JK Bank FD Rates

Jammu and Kashmir (JK) FD rates are higher than that offered by its savings account. The FD interest rates in JK bank range from 3% to 5.3%. The J&K bank interest rates in fixed deposits vary from the tenure of 7 days to 10 years. In addition, the senior citizen may fetch an additional 0.5% J&K bank FD rates. Hence, for senior citizens, the J&K bank FD rates range from 3.5% to 5.8%.

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Fixed Deposit Interest Rates JK Bank

Year J&K Bank FD Rates for Regular Citizen (%) J&K Bank FD Rates for Senior Citizen (%)
1 6.75 7
2 6.75 7.25
3 6.5 7
4 6.5 7
5 6.5 7
6 6.5 7
7 6.5 7
8 6.5 7
9 6.5 7
10 6.5 7

Characteristics of Jammu & Kashmir Bank Fixed Deposit

The Jammu & Kashmir FD rates are above average and better than the returns of the saving account. Listed below are vital features one should comprehend before depositing a sum in Jammu & Kashmir Bank fixed deposit.

  1. Tenure

    The tenure of Jammu & Kashmir banks ranges between 7 days to 10 years. The tenure is fixed and non-changeable by the investor. However, the bank allows premature withdrawal with specific terms & conditions. 

  2. Deposit Amount

    The minimum deposit amount of Jammu & Kashmir FD is highly commendable. A person falling under the BPL (Below the Poverty Line) category may also open a fixed deposit account to fetch considerable FD returns rates in JK Banks. One should note that the minimum depository amount by a consumer is INR 100. However, there is no limit to the maximum amount. An individual may invest according to his potential.

  3. J&K Bank Interest Rates in Fixed Deposit

    The Jammu and Kashmir FD rates range from 3% to 5.3% for its regular citizen. However, the senior citizen can fetch an additional rate of 0.5%. Hence, the FD interest rates in JK bank range from 3.5% to 5.8%.

  4. Additional Payments

    No investor is allowed to deposit an additional payment in his existing FD account in Jammu & Kashmir bank. However, the investor can open a new FD account and make the deposits accordingly. Deposit Insurance and Credit Guarantee Corporation (DICGC) is a regulatory body of the RBI (Reserve Bank of India) that insures all FD accounts of Jammu and Kashmir bank up to INR 5 lakh. The depositor will be liable for the remaining sum exceeding INR 5 lakh.

  5. Tax and TDS

    Jammu and Kashmir Bank has a J&K Tax Saver Term Deposit scheme under which an investor may avail of tax deduction under section 80 C of the Income Tax Act, 1961. However, a fixed deposit scheme other than the J&K Tax Saver Term Deposit scheme is taxable according to the income slab rate of the depositor or investor. 

    Additionally, the Jammu and Kashmir Bank deduct the 10% TDS if the interest income of the depositor exceeds INR 40,000. Further, the senior citizen may escape from the TDS deduction if their interest income is less than INR 50,000.

  6. Premature Withdrawals

    Jammu and Kashmir Bank allows its investor for the premature withdrawals of their fixed deposit. However, early withdrawal also attracts a penalty on the interest the depositor is entitled to receive. Yet, the bank is on the practical side as it draws only a 0.5% liability on the claim. At the same time, other banks attract a penalty of at least 1% on premature withdrawal. 

  7. Loan against Fixed Deposit

    An investor of Jammu and Kashmir Bank may avail of a loan against the FD without breaking their deposits. An investor can take a home loan, student loan, business loan, personal loan, etc.

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Types of Fixed Deposit in Jammu and Kashmir Bank

Listed below are the types of fixed deposit schemes that the Jammu and Kashmir Bank offers.

  1. Fixed Deposit Scheme

    • Under the fixed deposit scheme, the account holder obtains Jammu and Kashmir interest rates quarterly.

    • The tenure of the scheme varies from seven days to ten years. 

    • The minimum deposit one can make is INR 100.

    • The interest will be payable on a quarterly basis.

    • The individual may avail of loan facilities under a fixed deposit scheme.

  2. Cash Certificate Scheme

    • The interest under the cash certificate scheme is payable on maturity. 

    • The tenure ranges from seven days to ten years.

    • The investor is expected to deposit INR 1,000 as the minimum payable amount by the depositor.

    • The interest is payable on maturity, and the returns are compounded on a quarterly basis.

    • A loan facility is available for up to 90% of the sum deposited by the investor. 

    • The premature withdrawal is allowed upon deducting a 0.5% penalty on the interest payable to the investor.

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Conclusion

Jammu and Kashmir FD rates are commendable since the rates are higher than their returns over the saving account. It is a private bank and offers various kinds of fixed deposit schemes. The normal citizen may avail of 6.75% Jammu and Kashmir FD rates. At the same time, the Jammu and Kashmir FD rates are higher for senior citizens by 1%. FD calculator 2023 online tool can be used to analyze the FD returns.

FAQ's

  • What is Tax Saver Term Deposit Scheme?

    A tax saver term deposit is one of the schemes offered by Jammu and Kashmir Bank. According to this scheme, an investor may avail of tax deduction benefits under section 80C of the Income Tax Act 1961. The minimum tenure of this scheme is five years, and the maximum is ten years. However, no loan facility is available, and no premature withdrawal is allowed as the scheme has five years lock-in period. 
  • Who is eligible to open an FD account to avail of Jammu and Kashmir FD rates?

    The following individuals and bodies are allowed to open an FD account in order to avail of Jammu and Kashmir FD rates.
    • Resident Individual
    • A partnership firm
    • HUFs (Hindu Undivided Family)
    • Public and Private companies
    • Trusts, societies, clubs, and associations.
  • What documents are required to open an FD account to avail of J&K interest rates in fixed deposits?

    Listed below are the following documents an individual should possess in order to avail of J&K interest rates in fixed deposits.
    • The FD application should be duly filled and signed by the account holder.
    • The color passport-size photograph of the individual. 
    • PAN card or form 60 or 61.
    • Any other documents that firms or companies are liable to submit before the bank.
  • How much tax deduction is allowed under Jammu and Kashmir FD rates?

    An individual may avail of up to INR 1.5 lakh of tax deduction under Jammu and Kashmir FD rates under section 80C of the Income Tax Act, 1961.
  • Can I avail of a loan facility against my FD?

    Yes, an individual is entitled to avail of a loan facility against his FD.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023

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