- Deposit Amount Rs. 1000/- and above.
- Tenure 1 year to 10 years.
- Interest rate Fixed.
- Interest application Simple Interest (Discounted).
- Interest payouts Monthly.
- Premature withdrawal Allowed with penalty.
- A person in his/her name.
- More than one person in their joint names.
- Minor through parents/guardian.
- Sole Proprietorship firms, Partnership firms
- Private and Public Limited Companies
- Associations, Clubs, Societies, Trusts etc.
- Application Form
- Photograph of depositor/s (2 copies)
- 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 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.