Who can open an account under Smart Saver Deposit Scheme of J&K Bank?
Accounts under this scheme can be opened by:
- Individuals, singly or joint, and HUF (Hindu Undivided Families) shall be eligible to open Smart Saver accounts linked with savings bank accounts.
- Individuals, Sole Proprietorship, HUF, partnership firms and limited companies shall be allowed to open smart saver account linked with current accounts.
- What are the tenures for which the accounts can be opened?
You can open an account for the following tenures:
- Core Deposit: 1 year to 10 years.
- Linked Deposits: 180 days.
- What are the value additions of this scheme?
The product provides both liquidity as well as high returns through Auto Sweep and Reverse Sweep.
Under Auto Sweep, the amount in the operative account beyond the threshold minimum balance (minimum floor balance) is auto swept to form linked term deposits.
Under this facility, the deposit amount in the linked Smart Saver Term Deposits (not the Core Deposit) is available for clearing of debit instruments (cheques, standing instructions, ATM transactions, etc) in case the balance in the operative account is not sufficient.