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Home / Money / Personal Finance /  This 84-year-old private sector bank hikes interest rates on fixed deposits
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Incorporated in 1938, Jammu and Kashmir Bank (J&K Bank) is one of India's oldest private sector banks and a Scheduled Commercial Bank. Srinagar serves as the city's corporate headquarters. For the last 84 years, the bank has operated as a top bank in the union territories of Jammu & Kashmir and Ladakh. The interest rate on fixed deposits below 2 crore has been increased by the bank. According to the bank's official website, the new rates will take effect on August 11, 2022. The bank increased interest rates across all tenors in response to the modification.

Jammu and Kashmir Bank FD Rates

The bank increased the interest rate on fixed deposits maturing in 7 days to 30 days from 2.90% to 3.50%, and on term deposits maturing in 31 days to 45 days from 3.00% to 3.70%. Fixed deposits with maturities between 46 and 90 days will now have interest rates of 4.00% instead of 3.90%, while term deposits with maturities between 91 and 180 days will now have interest rates of 4.50% instead of 4.00%. On fixed deposits maturing in 181 days to 270 days, J&K Bank will now provide an interest rate of 5.00%, up from 4.45% previously. The bank increased the interest rate on fixed deposits maturing in 271 days to less than 1 year from 4.50% to 5.25%, and on fixed deposits maturing in 1 year to less than 2 years from 5.30% to 6.25%. Deposits maturing in 2 years to less than 5 years will now offer an interest rate of 5.75% which was 5.50% earlier and fixed deposits maturing in 5 years to less than 10 years will now offer an interest rate of 6.00% which was 5.55% earlier.

Jammu and Kashmir Bank FD Rates
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Jammu and Kashmir Bank FD Rates (jkbank.com)

Jammu and Kashmir Bank has mentioned on its website that “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." For the benefit of elderly individuals, the bank has also said on its website that “Domestic Term Deposits of Senior Citizens of over 60 years of age shall continue to earn 0.50 % additional rate across all maturities."

Today, Yes Bank has announced its interest rate hike on fixed deposits and IndusInd Bank announced its interest rate hike on savings accounts. The revised rates will be in effect starting on August 10, 2022, across all of the tenors offered by Yes Bank. Savings account interest rates have increased at IndusInd Bank, and as of August 10th, 2022, the highest interest rate is now 5.50%. On fixed deposits of less than 2 Cr, Kotak Mahindra Bank has also announced an increase in interest rates. Beginning on August 10, 2022, Kotak Bank's new fixed deposit interest rates will be in effect. The Monetary Policy Committee (MPC) of the RBI held in August 2022 hiked the repo rate by 50 basis points and is now at 5.40%, which led to all of these interest rate increases on deposit accounts. 

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