&K Bank Recurring Deposit Account are as follows:
- The minimum monthly instalment amount is only Rs 50 and after that customers can invest more in multiples of Rs 5.
- The recurring deposit account offers flexible tenures of 6 months - 10 years.
- The account comes with a fixed interest rate prescribed by the bank.
- The interest is applied to the deposit amount on a quarterly compounded basis.
- The interest is paid on the maturity of the deposit.
- The customers can opt for withdrawing the deposit prematurely by paying a certain amount of fee as penalty.
- The deposit account offers a loan facility to the customers through which they can avail up to 90% of the total deposit amount plus the interest accumulated as a loan.
Eligibility and Documents Required For Jammu & Kashmir Bank Recurring Deposit
A Recurring Deposit account with Jammu & Kashmir Bank can be opened by:
- an individual in his or her name
- an individual jointly with another individual
- minors through their parents or guardians.
- Partnership Firms and Sole Proprietorships
- Public and Private Limited Companies
- Clubs, Associations, Trusts, Societies, etc.
The documents required for opening a J&K Bank Recurring Deposit Account are as follows:
- Application Form
- 2 copies of photographs of the depositor(s)
- KYC documents
- Form 60, Form 61 or PAN Card
- Other required documents for minors, companies, HUFs, partnership firms etc.
Interest Rates Offered On Jammu & Kashmir Bank Recurring Deposit
The Interest Rates offered by the J&K Bank on term deposits below Rs 1 crore ranges from 8.00%, for a period of 6 - 9 months, to 8.75%, for a period of 1 - 3 years. These rates apply to both fresh deposits and renewals. The interest rates on term deposits of Rs 1 crore to Rs 5 crores ranges from 8.25%, for a period of 6 - 9 months, to 8.45%, for a period of 1 - 3 years. These rates also apply to both fresh deposits and renewals. Senior Citizens above the age of 60 earn an additional interest rate of 0.5% on term deposits of all tenures.
- Can I open a Recurring Deposit account jointly with my husband? Yes. You can open a Recurring Deposit account jointly with your husband.
- What are the available tenures for J&K Bank recurring deposit? The recurring deposit account comes with flexible tenures of 6 months - 10 years.
- Can I withdraw the deposit amount prematurely? Yes, you can withdraw the deposit amount prematurely by paying a certain amount of money as a penalty.
- Is there any minimum monthly instalment for the recurring deposit? Yes, there is a minimum monthly instalment amount of Rs 50 and after that customers can invest more in multiples of Rs 5.
- Does the recurring deposit account offer any additional benefit to senior citizens? Yes, senior citizens above the age of 60 earn an additional interest rate of 0.5% on term deposits of all tenures
Know the Current Recurring Deposit Rates:
- Jammu Kashmir Bank Recurring Deposit Rates
- Compare Jammu Kashmir Bank Recurring Deposit Rates with Other Banks and Institutions
News About Kashmir Bank Recurring Deposit
Customised Products Introduced By Jammu and Kashmir Bank
The ‘Cash Credit Scheme’ for permanent employees of the Central and State government, semi-government undertakings as well as other autonomous bodies, has been announced by the Jammu and Kashmir Bank for those who withdrew their salary from that bank. Parvez Ahmed, CEO of the bank inaugurated this scheme.
He said this scheme was in line with their commitment to provide custom products and services to individuals of their state. He also said that other such customised services were in the making and would be announced soon. The idea behind this scheme is to raise the liquidity in the system by allowing a more active line-of-credit to over 5 lakh permanent employees.
5th November 2016
Jammu and Kashmir Bank ready to provide Islamic Banking
Parvez Ahmad, the newly appointed chairman of Jammu and Kashmir Bank has said that the bank would be ready to offer Islamic banking as long as it is approved by the Reserve Bank of India. He said that there was a strong demand for such services in Kashmir but the proposal would have to be examined by the Reserve Bank of India. As of now there are no guidelines for this type of banking but is mainly based on the idea that interest is not charged.
RBI has said recently that it would be willing to review the norms in consultation with the government.
17th October 2016