How to Open Jammu & Kashmir Bank Fixed Deposit Account
Updated 30 Aug 2023
Navigating the realm of financial investments can sometimes be daunting. Yet, Fixed Deposits (FDs) remain a timeless favourite, championing safety and steady returns. Jammu and Kashmir Bank, a prestigious institution with deep-rooted values, provides various FD options tailored to various financial objectives.
Opening an FD with Jammu and Kashmir Bank is a commendable choice for those contemplating a secure investment avenue. This blog unravels the intricacies of initiating an FD account with the bank. Join us as we elucidate each process phase, paving the way for a straightforward and informed investment experience.
Jammu and Kashmir Bank FD Eligibility Criteria
The eligibility criteria may vary depending on the fixed deposit scheme. But, the following points cover all the entities that are eligible to open a fixed deposit scheme with J&K Bank:
- Resident individuals (including joint accounts)
- Hindu Undivided Family (HUF)
- Sole proprietorship concerns
- Partnership firms
- Private and public limited companies
- Clubs, associations, societies, trusts
- Minors, through their parents or guardians
Documents Required for Jammu and Kashmir Bank FD Account
Here is the list of documents required to open a fixed deposit scheme with Jammu and Kashmir Bank:
- Correctly filled-up application form
- PAN card
- Form 60 or Form 61
- Officially valid KYC documents
- Photographs of depositors (Keep a minimum of 2 copies ready at hand)
- Other documents related to minors, partnership firms, companies, and HUFs, as requested by the bank
Listed below are some of the valid KYC documents:
- Aadhaar card
- PAN card
- Driving licence
- Voter ID card
How to Open an FD with Jammu and Kashmir Bank?
Follow the steps below to open a fixed deposit scheme at J&K Bank:
Step 1: Visit the nearest Jammu and Kashmir Bank branch and request the fixed deposit account opening form.
Step 2: Ensure you complete all the required details in the application form correctly.
Step 3: Depending on your preference, choose the FD tenure. J&K Bank offers tenures ranging from 7 days to 10 years. Remember that the J&K FD interest rates will vary depending on the tenure and type of scheme.
Step 4: Attach the cheque for the amount you wish to deposit in an FD scheme with the application form. You can also choose to transfer the amount via the net banking facility.
Step 5: Attach all the KYC documents as required by the bank.
Step 6: The bank will verify your account opening application form and other documents.
Once they are satisfied, you will receive an acknowledgement slip of the account opening form and the FD certificate.
Why should I invest in FDs when other investment options offer higher returns?
FDs provide a guaranteed return on investment and are relatively low-risk compared to other investment instruments.
Is the ₹5 lakhs DICGC insurance cover applicable on Jammu and Kashmir Bank FD?
Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover applies to Jammu and Kashmir Bank FD.
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