- Cumulative Term Deposit Scheme in which Compound interest is paid at the time of maturity.
- Resident Individuals (sole or joint account)
- Hindu Undivided Families.
- Minor through parents/guardian.
- Sole Proprietorship Concerns, Partnership Firms
- Private and Public Limited Companies
- Associations, Clubs, Societies, Trusts etc.
- Deposit Amount: Rs. 1000/- and above.
- Tenure: 07 days to 10 years.
- Interest rate: Fixed.
- Interest application: Quarterly Compounding basis.
- Interest payouts: On maturity.
- Add-ons: Loan facility up to 90% of amount deposited plus interest accrued.
- Premature withdrawal: Allowed with penalty.
- Interest on premature withdrawal will be paid at 0.50% below the rate applicable for the period the deposit remained with the bank, provided the deposit has remained with the bank for at least 7 days.
- However, no interest will be paid on Deposits which remain for a period of less than 7 days.
- TDS at prevalent rate is deducted at source if Form 15G/15H not submitted.
- Filled in Application Form.
- Photograph of depositor/s (2 copies)
- Officially Valid 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
- What is the eligibility for opening an account under Cash Certificate Scheme of J&K Bank?
Accounts under Cash Certificate Scheme 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 amount required for opening account under the Cash Certificate Scheme?
You can open an account under this scheme with an amount of Rs 1000 and above.
- What are the tenures for which the accounts can be opened?
You can open an account for any tenure ranging from 07 days to 10 years.
- Is interest under this scheme applied on Simple or Compound basis?
Compound interest is provided under this scheme.
- Is loan facility available against the deposit amount?
Loan facility up to a maximum of 90% of amount deposited plus interest accrued if any, is available.
- Can I withdraw my deposit prematurely?
Yes, but penal interest, as applicable, shall be charged on such pre-mature withdrawals.