J&K Bank Announces Child Care Deposit Scheme On Children’s Day
J&K Bank Announces Child Care Deposit Scheme On Children’s Day: Fill the day with laughter, love, and endless possibilities to all the little stars out there! On Children’s Day, let’s nurture their dreams with the J&K Bank Child Care Deposit Scheme.
Fill the day with laughter, love, and endless possibilities to all the little stars out there! On Children's Day, let's nurture their dreams with the J&K Bank Child Care Deposit Scheme.#JKBank #HappyChildrensDay #ChildCareDepositScheme #Education #Invest #Grow #Deposits… pic.twitter.com/SlQ32blPco
— J&K Bank (@JandKBank) November 14, 2023
Features And Benefits
- Monthly Installment: Rs. 100/- and its multiples.
- Tenure: 7, 9 and 10 years as recurring (Phase-I) and 5 , 7 and 10 years respectively as term deposit (Phase-II).
- Interest rate: Fixed. Interest rates as per the rates prevalent at the beginning of the respective phases.
- Interest application: Quarterly compounded interest.
- Interest payouts : On maturity
- Add- ons: Accidental Insurance Cover for the Parent / Guardian (linked to the size of monthly deposit amount).
- Premature withdrawal: Allowed with penalty.
Eligibility
- Minor through parents/guardian.
- A person in his/her name.
Documents Required
- Application Form
- Photograph of Parent/ Guardian/ depositor (2 copies)
- Documents as per KYC Norms(of Parent/ Guardian)
- Minor’s birth certificate (for minors only)
- Guardianship proof for Legal Guardian (Court Decree)(For minors only)
- Minor Declaration signed by the Parent/Guardian( For minors only)
- PAN Card or Form 60 or 61
- Any other related documents as applicable to Minors.
Click here for rate of Interest
FAQs
What is the eligibility for opening an account under Child-care Deposit Scheme
of J&K Bank?
- Accounts under this scheme can be opened in the name of minor jointly with Parents/ Guardian. Individuals can also open accounts under the scheme in their own names.
What is the amount of monthly installment required to be deposited in Phase-I?
- You can deposit a fixed monthly installment of Rs 100 and above in multiples of Rs 100.
What are the tenures for which the accounts can be opened?
- You can open an account for the following 3 tenures- 12, 16 ort 20 years, comprising of 7, 5, or 10 years of phase I which is in the nature of recurring deposit and 5, 7 or 10 years respectively of Phase II which is in the nature of Cash Certificate.
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.
Is loan facility available against the deposit?
- Loan facility can be provided after deposit completes its first phase i.e. after entry into the 2nd phase, bank can allow loan not exceeding 90% of the amount accumulated at the time of first phase.
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