• Fixed Deposit
  • Jammu & Kashmir Bank
  • Jammu Kashmir Bank Fixed Deposit
Jammu Kashmir Bank Fixed Deposit

Jammu Kashmir Bank Fixed Deposit

PrivateAA- (Negative) 
DICGC

6.5%

Interest for 3 years

Jammu & Kashmir Bank FD Interest Rates 2024

TenureNormal Citizen FD RateSenior Citizen FD Rate
7 days - 1 month 14 days3.5%4%
1 month 15 days - 2 months 29 days4.6%5.1%
2 months 30 days - 5 months 27 days4.75%5.25%
5 months 28 days - 8 months 25 days5.75%6.25%
8 months 26 days - 11 months 27 days6%6.5%
1 year - 1 year 11 months 27 days7.1%7.6%
2 years - 2 years 11 months 27 days7%7.5%
3 years - 9 years 11 months 26 days6.5%7%

Note: All interest rates shown above are as on 6th Mar 2024

About Jammu & Kashmir Bank FD

J&K Bank was established in 1938, and the J&K government owns 68.18% of the bank. Bank offers a wide range of products under various segments - credit, deposits, NEFT, RTGS, digital banking, forex, remittances, and cash management services etc. The bank has its headquarters in Srinagar. As of March 2022, J&K Bank has more than 957 branch offices across India and more than 1,386 ATMs. The total deposits as of March 2022 stood at INR 1,14,710.38 crores. J&K Bank’s Fixed Deposits have an AA- (Negative) Credit Rating.

Jammu & Kashmir Bank FD

3.5% - 7.1%

FD Rate

4% - 7.6%

FD Rate for Seniors

₹ 100

Minimum Deposit

₹ 2 Crores

Maximum Deposit

-

Lock-in

-

FD Tenure

-

Loan against FD

AA- (Negative)

CRISIL Rating

Jammu & Kashmir Bank FD Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 6.5%For 5 years with interest of 6.5%
₹ 50,000 ₹ 60,734₹ 69,141
₹ 1 lakh ₹ 1,21,467₹ 1,38,282
₹ 2 lakh ₹ 2,42,934₹ 2,76,563
₹ 5 lakh ₹ 6,07,336₹ 6,91,409
₹ 10 lakh ₹ 12,14,672₹ 13,82,817

Compare Jammu & Kashmir Bank Fixed Deposit Returns with Top Banks

Use FD calculator to change values and compare your returns from top banks.

vs
Utkal Grameen Bank FD
Jammu & Kashmir Bank FD
Jammu & Kashmir Bank FD
Maturity Amount 1,07,336 1,06,697
Total Investment Amount₹ 1,00,000₹ 1,00,000
Total Interest Gained7,336 6,697

Compare Jammu & Kashmir Bank Fixed Deposit Rates with Top Banks

Bank NameFD Interest Rates
Utkal Grameen Bank FD
6.5% - 7%
Punjab and Sind Bank FD
6% - 6.5%
Saptagiri Grameena Bank FD
7.5% - 8%
Dakshin Bihar Gramin Bank FD
5.6% - 5.6%
Karnataka Gramin Bank FD
6.85% - 7.35%
Kerala Gramin Bank FD
6.75% - 7.25%
Baroda Gujarat Gramin Bank FD
6.75% - 7.25%
Yes Bank FD
7.3% - 8%
Union Bank of India FD
6.5% - 7%
Dhanlaxmi Bank FD
6.5% - 7%

Calculate Jammu & Kashmir Bank FD Returns

1,00,000

Total Investment

7,336

Wealth Gained

1,07,336

Maturity Amount

Explore Debt Funds, instead!

The flexible & tax efficient alternative to FDs.

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.

Features of Jammu & Kashmir Bank Fixed Deposit

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:

Tenure, Minimum and Maximum Deposit Amount

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. 

J&K Bank Preferential Interest Rates

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%.

Additional Payments and Safety

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.

Tax and TDS

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.

Premature withdrawals and Loan against FD and Overdraft

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.

Nomination Facility and Auto-Renewal

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. 

Convenience and requirement of savings account

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.

J & K FD Eligibility and Documents Required

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.

  • Resident individuals (including minors)
  • Sole Proprietorships
  • HUFs
  • Partnerships
  • Private and public companies
  • Associations, clubs, trusts, and societies

To open a fixed deposit account with Jammu and Kashmir Bank, one needs the following documents.

  • FD application form, duly filled and signed
  • Passport size photographs
  • PAN Card or form 60 or 61
  • Any other documents as required by firms, companies, and trusts

Pan Card

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.

Types of Fixed Deposit Schemes offered by Jammu and Kashmir Bank

Following are the types of fixed deposit scheme offered by Jammu and Kashmir Bank:

1. Fixed Deposit Scheme

The fixed deposit scheme is a non-cumulative term deposit where the account holder gets interest on a quarterly basis.

  • Tenure: 7 days to 10 years
  • Minimum Deposit: INR 100
  • Interest Payout: On a quarterly basis
  • Loan Facility: Available
  • Premature Withdrawals: Allowed, however, attracts a penalty.
  • TDS: Deducted if the Form 15G/15H isn’t submitted.

2. Cash Certificate Scheme

The cash certificate scheme is a cumulative deposit scheme that pays compound interest on maturity.

  • Tenure: 7 days to 10 years
  • Minimum Deposit: INR 1,000
  • Interest Payout: On maturity, however, it gets compounded on a quarterly basis.
  • Loan Facility: Available, up to 90% on the deposit amount plus the interest accrued.
  • Premature Withdrawals: Allowed, however, attracts a penalty.
  • TDS: Deducted if the Form 15G/15H isn’t submitted.

4. Mehandi Deposit Scheme

  • Tenure: 5, 7, 10, 12 or 15 years
  • Minimum Deposit: Depends on the tenure and maturity amount
  • Interest Payout: On maturity, however, it gets compounded on a quarterly basis.
  • Loan Facility: Available, up to 90% on the deposit amount plus the interest accrued.
  • Premature Withdrawals: Allowed, however, attracts a penalty.
  • Accidental Insurance Cover: Available for parent or guardian.

5. Tax Saver Term Deposit Scheme

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.

  • Tenure: 5 years to 10 years
  • Minimum Deposit: INR 1,000 and in its multiples thereafter.
  • Loan Facility: Not available.
  • Premature Withdrawals: Not allowed as there is a 5 years lock-in period.

6. Smart Saver Term Deposit Scheme

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.

  • Minimum Core Term Deposit: INR 25,000 and in multiples of INR 1,000 thereafter.
  • Tenure: Core Deposit Account: 1 year to 10 years, Linked Deposits: 180 days

7. Monthly Yield Deposit Scheme

  • Tenure: 1 year to 10 years
  • Minimum Deposit: INR 1,000
  • Interest Payout: On a monthly basis at a discounted simple interest rate.
  • Premature Withdrawals: Allowed, however, attracts a penalty.

8. Child Care Deposit Scheme

  • Tenure: 7, 9, and 10 years as recurring (Phase-I). 5, 7, and 10 years as a term deposit (Phase-II).
  • Monthly Instalment: INR 100 and in its multiples thereafter.
  • Interest Payout: On maturity
  • Premature Withdrawals: Allowed, however, attracts a penalty.

9. Depositor’s Pension Scheme                

  • Tenure: 84, 105, or 111 months recurring in Phase I and as monthly payouts in Phase II.
  • Monthly Deposit: INR 25 and in multiples of INR 25, INR 50, or INR 100 thereafter.
  • Interest Computation: Quarterly compounding for Phase I and Simple interest for Phase II.
  • Interest Payout: Monthly in Phase II
  • Premature Withdrawals: Allowed, however, attracts a penalty.

Frequently Asked Questions

What is the highest Jammu & Kashmir Bank FD rate today?

The highest Jammu & Kashmir Bank FD rates for general citizens is 7.1% p.a. and 7.6% p.a. for senior citizens.

What is the highest interest rate on Jammu & Kashmir Bank 1 year FD scheme?

The highest interest rate on Jammu & Kashmir Bank 1 year FD scheme is 7.1% p.a.

What is Jammu & Kashmir Bank FD scheme interest rate for 5 years?

6.5% p.a is the interest rate for 5 years on Jammu & Kashmir Bank FD scheme.

How many years FD will double in Jammu & Kashmir Bank?

To know in how many years Jammu & Kashmir Bank Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be the number of years Jammu & Kashmir Bank Bank FD will double. The current highest Jammu & Kashmir Bank FD interest rate is 7.1% so investors will double the investment in 10.14 years. Similarly, senior citizen depositors will double their FD investment in 9.47 years, where the highest FD rate for senior citizens is 7.6%.

What is Jammu & Kashmir Bank FD minimum deposit amount?

The minimum investment in Jammu & Kashmir Bank FD is INR 100. However, there is no limit on the maximum amount of investment in Jammu & Kashmir Bank FD.

What is senior citizen fixed deposit interest rates in Jammu & Kashmir Bank?

The senior citizen fixed deposit interest rates in Jammu & Kashmir Bank range between 4% to 7.6% p.a. for an available minimum and maximum investment duration.

What are the available FD tenures in Jammu & Kashmir Bank?

Jammu & Kashmir Bank FD tenure ranges from 7 days to 9 years 11 months 26 days

What is Jammu & Kashmir Bank FD ROI for 10 lakh deposit for 1 year?

The interest from the Jammu & Kashmir Bank FD calculator for 10 lakh deposit for 1 year will be INR 73,357. The maturity value will be INR 10,73,357. You can use Scripbox’s FD Calculator to determine the maturity value of your investment.

How to check the fixed deposit balance in Jammu & Kashmir Bank?

You can check Jammu & Kashmir Bank FD balance either online or offline mode. For online mode, log in to the Jammu & Kashmir Bank internet banking portal. Alternatively, you can visit the nearest Jammu & Kashmir Bank bank to update your passbook for FD balance enquiry.

How many FDs can be opened in Jammu & Kashmir Bank?

There is no restriction on the number of FDs you can open with Jammu & Kashmir Bank.