• Deposit Amount                 Rs. 1000/- and its multiples.
  • Tenure                                    5 to 10 years.
  • Options Available            

    Option I (TSTDS –I):   
    Here, simple interest is applied on quarterly basis as in the case of a FDR and is paid to the customer in cash or credited to his /her account every quarter.
    Option II (TSTDS –II):
    Here, discounted simple interest is paid to the customer in cash or credited to his /her account at the end of every month.
    Option III (TSTDS –III):
    Here, compound interest is paid along with the principal at the time of maturity.

  • Interest rate                        Fixed.
  • Add-ons         Income Tax benefit under section 80C of Income Tax Act 1961 subject to maximum deposit of Rs. 1.50 lac per year under all the options of Tax Saver Deposit Plan.
  • Premature withdrawal        Not allowed till 5 years.
  • Loan facility                         Not available.
  • Resident assessee for himself/herself as an individual or in the capacity of the Karta of the Hindu undivided family.  
  • Joint accounts in the name of two adults or in the name of an adult and a minor.
  • In case of joint accounts, the tax benefits shall be available only to the first holder.
  • 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, HUF etc
  • Who can open an account under Tax Saver Deposit Scheme of J&K Bank?
    Accounts under this scheme can be opened by:

    • Resident assessee for himself/herself as an individual or in the capacity of the Karta of the Hindu undivided family. 
    • Joint accounts in the name of two adults or in the name of an adult and a minor.
    •  In case of joint accounts, the tax benefits shall be available only to the first holder.
  • What is the minimum amount required for opening an account under this Scheme?You can open an account under this scheme with an amount of Rs 1000 and its multiples thereafter.
  • What are the tenures for which the accounts can be opened?
    You can open an account for any tenure ranging from 5 years to 10 years.
  • What are the various variants available under this scheme?
    You  can invest in any one or more of the following options, subject to the maximum cap of Rs 1,00,000 in a year.

    Option I (TSTDS –I):   
    Under this option, simple interest shall be applied on a quarterly basis as in the case of a FDR and shall be paid to you in cash or credited to your account every quarter during the term of the deposit.
    Option II (TSTDS –II):
    Under this option, simple interest shall be applied to the deposit and paid to you in a manner similar to that of Monthly Yield Deposit Scheme. The discounted interest shall be paid to you in cash or credited to your account at the end of every month during the term of the deposit.
    Option III (TSTDS –III):
    Under this Option, interest compounded quarterly on the deposit shall be paid along with the principal at the time of maturity .The term deposit shall carry compound rate of interest.  

  • What are the value additions of this scheme?
    You can avail Income Tax benefit under section 80C of Income Tax Act 1961 under all the options of Tax Saver Deposit Plan subject to maximum aggregate deposit of Rs. 1.5 lac per year
  • Can I withdraw my deposit prematurely?
    Premature withdrawal is not allowed before 5 years from the date of opening. Subsequently, you will be allowed to withdraw money prematurely after charging of penal interest.
  • Is loan facility available under this Scheme?
    No, loan facility is not available.