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Business News/ Money / Personal Finance/  Jammu and Kashmir Bank hikes fixed deposit rates. Check latest FD interest rates here
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Jammu and Kashmir Bank hikes fixed deposit rates. Check latest FD interest rates here

J&K Bank raises interest rates on Fixed Deposits, providing 3.5% to 7.50% for different periods. Senior citizens can avail an additional 0.50% interest

On deposits maturing in one year to less than two years, Jammu and Kashmir offers an interest rate of 7.1%. (ANI)Premium
On deposits maturing in one year to less than two years, Jammu and Kashmir offers an interest rate of 7.1%. (ANI)

Jammu and Kashmir (J&K) Bank offers a variety of financial services which include term deposits, also known as Fixed Deposits (FDs). The bank has hiked interest rates on select tenors with effect from November 11, 2023. After the latest hike, J&K Bank is offering an interest rate of 3.5% on deposits maturing in seven days to 45 days, 4.6% on 46 days to 90 days, and 4.75% on FDs maturing in  91 days to 180 days. 

On term deposits with tenors 181 days to 221 days,  222 days*, and 223 days to less than 270 days, the bank gives 5.6%, 6.3%, and 5.6% interest rates respectively.

On deposits maturing in one year to less than two years, Jammu and Kashmir offers an interest rate of 7.1%. 

The bank has hiked the interest rate by 40 basis points (bps) on tenor of 555 days. Now, the bank is offering an interest rate of 7.50%.

On deposits maturing in two years to less than three years, the bank guarantees a 7% return. 

FDs maturing in three years to 10 years will give 6.5% interest

Jammu and Kashmir Bank latest interest rates for domestic term deposits less than 2 crore

7 days to 30 days 3.50%

31 days to 45 days 3.50%

46 days to 90 days 4.6%

91 days to 180 days 4.75%

181 days to 221 days 5.6%

222 days* 6.3%

223 days to less than 270 days 5.6%

271 days to less than 332 days 6%

333 days* 6.6%

334 days to Less than 1 Year 6%

1 Year to 554 days 7.1%

555 days 7.50% 

556 days to less than 2 years 7.10%

2 years to less than 3 years 7%

3 years to less than 5 years 6.5%

5 years to 10 years 6.5%

The minimum deposit amount needed to open a fixed deposit account with Jammu & Kashmir Bank is Rs100.

FDs for senior citizens in Jammu and Kashmir Bank

Senior citizens opening a fixed deposit account with Jammu & Kashmir Bank will get an additional interest rate of 0.50%.

IDBI Bank has also revised interest rates on its term deposits. As per the bank's website, these rates are effective from November 12, 2023. IDBI Bank offers an interest rate ranging from 3% to 7% to general customers on deposits maturing in seven days to ten years.

 

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ABOUT THE AUTHOR
Sangeeta Ojha
A business media enthusiast. Writes on personal finance, business and banking.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 17 Nov 2023, 10:54 AM IST
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