J&K Bank Offers a Variety of Term Deposit Schemes, Check Details
Jammu and Kashmir Bank offers a variety of term deposit schemes designed to cater to different financial needs and goals. Here’s a closer look at some of the options available:
1. Fixed Deposit (FD)
The Fixed Deposit scheme allows customers to invest their money for a fixed tenure at a guaranteed interest rate. Currently, J&K Bank offers an interest rate of 6.50% for tenures ranging from 1 year to less than 2 years. This scheme is ideal for those looking for a secure investment with predictable returns.
2. Mehandi Deposit Scheme
The Mehandi Deposit Scheme is tailored for parents aiming to secure their children’s futures. It features a fixed interest rate with quarterly compounding and allows for premature withdrawals with a penalty. Additionally, it provides accidental insurance coverage linked to the maturity amount for the parent or guardian
3. Recurring Deposit
The Recurring Deposit scheme encourages regular savings by allowing customers to deposit a fixed amount monthly. This scheme also offers a fixed interest rate, making it a great option for those who prefer to save incrementally.
4. Child-care Deposit Scheme
This scheme is specifically designed for parents saving for their children’s future. It includes a two-phase structure: the first phase involves recurring deposits, while the second phase consists of term deposits. The tenures available are 7, 9, and 10 years, providing flexibility for long-term savings.
5. Tax Saver Term Deposit Scheme
The Tax Saver Term Deposit Scheme allows depositors to benefit from income tax deductions under Section 80C of the Income Tax Act, subject to a maximum deposit of Rs. 1.50 lakh per year. This scheme is particularly beneficial for those looking to save on taxes while earning interest on their deposits.
Conclusion
J&K Bank’s term deposit options provide a range of choices for individuals looking to enhance their savings. Whether you prefer a fixed deposit for guaranteed returns, a recurring deposit for regular savings, or specialized schemes like the Mehandi or Child-care deposits, there are tailored solutions to meet diverse financial needs.
