PremiumIncorporated in 1938, Jammu and Kashmir Bank (J&K Bank) is one of India's oldest private sector banks and a Scheduled Commercial Bank. The interest rate on fixed deposits under ₹2 crore has been increased by the bank. According to the bank's official website, the new rates are in effect as of January 11, 2023, Wednesday. Following the adjustment, the bank increased interest rates on a variety of tenors by up to 75 bps. For regular customers of Jammu and Kashmir Bank, the highest interest rate is 7.25% on a deposit tenor of 1 year 1 day to less than 18 months.
The bank will continue to give an interest rate of 3.50% on deposits maturing in the next 7 to 30 days, while Jammu and Kashmir Bank (J&K Bank) will continue to offer an interest rate of 3.70% on deposits maturing in the next 31 to 45 days. The interest rate offered by Jammu and Kashmir Bank (J&K Bank) will remain at 4.50% for deposits held for 46 days to 90 days, however, it has hiked the interest rate by 25 bps from 4.50% to 4.75% on a deposit tenor of 91 days to 180 days.
Deposits maturing in 181 days to 270 days will continue to offer an interest rate of 5.50% but those maturing in 271 days to less than 1 year will now fetch an interest rate of 5.75% which was earlier 5.50% representing a hike of 25 bps. On deposits maturing in 1 year, the bank has hiked the interest rate by 25 bps from 6.50% to 6.75% but on those maturing in 1 year and 1 day to less than 18 months, J&K Bank has hiked the interest rate by 75 bps from 6.50% to 7.25%.
Jammu and Kashmir Bank (J&K Bank) increased interest rates on deposits maturing in 18 months to less than 2 years by 55 basis points (bps), from 6.50% to 7.05%, and on deposits maturing in 2 years to less than 3 years by 40 bps, from 6.35% to 6.75%. Deposits maturing in 3 to 5 years will now earn an interest rate of 6.50%, up from 6.25% before, representing a 25 basis point increase. Deposits maturing in 5 to 10 years will now earn an interest rate of 6.50%, up from 6.25% previously, representing a 25 basis point increase.
The aforementioned rates are valid for new deposits as well as the renewal of maturing accounts for amounts under ₹2.00 crores. Senior citizens over 60 who hold domestic term deposits will continue to receive an additional 0.50% rate over and above the regular rates across all maturities.
The Board of Directors of the bank has said in a stock exchange filing that “Pursuant to Regulation 29(1)(a) read with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please be informed that the Board of the Bank will meet on Monday, 23rd January, 2023 inter-alia to consider the approval of the unaudited Financial Results (Consolidated and Standalone) of the Bank for the Quarter and Nine Months ended 31st December, 2022."