What is the eligibility for opening an account under Monthly Yield Deposit Scheme of J&K Bank?
Monthly Yield Depositaccounts 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 an account under the 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 1 year to 10 years.
Is interest under this scheme applied on Simple or Compound basis?
Simple Interest (Discounted) 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.