Jammu and Kashmir Bank Savings Account

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Jammu and Kashmir Bank Savings Account

Many first time bank customers opt to open a savings bank account and it is very easy to open and operate. Most people will continue to have a savings account in addition to various other deposits and accounts that they may have with the same or another bank. Though it offers only a low interest rate, it is a safe and convenient way of storing money. There are different kinds of savings accounts for different needs. Banks also offer zero-balance savings accounts for those who want basic banking facilities like withdrawals and deposits.

Advantages of a savings account

There are several advantages to having a savings account:

  • Liquidity or easy access to your money: You can deposit and withdraw money from a savings account depending on your requirement and the terms of the account.
  • Interest income: While you earn less interest in a savings account as compared to an FD or RD account, you also have far greater freedom in operating the account.
  • Bill payment: With the advent of digital banking, it is extremely easy to pay your utility bills with a savings account.
  • Transferring funds with ease: You can transfer funds and conduct various banking transactions with a savings account.
  • Safety: It is definitely better to store your money securely in a bank rather than keeping it in your home.
  • Requires minimal documentation: A savings bank account is easy to open and requires minimal documentation

Disadvantages:

  • There are various fees associated with a savings account. There also might be some restrictions on the number of withdrawals you can make in a month, depending on the type of SB account.
  • You need to maintain a specific balance each month in order to avoid penalties. The minimum balance required, interest rate and fees and charges vary from bank to bank and the type of account opened.
  • The interest is far lower when compared to that of, say, a Fixed Deposit account and offers low returns in comparison to other forms of savings.

Even with the downsides, a savings account is popular with the old and the young, as it provides easy access to money in times of need and inculcates a habit of saving. With the easy banking modes it has on offer, a savings account is a must to have.

Jammu and Kashmir Bank Savings Account

A Jammu and Kashmir Bank savings account provides a host of banking benefits like flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with a Jammu and Kashmir Bank Savings Account.

Features and Benefits of a Jammu and Kashmir Bank Savings Account

There are various benefits to having a savings account with Jammu and Kashmir Bank:

  • Safety and security when you store your cash in a savings account
  • Different savings account for different needs.
  • Access your account with ease via Internet Banking / SMS Bank / Phone Banking

Types of Jammu and Kashmir Bank Savings Accounts

Below are a few of the different savings accounts available. For the full list of savings accounts options, check the bank website or visit the nearest branch.

Basic Savings Bank Deposit Account

This no-frills account is targeted at people from low-income groups or economically weaker sections. Customers eligible include unemployed youth, students, small shopkeepers, vendors, artisans etc. It has a minimum opening balance of Rs. 50 but there is no minimum balance required after that to operate the account. Other features include:

  • Free Debit Card
  • Free 20 Cheque leaves per year and charges @ 2/- per leaf as applicable to other accounts for anything beyond.
  • Free e-banking/ SMS facility.
  • Maximum four withdrawals in a month including ATM withdrawals.
  • Facilities like RTGS/NEFT, inter-branch transfers, collection of cheques etc. at the service charges applicable to other accounts.

General savings account

  • Minimum AQB of Rs 500/-(With Cheque Book) & Rs 300 (without cheque book).
  • Free cash withdrawals at the branch (up to 5 per month).
  • Free International Gold Debit Card issued with an ATM withdrawal limit of Rs 40,000 /day & PoS transaction limit of Rs 1,00,000.

General Small Account

  • This is a form of a Savings Bank account to ensure financial inclusion
  • Minimum initial deposit of Rs 50.
  • Minimum balance of Rs 50 only.
  • Maximum balance shall be Rs 50,000.
  • Maximum credits of Rs. 1,00,000/- in a year.
  • Total of all withdrawals and transfers in a month should not exceed Rs 10,000.
  • 4 withdrawals allowed per month.
  • Cheque book facility available if an average quarterly balance of Rs1000 or above for past 6 months
  • Nomination facility available.

Deluxe Savings Account

  • Minimum Average Quarterly Balance (AQB) of Rs 5000
  • Free cash withdrawals at branch (up to 15 per month).
  • No limit on cash withdrawal using withdrawal form
  • Free International Gold Debit Card issued with an ATM withdrawal limit of Rs. 1,00,000/day & Point of Sale transaction limit of Rs 1,50,000.
  • Nomination facility available.
  • Free e-banking facility.

Student Savings Account

  • Initial opening deposit of Rs 50 or above. However, no single credit entry of Rs. 5,00,000 or above is allowed.
  • No minimum balance. No penalty shall be levied even in accounts with zero balance.
  • Free Debit Card with no annual charge.
  • 20 free cheque book leaves available to students above the age of 18 years and Rs 2/- per leaf for any more.
  • Free e-banking/ SMS facility.
  • 50% concession on normal charges for students in respect of issue/ cancellation of Demand Drafts & Pay Orders (only for study purpose).
  • Maximum of four withdrawals in a month including ATM withdrawals.
  • RTGS/NEFT, inter-branch transfers, collection of cheques etc. as per service charges schedule.
  • Holders of ‘Student Savings Bank Account’ are not eligible for opening any other savings bank deposit account.
  •  Can be converted to General Savings Bank Account after completion of studies or on attaining the age of 28 years, whichever is earlier

Jammu and Kashmir Bank Savings Account Minimum Balance

The minimum balance required in a Jammu and Kashmir Bank savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:

Type of Savings Account Average Quarterly Balance Required
Basic Savings Bank Deposit Nil
General Savings Account Rs. 500
General Small Account Rs. 50
Deluxe Savings Account Rs.5000
Student Savings Account Nil

Jammu and Kashmir Bank Savings Account Interest Rate

Jammu and Kashmir Bank savings account offers interest rates of up to 4%, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank. It is advisable to check with the Bank for accurate rates.

Jammu and Kashmir Bank Savings Account Charges

The various types of Jammu and Kashmir Bank savings accounts have a different schedule of charges. It is best to contact the Bank directly for the most up to date charges.

How to open a Jammu and Kashmir Bank Savings Account

It is simple to open a Jammu and Kashmir Bank savings account. You can visit your nearest branch and have a customer care representative help you with the forms. You can talk to the representative about your saving needs and open an account accordingly.

Alternatively, you can open fill and submit an account opening information form online. You will be contacted by the bank once your form is received.

Jammu and Kashmir Bank Savings Account FAQS

What is the best interest rate on a Jammu and Kashmir Bank savings account?

The interest rates can go up to 4 %. For the latest interest rates, it is best to contact the nearest branch.

Who is eligible to open a Basic Savings Account with Jammu and Kashmir Bank?

All resident individuals, singly or jointly, minors along with parent or legal guardian, are eligible to open an account.

Is it possible to open a Jammu and Kashmir Bank savings account online?

You need to fill in and submit the online account opening form on their website. Once your application is received you will be contacted by the bank to process your request further.

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