|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 30 days||3.5%||4%|
|1 month - 1 month 14 days||3.7%||4.2%|
|1 month 15 days - 5 months 29 days||4.5%||5%|
|6 months - 11 months 30 days||5.5%||6%|
|1 year - 1 year 11 months 29 days||6.5%||7%|
|1 year 11 months 30 days - 2 years 11 months 29 days||6.35%||6.85%|
|2 years 11 months 30 days - 9 years 11 months 28 days||6.25%||6.75%|
Note: All interest rates shown below are as on 9th Jan 2023
J&K Bank, headquartered in Srinagar, was established in 1938. The bank has a balance sheet size of Rs. 1,08,929 Cr as on 31st March 2020. The bank recorded a loss of Rs 1183 Cr in FY20
3.5% - 6.5%
4% - 7%
FD Rate for Seniors
₹ 2 Crores
Loan against FD
|Investment Amount||For 3 years with interest of 6.25%||For 5 years with interest of 6.25%|
|₹ 50,000||₹ 60,282||₹ 68,286|
|₹ 1 lakh||₹ 120,564||₹ 136,573|
|₹ 2 lakh||₹ 241,129||₹ 273,146|
|₹ 5 lakh||₹ 602,822||₹ 682,865|
|₹ 10 lakh||₹ 1,205,643||₹ 1,365,730|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹ 106,697||₹ 108,139|
|Total Investment Amount||₹ 100,000||₹ 100,000|
|Total Interest Gained||₹6,697||₹ 8,139|
|Bank Name||FD Interest Rates|
|Jana Small Finance Bank FD||7.85% - 8.8%|
|CSB Bank FD||5.75% - 6.25%|
|Axis Bank FD||7% - 7.75%|
|Deutsche Bank FD||7% - 7%|
|Ujjivan Small Finance Bank FD||7.2% - 7.95%|
|Indian Bank FD||6.25% - 6.75%|
|Federal Bank FD||6.5% - 7%|
|Chaitanya Godavari Grameena Bank FD||6.25% - 6.75%|
|Ellaquai Dehati Bank FD||5.3% - 5.55%|
|Paschim Banga Gramin Bank FD||5.2% - 5.7%|
Jammu and Kashmir Bank offers higher fixed deposit interest rates than their savings account. The interest rates range between 3% to 5.3% for regular citizens for a tenure of 7 days to 10 years. Senior citizens get an additional 0.5% on their Jammu and Kashmir Bank FD investments, and the interest rates range between 3.5% and 5.8%. This article covers J&K Bank fixed deposits and their interest rates in detail.
Jammu and Kashmir Bank fixed deposits offer better returns than a savings bank account. Following are the key features of Jammu and Kashmir Bank term deposits:
The Jammu and Kashmir Bank FD tenure ranges between 7 days to 10 years. Once invested, one cannot change the tenure of the J&K Bank fixed deposit investment. However, they can opt for premature withdrawal and close the existing Jammu and Kashmir Bank FD and start a new FD with the desired tenure. The minimum amount of deposit for Jammu and Kashmir Bank fixed deposits is INR 100. Also, there is no limit on the maximum investment amount for Jammu and Kashmir Bank fixed deposits.
Jammu and Kashmir Bank FD interest rates range between 3% and 5.3% for regular citizens. The tenure range is seven days to 10 years. Furthermore, Jammu and Kashmir Bank offers preferential interest rates for senior citizen depositors. Jammu and Kashmir Bank FD rates for senior citizens range between 3.5% to 5.8%.
It is not possible to deposit any additional amount in an existing Jammu and Kashmir Bank FD. However, one can always invest in a fresh Jammu and Kashmir Bank term deposit with an additional amount. Also, under the Deposit Insurance Scheme of RBI, DICGC insures all Jammu and Kashmir Bank fixed deposits up to INR 5,00,000.
Investment in J&K Tax Saver Term Deposit Scheme qualifies for tax saving under Section 80C of the Income Tax Act, 1961. Other than this scheme, no other FD scheme qualifies for tax saving. Moreover, the interest that one earns on their Jammu and Kashmir Bank FD investments is taxable as per the depositor’s income tax slab rates. Furthermore, J&K Bank deducts a TDS of 10% in case the interest income exceeds INR 40,0000 (INR 50,000 for senior citizens). Moreover, the TDS rate will be 20% of the PAN Card details aren’t submitted to Jammu and Kashmir Bank.
To determine if the interest income from a Jammu and Kashmir Bank term deposit is above or below the TDS threshold limit, one can use the Jammu and Kashmir Bank fixed deposit calculator available online. Also, one can determine the tax liability using the Income Tax Calculator. Scripbox’s Income Tax Calculator is available online for free and helps in estimating tax liability fromJammu and Kashmir Bank FD investment.
Jammu and Kashmir Bank allows premature withdrawals of fixed deposit. However, these withdrawals attract a penalty of 0.5% on the contracted interest rate provided the deposits are with the bank for at least 7 days.
Furthermore, Jammu and Kashmir Bank investors can take a loan against their FDs to meet their liquidity requirements without breaking their deposit. The interest rate on loan varies between 4%-6.3%.
Investors can take loans such as home loan (loan against property), business loan, student loan, personal loans, etc., against Jammu and Kashmir Bank FD. Also, one can compute their loan EMI using a loan EMI calculator. The loan EMI calculator works as a business loan EMI calculator, house loan EMI calculator, personal loan EMI calculator, and car loan EMI calculator. Also, the investor can use the EMI calculator in multiple scenarios for comparing the results. They have to change the input variables like house loan interest rate, personal loan interest rate, business loan interest rate, and car loan interest rate.
Depositors can nominate beneficiaries for their Jammu and Kashmir Bank term deposits. Furthermore, Jammu and Kashmir Bank offers an auto-renewal facility for fixed deposits.
Opening and managing Jammu and Kashmir Bank FD investments is easy and convenient through their online portal. Also, individuals need to have Jammu and Kashmir Bank savings accounts to open a fixed deposit account.
To open a FD account with Jammu and Kashmir Bank, one has to be eligible. Following are the individuals that are eligible to invest in Jammu and Kashmir Bank FDs.
To open a fixed deposit account with Jammu and Kashmir Bank, one needs the following documents.
A PAN card is mandatory to open a Jammu and Kashmir Bank FD account. Also, there are few implications for not disclosing PAN details to Jammu and Kashmir Bank. The TDS rate for non-disclosure of PAN, as per the regulations of 206AA, will be 20% instead of the usual 10%. The Jammu and Kashmir Bank will not issue any TDS certificate. Furthermore, all the exemption certificates issued by J&K Bank, like Form 15G and Form 15H, will be invalid.
Following are the types of fixed deposit scheme offered by Jammu and Kashmir Bank:
The fixed deposit scheme is a non-cumulative term deposit where the account holder gets interest on a quarterly basis.
The cash certificate scheme is a cumulative deposit scheme that pays compound interest on maturity.
Deposits under the Tax Saver Term Deposit Scheme qualify for tax exemption. Also, deposits up to INR 1,50,000 per annum are eligible for the exemption under Section 80C of the Income Tax Act, 1961.
The scheme consists of a core deposit or term deposit that entitles the depositor’s operative account (SB or CD) to a sweep facility. In other words, any balance more than the floor level is auto swept and converted to Smart Saver Term Deposit.
Yes, Jammu and Kashmir Bank offers a recurring deposit scheme.
Tenure: 6 months to 10 years
Minimum Deposit: INR 50 and in multiples of INR 5 thereafter.
Instalment Frequency: Monthly
Interest Payouts: On maturity
Loan Facility: Available, up to 90% on the deposit plus the interest accrued.
Premature Withdrawals: Available, however, is subject to applicable penalties.
Jammu and Kashmir Bank term deposit interest rates range between 3% and 5.30% for regular citizens and between 3.5% – 5.8% for senior citizens for a tenure of 7 days to 10 years. The FD interest rates of J&K Bank are higher than their savings account. Moreover, senior citizens get a higher rate of interest of 0.5% on their J&K Bank FDs. The interest is paid quarterly to the investor and is calculated as simple interest.
The highest term deposit rate for Jammu and Kashmir Bank is 5.3% for a regular investor for the tenure of 13-5 years. For senior citizens, the highest J&K bank FD rate is 5.8% for a tenure of 3-5 years. Returns from Jammu and Kashmir Bank term deposits can be calculated using afixed deposit calculator.
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