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Jammu & Kashmir Bank Savings Account

Jammu & Kashmir Bank offers its customers the facility of Savings accounts to help capitalize their capital. Jammu & Kashmir Bank offers an interest rate of 2.90% p.a. on its savings account.

How Do I Open a Jammu & Kashmir Bank Savings Account

It is easy to open a Savings Account with J&K Bank any time. All you have to do is visit their website and click on the tab reading ‘Quick Links’. From the drop-down menu that appears, choose the option which reads ‘Apply Now’. Once you click on that, you will be re-directed to a new page which will ask you to input some information in order for the bank to get in touch with you and guide you through the online application process.

You will be required to provide details like your name, email address, mobile number, address, place or location, the branch which you wish to open an account with and the product you’re interested to buy. Upon providing these details, the bank representatives will contact you soon after to help you choose the product which is right for you.

Types of Savings Accounts Offered by Jammu & Kashmir Bank

  1. Deluxe Savings Account
    • Unlike most other banks which allow only a few charge-free cash withdrawal transactions a month, J&K Bank allows its customers to make up to 15 cash withdrawals, free of charge in a single month.
    • If you are withdrawing money using a withdrawal form, then there is no limit on the number of cash withdrawals which you are allowed to make.
    • As a Deluxe Savings Account holder, you are entitled to an International Gold Debit Card, which will be issued to you, completely free of charge.
    • Enjoy high transaction limits with your International Gold Debit Card which features a daily cash withdrawal limit of Rs 1,00,000 and a daily Point of Sale transaction limit of Rs 1,50,000.
    • This savings account comes with Nomination facility.
    • As we know, it is not always possible for us to visit the bank branch physically. This is why J&K Bank offers its customers e-banking facility, free of charge to facilitate anytime, anywhere banking.
  2. General Savings Account
    • With the General Savings Account, customers get to make up to 5 cash withdrawal transaction at their bank branch, free of charge.
    • Experience the ease of making quick, secure and payments and transactions with your Gold Access Debit Card, which is issued with your General Savings Account, free of charge.
    • Enjoy high daily transaction limits with your Global Access Debit Card which features a daily ATM cash withdrawal limit of Rs 40,000 and a daily Point of Sale transaction limit of Rs 1,00,000.
    • With the General Savings Account, customers can also avail the Nomination facility.
    • It isn’t always possible for us to visit our bank branch, even if it is for a minor task. To ensure that you can continue banking uninterrupted, J&K Bank offers its customers e-banking facility, free of charge to facilitate anytime, anywhere banking.
  3. General Small Account
    • The General Small Account is variant of Saving Bank account which has been designed to ensure that banking services are made easily accessible to all segments of the society.
    • In order to open a General Small Account, you will be required to make an initial deposit of a minimum amount of Rs 50. You may also open the account by making payment via banking instruments like a bankers cheque, etc.
    • The maximum balance which one can hold in this account has been capped at Rs 50,000.
    • With the General Small Account, account holders are allowed maximum credits of up to Rs 1,00,000 in their account in a year.
    • For General Small Account holders, the collective total of all fund transfers and withdrawals done in a month must not exceed an amount of Rs 10,000.
    • General Small account holders will be allowed to make up to 4 withdrawals per month.
    • Upon maintenance of an average quarterly balance of Rs 1,000 and above for the past 6 months, General Small Account holders can avail the cheque book facility with their account.
    • The General Small Account also offers account holders with the Nomination facility.
  4. Student Savings Bank Account
    • No minimum balance needs to be maintained.
    • Rs.50 is the initial deposit that must be made.
    • You can make a maximum of 4 withdrawals in a month.
    • NEFT/RTGS facility will be provided.
    • You can add nominees to the account.
  5. Basic Savings Bank Deposit Account
    • The initial deposit that must be made is Rs.50.
    • A debit card will be provided at no extra cost.
    • SMS and e-banking facilities will be provided free of cost.
    • 20 cheque leaves will be provided every year at no additional cost.
    • Smart Cards will not be offered under this account.
    • A maximum of four withdrawals can be made in a month.
  6. Savings Bank Account – Government Departments
    • No minimum balance needs to be maintained.
    • M-banking and e-banking facilities will be provided.
    • Penal charges will not be levied.
  7. Pension Account
    • No minimum balance needs to be maintained.
    • M-banking and e-banking facilities will be provided.
    • Penal charges will not be levied.
  8. Family Protection Savings Bank Account
    • Individuals between the ages of 25 years and 55 years can open an account.
    • A minimum balance of Rs.2,500 must be maintained.
    • 100 cheque leaves are provided in a year at no additional cost.
    • You can add nominees to the account.
  9. Premium Savings Account
    • Rs.1 lakh must be maintained every month.
    • 5 cash withdrawals are allowed in a month at no additional cost.
    • A Gold Debit Card will be provided.
    • A Platinum Credit Card may be provided.
    • Email and SMS alerts are provided at no additional cost.
  10. Pink Platinum Saving Scheme for Women
    • Rs.5 lakh is the average monthly balance that must be maintained.
    • Five withdrawals are allowed every month at no additional cost.
    • A Gold Debit Card will be provided.
    • A cheque book will be provided at no additional cost.
  11. Pink Gold Saving Scheme for Women
    • Rs.1 lakh is the average monthly balance that must be maintained.
    • Five withdrawals are allowed every month at no additional cost.
    • A Gold Debit Card will be provided.
    • 200 cheque leaves will be provided in a year at no additional cost.
  12. Pink Silver Saving Scheme for Women
    • Rs.25,000 is the average monthly balance that must be maintained.
    • Five withdrawals are allowed every month at no additional cost.
    • A Gold Debit Card will be provided.
    • 50 cheque leaves will be provided in a year at no additional cost.

Jammu & Kashmir Bank Minimum Balance Requirements

Given are the minimum balance requirements for all Savings Accounts offered by Jammu & Kashmir Bank:

Type of Account Minimum Average Quarterly Balance Required
Deluxe Savings Account Rs.5,000
General Savings Account Rs.2,000 (account with cheque book) & Rs.1,000 (account without cheque book)
General Small Account Rs.50
Student Savings Bank Account Nil
Basic Savings Bank Account Nil
Savings Bank Account – Government Departments Nil
Pension Account Nil
Family Protection Savings Bank Account Rs.2,500
Premium Savings Account Rs.1 lakh
Pink Platinum Saving Scheme for Women Rs.5 lakh
Pink Gold Saving Scheme for Women Rs.1 lakh
Pink Silver Saving Scheme for Women Rs.25,000

Jammu & Kashmir Bank Savings Account Charges

Following is the schedule of charges applicable on the Savings Accounts offered by J&K Bank.

Particulars of Charge Amount
ATM Transactions beyond free limit Cash transactions – Rs 20 per transaction; Non-financial transactions – Rs 10 per transaction.
Stop Payment Instructions Rs 25 per instrument; max Rs 100.
Account Closure Rs 75
Cash withdrawals beyond 50 per half year Rs 10 per withdrawal
Debit card transaction (financial) at non bank ATMs Rs 100 per transaction + taxes
Debit card transaction (non-financial) Rs 15 + taxes
Transactions denied at other bank ATMs due to insufficient balance Rs 20 + taxes
Debit Card Annual / Renewal Fee Rs 25 per quarter + taxes for Chip based and Magstripe debit cards.

Eligibility for Jammu & Kashmir Bank Savings Accounts

In order to apply for a Savings account with J&K Bank, individuals must conform to the following eligibility criteria.

  1. Deluxe Savings Account
    • Can be opened by an individual in their own name.
    • Can be opened by one of more individuals in their joint names.
    • Can be opened by organizations, entities, etc., as allowed by the Reserve Bank of India.
    • Can be opened for a minor in his/her parent’s / guardian’s name.
    • Can be opened by literate minors above the age of 10 years.
  2. General Savings Account
    • Can be opened by an individual in their own name.
    • Can be opened by one of more individuals in their joint names.
    • Can be opened by organizations, entities, etc., as allowed by the Reserve Bank of India.
    • Can be opened for a minor in his/her parent’s / guardian’s name.
    • Can be opened by literate minors above the age of 10 years.
  3. General Small Account
    • Can be opened by an individual, including pensioners.
    • Can be opened by more than one person under their joint names.
    • Can be opened by literate minors above the age of 10 years.
  4. Student Savings Bank Account
    • Only students can open an account.
  5. Basic Savings Bank Deposit Account
    • Artisans, Vendors, Small Shopkeepers, Housewives, Students, Unemployed Youth, etc. can open an account.
  6. Savings Bank Account – Government Departments
    • All State, Central Government Departments, and other Government Corporations/Undertakings that exclusively bank with Jammu & Kashmir Bank can open an account.
    • The RBI guidelines must be met in order to open an account.
  7. Pension Account
    • Union Territories of Ladakh and Jammu and Kashmir pensioners can open an account.
  8. Family Protection Savings Account
    • Individuals between the ages of 25 years and 55 years can open an account.
    • Any existing customers in the same age group can open an account.

Documentation Required

  • Following are the documents which one is required to submit in order to apply for a Savings Account with J&K Bank.
  • Duly filled Application Form.
  • Depositor(s) photograph (2)
  • All documents to be provided as per the KYC norms.
  • Copy of Pan Card / Form 60 or Form 61
  • Any other documents beside the aforementioned which is applicable/required for application by minors, etc.

Jammu & Kashmir Bank Savings Account FAQs

  1. How many cheque leaves are all Saving Account holders entitled to, in a year?

    In a year, all Saving Account holders will be entitled to 20 free cheque leaves.

  2. Is there any charge levied for cross currency transactions made via the debit card?

    Yes, a cross currency mark-up at the rate of 3.5% will be applicable on all foreign currency transactions carried out with your debit card.

  3. For Deluxe Savings Account holders, what is the minimum Average Quarterly Balance which must be maintained?

    Deluxe Savings account holders must maintain a minimum Average Quarterly Balance of not less than Rs 5000.

  4. On what basis is the interest compounded for the Deluxe savings Account?

    For the Deluxe Savings Account, interest will be compounded on a quarterly basis and will be calculated on daily products.

  5. What is the minimum Average Quarterly Balance which one must maintain with the General Savings Account?

    All customers holding a General Savings Account are required to maintain an Average Quarterly Balance of Rs 500 (for accounts with cheque book facility) and Rs 300 (for accounts without cheque book facility).

  6. What is the minimum and maximum balance permitted for the General Small Account?

    Customers must maintain a minimum balance of Rs 50 while the maximum balance must not exceed Rs 50,000.

  7. Under the General Small Account, what are the maximum credits allowed in a year?

    Customers are allowed maximum credits of up to Rs 1,00,000 in a year.

  8. Under the General Small Account, what are the total number of transfers and withdrawals allowed in a month?

    Customers must not make transfers and withdrawals exceeding Rs 10,000 in a month.

    GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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