What is the eligibility for opening an account under Fixed Deposit Scheme of J&K Bank?
Fixed Deposit accounts 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 Fixed Deposit Scheme?
You can open an account under this scheme with an amount of Rs 100 and above.
What are the tenures for which the accounts can be opened?
You can open an account for any tenure ranging from 7 days to 10 years.
Is interest under this scheme applied on Simple or Compound basis?
Simple interest is provided under this scheme.
Is loan facility available against the deposit amount?
Loan facility is available.
Can I withdraw my deposit prematurely?
Yes, but penal interest, as applicable, shall be charged on such pre-mature withdrawals.
What is the frequency of interest paid in this scheme?
Interest is paid at quarterly rests.