With its Corporate Headquarters in Srinagar, J&K, and Zonal Offices in J&K, Delhi, Mumbai, and Ladakh, the bank offers a variety of fixed deposit programs to meet the needs of every person, whether they are short-term or long-term. In 2023, J&K Bank interest rates on FD vary based on the tenure of the deposit. For regular citizens, the interest rates range from 3% to 7.1% for a tenure of 7 days to 2 years 11 months 28 days. For senior citizens, the rate of interest on FD in J&K bank interest is slightly higher, ranging from 3.5% to 7.6% for the same tenure.
J&K Bank FD Rates 2023 < Rs.2 crore
Here is a detailed breakdown of the interest rates for different tenures for deposits below 2 crores w.e.f August 11, 2023:
Maturity Period | Deposit Type | Interest Rates per Annum w.e.f August 11,2023 |
7 days to 30 days | Domestic/NRO | 3.50% |
31 days to 45 days | Domestic/NRO | 3.50% |
46 days to 90 days | Domestic/NRO | 4.60% |
91 days to 180 days | Domestic/NRO | 4.50% |
181 days to 270 days | Domestic/NRO | 5.60% |
271 days to less than 1 Year | Domestic/NRO | 6.00% |
1 Year to less than 2 years | Domestic/NRO/NRE | 7.10% |
2 years to less than 3 years | Domestic/NRO/NRE | 7.00% |
3 years to less than 5 years | Domestic/NRO/NRE | 6.50% |
5 years to less than 10 years | Domestic/NRO/NRE | 6.50% |
J&K Bank FD Rates 2023 >Rs.2 crore
The table below provides the most recent interest rates offered by Jammu & Kashmir Bank for withdrawable term deposits ranging from Rs.2 crore to Rs.5 crore:
Maturity Period | Deposit Type | Interest Rates per Annum w.e.f August 11,2023 |
7 days to 30 days | Domestic/NRO | 4.75% |
31 days to 45 days | Domestic/NRO | 4.75% |
46 days to 90 days | Domestic/NRO | 5.00% |
91 days to 180 days | Domestic/NRO | 5.50% |
181 days to 270 days | Domestic/NRO | 6.50% |
271 days to less than 1 Year | Domestic/NRO | 6.75% |
1 Year to less than 2 years | Domestic/NRO/NRE | 7.00% |
2 years to less than 3 years | Domestic/NRO/NRE | 6.50% |
3 years to less than 5 years | Domestic/NRO/NRE | 6.25% |
5 years to less than 10 years | Domestic/NRO/NRE | 6.00% |
J&K Bank NRE/NRO/FCNR (B)/RFC FD Rates
Interest Rates on Domestic Term Deposits of less than Rs. 2.00 Crore w.e.f August 11, 2023:
Maturity Period | Deposit Type | Interest Rates per Annum w.e.f August 11,2023 |
7 days to 30 days | Domestic/NRO | 3.50% |
31 days to 45 days | Domestic/NRO | 3.50% |
46 days to 90 days | Domestic/NRO | 4.60% |
91 days to 180 days | Domestic/NRO | 4.50% |
181 days to 270 days | Domestic/NRO | 5.60% |
271 days to less than 1 Year | Domestic/NRO | 6.00% |
1 Year to less than 2 years | Domestic/NRO/NRE | 7.10% |
2 years to less than 3 years | Domestic/NRO/NRE | 7.00% |
3 years to less than 5 years | Domestic/NRO/NRE | 6.50% |
5 years to less than 10 years | Domestic/NRO/NRE | 6.50% |
Interest Rates on FCNR(B) Deposits w.e.f. August 09, 2023:
FCY | 1 year to less than 2 years | 2 years to less than 3 years | 3 years to less than 4 years | 4 years to less than 5 years | 5 years only |
USD | 5.60 | 4.80 | 4.50 | 4.00 | 4.00 |
GBP | 4.50 | 3.75 | 3.50 | 3.50 | 3.50 |
EUR | 3.40 | 3.00 | 0.60 | 0.06 | 0.60 |
JPY * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
CAD* | 4.00 | 3.50 | 3.50 | 0.00 | 0.00 |
AUD * | 4.00 | 3.25 | 3.25 | 0.00 | 0.00 |
Interest Rates on RFC Deposits w.e.f. August 09, 2023:
Period | USD | GBP | EUR | JPY |
1 Month to less than 6 Months | 2.66 | 2.62 | 0 | 0 |
6 Months to less than 1 Year | 2.72 | 2.81 | 0 | 0 |
1 Year to less than 2 Years | 5.60 | 4.50 | 3.40 | 0 |
2 Years to less than 3 Years | 4.80 | 3.75 | 3.00 | 0 |
3 Years | 4.50 | 3.50 | 0.60 | 0 |
J&K Bank FD Tax Saver Deposit FD
J&K Bank provides a Tax Saver Deposit Fixed Deposit scheme that is eligible for tax deductions under Section 80C of the Income Tax Act, 1961. This scheme allows for deposits up to INR 1,50,000 per annum to be exempt from tax. The interest rate for this Tax Saving FD scheme from J&K Bank is set at 6.50% p.a. for regular depositors and 7.00% p.a. for senior citizens, applicable for tenures ranging from 5 to 10 years.
J&K Bank FD Calculator
The J&K bank FD calculator serves as a valuable instrument for calculating the maturity amount of your FD investment. This tool allows you to manipulate variables such as the principal amount, tenure, and interest rate to observe their impact on the final amount at maturity. Furthermore, the J&K bank FD calculator or J&K bank FD interest rates calculator can be utilized to ascertain whether the interest income from a term deposit with Jammu and Kashmir Bank exceeds or falls below the threshold limit for Tax Deducted at Source (TDS).
J&K Bank Premature Withdrawal of Fixed Deposits
In the event of an early withdrawal from a fixed deposit, the J&K Bank FD interest rate will be 0.50% less than the rate that would have been applicable for the duration the deposit was held with the bank. This condition is only valid if the deposit has been with the bank for a minimum period of 7 days. It’s important to note that if the deposit is withdrawn before it has been with the bank for 7 days, no interest will be paid on it.
Conclusion
The J&K Bank interest rates on FD for 2023 offer a variety of options for investors looking for secure and profitable avenues. With its diverse range of schemes and competitive interest rates, J&K Bank continues to be a reliable choice for both regular and senior citizen depositors.
J&K Bank Interest Rates on Fixed Deposits FAQ’s :-
The highest J&K Bank FD rate for general citizens is 7.1% p.a., and J&K Bank FD rates for senior citizens is 7.6% p.a.
The highest interest rate on J&K Bank 1-year FD scheme is 7.1% p.a.
The interest rate for 5 years on the J&K Bank FD scheme is 6.5% p.a.
Using the rule of 72, an investment in J&K Bank FD will double in approximately 10.14 years for general citizens, and J&K Bank FD rates for senior citizens are 9.47 years.
The minimum investment in J&K Bank FD is INR 100.