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Jammu & Kashmir Bank Savings Account

Jammu and Kashmir Bank offers savings accounts to consumers with features that help in growing their capital and to cater to the unique needs and requirements of consumers.

Types of Jammu & Kashmir Bank Savings Accounts

Jammu Kashmir Bank Savings Account

The types of savings accounts in Jammu & Kashmir Bank are –

Deluxe Savings Account

This is a premium savings account offered to consumers who are looking for a variety of features as well as benefits under a single blanket. The different benefits offered under Deluxe savings account are -

  • A minimum average balance of Rs. 5,000 has to be maintained under this account every quarter
  • Customers can make up to 15 free cash withdrawals at the branch every month. For customers who use the withdrawal form, withdrawals can be made an unlimited number of times
  • As part of the Deluxe savings account, customers can get free International Gold ATM/Debit Card. This card carries a withdrawal limit of Rs. 1 Lakh and Rs. 1.5 Lakh is the limit for daily POS transactions
  • Users can avail nomination facility as part of this account benefits
  • This savings account comes with a free internet banking facility
  • There is a quarterly compounding of interest and it is done on the end-of-day balance

Eligibility:

This savings account can be opened by individuals either for sole ownership or as a joint savings account. Parents or guardians can open this account on behalf of minors, literate minors who are 10 years and above and can sign themselves. It can also be opened by organizations, entities, etc.

Documentation Requirements:

For opening this account, the following documents are required –

  • Complete Application Form
  • 2 passport-sized photographs of the applicant
  • Documents needed as per the KYC norms
  • PAN Card or Form 60 or Form 61, whichever is available
  • Any other documents as applicable to minor applicants

General Savings Account

This is a regular savings account offered by Jammu & Kashmir Bank with simple features. It is intended to meet the day-to-day banking requirements of individuals. Here are some of the benefits offered -

  • A minimum average quarterly balance of Rs. 500 has to be maintained under this account if it has a cheque-book facility. In case it comes without a cheque-book facility, a minimum balance of Rs. 300 has to be maintained every quarter
  • Customers can make up to 5 free cash withdrawals each month
  • This account offers a free International Gold ATM/Debit card. It has a daily cash withdrawal limit of Rs. 40,000 and Rs. 1 Lakh as POS transaction limit per day
  • Account owners can avail the nomination facility as part of the account features
  • Account owners can also get free internet banking facility with this account
  • Interest paid for this account is compounded every quarter and it is calculated using the end-of-day method

Eligibility:

This savings account can be opened by individuals either for sole ownership or as a joint savings account. Parents or guardians can open this account on behalf of minors, literate minors who are 10 years and above and can sign themselves. It can also be opened by organizations, entities, etc.

Documentation Requirements:

For opening this account, the following documents are required –

  • Complete Application Form
  • 2 passport-sized photographs of the applicant
  • Documents needed as per the KYC norms
  • PAN Card or Form 60 or Form 61, whichever is available
  • Any other documents as applicable to minor applicants

General Small Account

This account is specifically designed to cater to the needs of the lower strata of society. It has very simple features and limited balance requirements. Some of the features include -

  • While opening the account, consumers have to make a minimum deposit of Rs. 50 by cash or other banking instruments like Banker’s Cheque, etc
  • General Small account has a minimum balance requirement of Rs. 50
  • The maximum balance under this account cannot exceed Rs. 50,000
  • The maximum total credits under this account can be up to Rs. 1 Lakh per year
  • The total withdrawals and transfers can be up to a maximum of Rs. 10,000 each month
  • The account offers 4 free withdrawals every month and also allows free ATM usage anywhere in India. This offers a great amount of convenience to users who can use the account across the country
  • For users who can maintain a minimum balance of Rs. 1,000 in the past 6 months, the account also offers cheque book facility
  • Users can avail the nomination facility offered as part of this account
  • This account does not attract any charges and is therefore beneficial to a lot of people

Eligibility:

This savings account can be opened by individuals including pensioners either for sole ownership or as a joint savings account. The Jammu & Kashmir Bank also allows any literate minors above the age of 10 years who can sign themselves to open this account.

Documentation Requirements:

For opening this account, the following documents are required –

  • Application form
  • KYC documents
  • 2 passport-sized photographs of the applicant
  • Other relevant documents that might apply to minors

Deluxe Salary Account

Jammu & Kashmir Bank offers Deluxe Salary account that is specifically designed to meet the savings bank account requirements of businesses and corporations. It has some unique features and benefits that are beneficial for salaried employees. Following are the special characteristics of this account -

  • Minimum average monthly balance of Rs. 500 needs to be maintained under this account
  • Up to 15 free cash withdrawals can be made at any of the Jammu & Kashmir Bank branches every month
  • Account owners who use the withdrawal form can avail of limitless cash withdrawal from this account
  • This account comes with free International Gold Debit card. It has an ATM withdrawal limit of Rs. 1 Lakh per day and Rs. 1.5 Lakh as POS transaction limit per day
  • Account owners can avail of nomination facility as part of account benefits
  • It also offers e-banking facility that comes free of cost
  • The account has a temporary overdraft facility which is equal to 50% of the total salary and a maximum amount of Rs. 20,000

Eligibility:

This account is available for employees of central government or state governments, independent bodies, public sector undertakings, and any recognized private institutions.

Documentation Requirements:

Following set of documents need to be furnished while applying for this account –

  • Application form
  • 2 passport-sized photos
  • KYC documents
  • PAN Card or Form 60/61
  • Identity proof furnished by the institution of employment
  • Authorization from a designated officer of the bank

Students Savings Bank Account

This account is specially designed to offer basic banking facilities to students, especially those who are availing scholarships from government-sponsored programs. Following are the basic features of this account -

  • This account is subject to KYC and anti-money laundering norms as applicable for the savings account
  • With an initial minimum deposit of Rs. 50 an individual student can open this account. The account does not permit any single credit entry equal to or more than Rs. 5 Lakhs
  • This account does not require maintenance of any minimum balance and hence there are no penalties attached to this account
  • It comes with a free debit card, e-banking, and SMS facility
  • If a student is above 18 years of age, a free cheque-book with 20 leaves can be availed
  • Issue or cancellation of Demand Drafts or Pay Orders can be availed at 50% concession on normal charges
  • Students can make a maximum of 4 withdrawals, including ATM withdrawals from this account
  • The account offers NEFT and RTGS facility at a nominal charge
  • It also offers nomination facility

Eligibility

Any student studying at a recognized institution established in India can apply for this savings account.

Documentation Requirement

Following documents are required to be submitted to the bank for opening this savings account

  • Filled application form
  • Passport-sized photos
  • Address proof and identity proof
  • Loan documents for minor accounts

Jammu & Kashmir Bank Savings Account: FAQs

1. Can I apply for Jammu & Kashmir Bank savings account online?

Yes. The bank offers an online facility for the application of a savings account. The process is very simple and user-friendly to follow. As long as the applicant can correctly fill in the application form and other details, the process of application can be very smooth. The applicant needs to furnish the appropriate set of documents and a bank executive gets in touch for further account opening process.

2. What is the prevailing interest rate offered by the Jammu & Kashmir Bank savings account?

At present, an interest rate of 4% per annum is offered by the savings account of Jammu & Kashmir Bank. This is compounded quarterly and is calculated on the end-of-day balance basis.

3. Are there any charges for cross-currency transactions made using the debit card?

Yes. The bank applies a cross-currency mark-up which is fixed at 3.5%. It is applicable on all foreign currency transactions that are made using the debit card.

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