Jammu & Kashmir Bank Fixed Deposit Rate

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Jammu and Kashmir Bank Fixed Deposit Rate

Jammu & Kashmir Bank Fixed Deposit Rate - FD Rate in India

A Fixed Deposit (FD) is one of the most popular modes of investment in India. If your need is safety and a low-risk fixed return, then opening an FD account is the simplest option. A fixed deposit account is a traditional form of savings which has a higher rate of interest than a regular savings account.

As the name suggests, a fixed deposit account is one which is opened for a particular period of time (fixed) by depositing a fixed amount of money. The deposited money accrues a “fixed” interest according to the chosen tenure. The defining criteria for a fixed deposit is that the money deposited cannot be withdrawn before maturity except upon the payment of a penalty.

Still, fixed deposits are among the more liquid of investments, unlike other form of investments, such as the real estate. Hence, the first choice for any conservative investor in India is a Fixed Deposit account. While the returns are low when compared to other, riskier forms of investment like the stock market, an FD account is free from volatility and fluctuations and provides you with guaranteed returns.

If you have some extra money, opening an FD account is the simplest way to earn a fixed interest income. While opening an FD, you can choose how much you want to deposit and for what time period you want to deposit the amount. Fixed deposit tenures usually range from seven days to ten years. The banks are free to set their own interest rates, which is generally influenced by factors like the amount of money deposited, the tenure, and the internal policies of the bank. In India, the interest rate generally ranges from 4% to 8% per annum.

Once the deposit matures, the bank credits the principal amount along with the interest earned to the bank account specified on the application form when the FD is opened. The documentation process is hassle-free and simple, making it easy even for a first-time investor.

Apart from banks, NBFCs and corporates too offer fixed deposits.

Jammu & Kashmir Bank Deposit Rates

As mentioned before, the rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. The general rule of thumb is, the longer the term of deposit, the higher the rate of interest. But a bank may also offer a lower rate of interest for a longer tenure if the rates are expected to fall in the future. Jammu & Kashmir Bank Interest Rates typically range from 5% - 8% per annum.

Jammu & Kashmir Bank FD rates

Following is an overview of Jammu & Kashmir Bank Term Deposit Rates and Jammu & Kashmir Bank Short-Term Fixed Deposit Interest Rates.

Jammu & Kashmir Bank Interest Rates on Fixed Deposits 2015 – 2016:

(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with Jammu & Kashmir Bank directly.)

Interest Rates on Domestic Term Deposits of less than Rs 1 Crore:

Maturity Period Deposit Type Interest Rate Per Annum
7 days to 30 days Domestic/NRO 5.00%
31 days to 45 days Domestic/NRO 5.50%
46 days to 90 days Domestic/NRO 6.25%
91 days to 180 days Domestic/NRO 6.75%
181 days to 270 days Domestic/NRO 7.25%
271 days to less than 1 year Domestic/NRO 7.25%
1 year to less than 3 years Domestic/NRO/NRE 7.30%
3 years to less than 5 years Domestic/NRO/NRE 7.30%
5 years to 10 years Domestic/NRO/NRE 7.25%

Interest Rates on Domestic Term Deposits of Rs 1.00 Crore to less than Rs 5.00 Crores

Maturity Period Deposit Type Interest Rate Per Annum
7 days to 30 days Domestic/NRO 5.50%
31 days to 45 days Domestic/NRO 5.75%
46 days to 90 days Domestic/NRO 6.25%
91 days to 180 days Domestic/NRO 6.75%
181 days to 270 days Domestic/NRO 6.75%
271 days to less than 1 year Domestic/NRO 7.00%
1 year to less than 3 years Domestic/NRO/NRE 7.25%
3 years to less than 5 years Domestic/NRO/NRE 7.00%
5 years to 10 years Domestic/NRO/NRE 7.00%

Interest rates for Single Domestic/NRE/ NRO Rupee Term Deposits of Rs. 5.00 Crores and above for a period above 1 year up to 3 years:

Maturity Period Interest Rate Per Annum
Above 1 year up to 1 year 6 months 7.25%
Above 1 year 6 months up to less than 3 years 7.25%
3 years 7.00%

NRE deposits Interest Rates:

The minimum maturity period of NRE deposits is 1 year.

Maturity period ROI per annum on NRE deposits of less than Rs. 1.00 crore ROI per annum on NRE deposits of Rs.1.00 crore to less than Rs.5.00 crores
1 years to less than 3 years 7.30% 7.25%
3 years to less than 5 years 7.30% 7.00%
5 years to 10 years 7.25% 7.00%

Jammu & Kashmir Bank FD Interest Rates for Senior Citizens

Jammu & Kashmir Bank offers special Senior Citizen FD Rates which is generally marginally higher than the rates as applicable on a regular FD and provide seniors with that extra buffer for their retirement years. As of now, the Jammu & Kashmir Bank Senior Citizen FD rate of interest is 0.50% higher for all domestic term maturities.

How to Calculate Jammu & Kashmir Bank Fixed Deposit Interest

You can use the Jammu & Kashmir Bank FD calculator for help with figuring out the amount earned by the way of interest. All you need to do is to enter the deposit amount, tenure and the rate of interest. The calculator will present a breakup of the maturity amount, the interest earned and the original amount.

Alternatively, you can use online FD calculators to help compute the amount of interest you will earn on a certain principal amount. There are many online websites that have easy-to-use FD calculators that allow you to instantly calculate the interest earned.

Using such online resources is very easy and comes in handy while deciding on the principal amount for investment. Using an online resource helps in determining how much you want to save and invest and eliminates the hassles of manual calculation.

You can also calculate the interest earned and the maturity value on the principal amount using the following formula.

Calculate Jammu & Kashmir Bank FD Rate

A = P x (1 + r/n)nt

I = A - P

Where

A = Maturity Value

P = Principal Amount

r = Rate of Interest

t = Number of Years

n = Compounded Interest Frequency

I = Interest Earned

Jammu & Kashmir Bank FD Premature Withdrawal Penalty

FDs come with the issue of liquidity, but is still among the more liquid investments. You will be allowed to ‘break’ a Fixed Deposit account, provided that you pay a penalty. If you face an emergency, say for instance, a medical crisis for which immediate funds are required, you can withdraw the money from the deposit prematurely. The bank typically charges a nominal penalty which is communicated to you at the time of application of FD Deposit.

Jammu & Kashmir Bank FD – FAQS

Who is eligible to apply for a fixed deposit account?

An individual in his/her name, more than one person in their joint names, minor through parents/guardian, Sole Proprietorship concerns, Partnership firms, Private and Public Limited Companies, HUFs, Associations, Clubs, Societies, Trusts etc.

What are the documents required to open an FD with J&K Bank?

The documentation is relatively simple and hassle-free. In addition to the usual ID proof, Address Proof, and Age proof ( for senior citizen FDs), you would be required to submit a filled-in application form with a photograph. Any other related documents as applicable to Minors, Partnership Firms, Companies, HUF’s etc. can also be required.

What is the minimum amount required for opening a Fixed Deposit account?

You can open a fixed deposit with an amount of Rs 100 and in multiples of Re 1 thereafter.

I want to open an FD for a short duration. What is the minimum tenure?

The tenure ranges from 7 days to as long as 10 years.

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