This 85 year old private sector lender trims FD rates by up to 50 bps effective from today
2 min read . Updated: 11 Apr 2023, 02:32 PM IST
Premium- Founded in 1938, Jammu and Kashmir Bank (J&K Bank) is one of India's oldest private sector banks and a scheduled commercial bank.
Founded in 1938, Jammu and Kashmir Bank (J&K Bank) is one of India's oldest private sector banks and a scheduled commercial bank. The bank has reduced its interest rates by up to 50 basis points on a variety of tenors, and this statement was made in accordance with the Reserve Bank of India's (RBI) decision to maintain the policy repo rate at 6.5% on Thursday. After the change, Jammu and Kashmir Bank (J&K Bank) now provides interest rates as high as 7.10%. According to its official website, Jammu and Kashmir Bank's (J&K Bank) most recent FD rates are valid as of April 11, 2023.
Jammu and Kashmir Bank FD Rates
The bank has slashed interest rates on fixed deposits of less than ₹2 Cr maturing in the next 7 days to 30 days by 50 basis points from 3.50% to 3.00%, and Jammu and Kashmir Bank (J&K Bank) will continue to give a 3.50% interest rate on those maturing in the next 31 days to 45 days. The interest rates offered by Jammu and Kashmir Bank (J&K Bank) will remain at 4.50% for deposits held for 46 days to 180 days and 5.50% for deposits held for 181 days to 270 days.
Deposits with maturities between 271 days and less than a year will continue to earn interest at a rate of 6.00%, while those with maturities between a year and less than two years will now earn interest at a rate of 7.10%, down from 7.25% by 15 basis points. The bank will continue to give an interest rate of 6.75% on deposits maturing in 2 years to less than 3 years, while Jammu and Kashmir Bank (J&K Bank) will continue to offer an interest rate of 6.50% on deposits maturing in 3 years to less than 10 years.
“The above rates are applicable for fresh deposits and renewal of maturing deposits for amounts less than ₹2.00 Crores. The minimum contract period of NRE deposits is 1 year. Domestic Term Deposits of Senior Citizens of over 60 years of age shall continue to earn 0.50 % additional rate across all maturities," said Jammu and Kashmir Bank (J&K Bank) on its website.
If a deposit is prematurely withdrawn, interest will be paid at a rate that is 0.50% lower than the rate that was in effect during the time the deposit was in the bank, providing the deposit was in the bank for a minimum of 7 days.