• 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.
  • Minor through parents/guardian.
  • A person in his/her name.
  • 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.
  • 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 deposait 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.