This 85-year-old private bank cuts interest rates by 25 bps on FDs: Details here
1 min read 15 Mar 2023, 02:27 PM ISTFounded in 1938, Jammu and Kashmir Bank (J&K Bank) is one of India's oldest private sector banks and a scheduled commercial bank.
PremiumFounded in 1938, Jammu and Kashmir Bank (J&K Bank) is one of India's oldest private sector banks and a scheduled commercial bank. On a variety of tenors, the bank has reduced its interest rates on fixed deposits of less than ₹2 Cr by up to 25 bps. As per the official website of the bank, the new interest rates are effective as of March 11, 2023. Jammu and Kashmir Bank (J&K Bank) is currently providing a maximum interest rate of 7.25% on a tenor of 1 year to less than 2 years as a result of the modification.
Jammu and Kashmir Bank FD Rates
On fixed deposits maturing in 7 days to 30 days, the bank will continue to offer an interest rate of 3.50% and on those maturing in 31 days to 45 days, Jammu and Kashmir Bank (J&K Bank) has cut the interest rate by 20 bps from 3.70% to 3.50%. On deposits with a tenor of 46 days to 180 days, Jammu and Kashmir Bank (J&K Bank) has reduced the interest rate by 25 basis points, from 4.75% to 4.50% and on deposits with a tenor of 181 days to 270 days, the bank will continue to provide a 5.50% interest rate.
Deposits maturing in 271 days to less than 1 year will continue to offer an interest rate of 6.00% and those maturing in 1 year to less than 2 years will continue to offer an interest rate of 7.25%. On domestic fixed deposits maturing in 2 years to less than 3 years, the bank will continue to offer an interest rate of 6.75% and on those maturing in 3 years to 10 years, Jammu and Kashmir Bank (J&K Bank) will continue to offer an interest rate of 6.50%.
The aforementioned rates are valid for new deposits as well as the renewal of maturing accounts for amounts under ₹2.00 crores. According to Jammu and Kashmir Bank, senior citizens who are over 60 years old and have domestic term deposits are still eligible to receive an additional 0.50% rate on all maturities.
On 14th March 2023, the bank signed Corporate Agency Agreement with Life Insurance Corporation of India for servicing and soliciting their life insurance products through our Branch Network. The said agreement shall be operational/effective from 01st April, 2023, according to a stock exchange filing.
