J&K Bank Announces Recurring Deposit Scheme- Check Features & Benefits Here
J&K Bank Announces Recurring Deposit Scheme: Ensure a future of growth by investing monthly in J&K Bank Recurring Deposit Scheme. Apply now to grow your life. Read Also: Upgrade Your Banking Experience With J&K Bank- Apply Now!
FEATURES & BENEFITS
- Monthly Installment Rs. 50/- and above in multiples of Rs. 5/-.
- Tenure 6 Months to 10 years.
- Interest rate Fixed.
- Interest application Quarterly compounded interest.
- Interest payouts On maturity
- Premature withdrawal Allowed with penalty.
- Loan Facility Available upto 90% of Deposit and interest accumulated.
ELIGIBILITY
- A person in his/her name.
- More than one person in their joint names.
- Minor through parents/guardian.
- Sole Proprietorship firms, Partnership firms
- Private and Public Limited Companies
- HUFs
- Associations, Clubs, Societies, Trusts etc
DOCUMENTATION
- Application Form
- Photograph of depositor/s (2 copies)
- Documents as per KYC Norms
- PAN Card or Form 60 or 61
- Any other related documents as applicable to Minors, Partnership Firms, Companies, HUF,s etc
FAQS
What is the eligibility for opening an account under Recurring Deposit Scheme of J&K Bank?
Recurring Deposit Accounts can be opened by individuals, either singly or jointly, Parents/ Guardians on behalf of minors, sole proprietorship firms, Partnership firms. Private and Public Limited Companies, HUFs, Associations, Societies, Trusts, etc.
What is the minimum monthly installment required to be deposited?
You are required to deposit a monthly installment of Rs. 50/- and above in multiples of Rs. 5/-.
What are the tenures for which the accounts can be opened?
You can open an account for any tenure ranging from 6 months to 10 years.
Is interest under this scheme applied on Simple or Compound basis?
Interest compounded quarterly is provided under this scheme.
Can I withdraw my deposit prematurely?
Yes, but penal interest, as applicable, shall be charged on such pre-mature withdrawals.