| Fixed Deposit Schemes |
NRE Fixed Deposit Scheme |
| NRO Fixed Deposit Scheme |
| NRE Recurring Deposit Account |
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| NRE Fixed Deposit Scheme |
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Features |
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Minimum account opening amount You can open a NRE Fixed Deposit account with J&K Bank with a minimum deposit of Rs 5,000/-
- Maturity Period These deposits are accepted for a period of 1 year to 3 yrs. Deposits for maturity period beyond 3 yrs to 10 yrs shall be accepted at the discretion of the bank.
- Currency You can open an NRE Fixed Deposit account from proceeds of any convertible currency. The deposit is held in Indian currency.
- Interest Applicable Interest on your NRE Fixed Deposit account will be applied on simple or compounded basis at the option of the deposit holder.
Rate of Interest
The rate of interest on NRE Fixed deposits is linked to LIBOR/SWAP rates for US Dollars of corresponding maturity, as per the extant guidelines of RBI.
- Premature Withdrawal NRE term deposits will earn interest only if they have run for a minimum period of 12 months. Beyond that a penalty of 1% will be charged for premature withdrawal.
- Joint Accounts
Joint accounts can be opened with one or more NRIs.
Loans / Overdrafts
Loan facility upto 90 % of the deposit amount and interest accrued can be availed against the security of the deposit subject to the condition that such loans should not be used for the business of Chit fund, or as Nidhi Company, or Agriculture or plantation activities or Real Estate business; or trading in transferable development rights (TDRs) Loans can be availed in rupees by the account holder as well as third parties. These loans are available in India as well as aboard. Foreign currency loans are not allowed.
- Automatic Renewal In absence of instructions, the term deposit will be automatically renewed. Auto- renewal shall be for the same maturity period as the existing one or for a period of 1 year, whichever is less.
- Nomination Facility You can avail nomination facility on J&K bank NRE savings account.
- Repatriation You can easily repatriate the balances held in the NRE Fixed account, along with interest earned, without the prior approval of the Reserve Bank of India.
- Tax Exemptions The principal and interest earned in the NRE account is tax exempted.
- Safe Deposit Locker Safe deposit locker at certain branches, available for account holders.
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Permissible Credits |
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- Permisible Credits
for openning a account
- Proceeds of remittances received from abroad in any convertible currency
- Foreign currency notes/traveler’s Cheques brought in by the NRI during his visit to India.
- Funds transferred from an existing NRE/FCNR account held in other banks or in our bank.
- Any other credit if covered under general or special permission granted by Reserve Bank.
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Eligibility |
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Non-Resident Indians, persons of Indian origin / nationality, residing outside India are eligible to open this account. Opening of account by individuals of Bangladesh, Pakistan requires prior approval of RBI.
The account should be opened by the non-resident account holder himself and not by the holder of the power of attorney in India.
Individuals of Bangladesh, Pakistan nationalities/ownership require prior approval of RBI.
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| NRO Fixed Deposit Account |
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Features |
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Minimum account opening amount You can open a NRO Fixed Deposit account with J&K Bank with a minimum deposit of Rs 5,000/-
- Maturity Period
These deposits are accepted for a period of 15 days to 3 yrs. Deposits for maturity period beyond 3 yrs to 10 yrs shall be accepted at the discretion of the bank.
- Currency
You can open an NRO Fixed Deposit account from proceeds of any convertible currency. The deposit is held in Indian currency.
- Interest Applicable
Interest on your NRO Fixed Deposit account will be applied at least every three months and would be calculated on simple or compounded basis at the option of the deposit holder.
- Premature Withdrawal
Penal interest of 1% will be charged on the interest payable for the period for which the deposit has remained with the bank.
- Joint AccountsJoint accounts can be opened with another NRI(s)or with resident Indian(s).
- Automatic Renewal
In absence of instructions, the term deposit will be automatically renewed. Auto- renewal shall be for the same maturity period as the existing one or for a period of 1 year, whichever is less.
- Nomination Facility You can avail nomination facility on J&K bank NRE savings account.
- Repatriation
You can avail nomination facility on J&K bank NRO Fixed Deposit account.
- Tax Payments
Interest earned on the deposit is liable to 30% tax, which shall be deducted at source.
- Safe Deposit Locker Safe deposit locker at certain branches, available for account holders.
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Permissible Credits |
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- Permisible Credits for account opening
- Funds remitted from abroad in any convertible currency and legitimate dues in rupees of the account holder in India can be credited to the account.
- Foreign currency notes/traveler’s Cheques brought in by the NRI during his visit to India.
- Funds transferred from an existing NRE/FCNR account held in other banks or in our bank.
- Any other credit if covered under general or special permission granted by Reserve Bank.
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Eligibility |
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Non-Resident Indians, persons of Indian origin / nationality, residing outside India are eligible to open this account. Opening of account by individuals of Bangladesh, Pakistan requires prior approval of RBI.
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| NRE Recurring Depost Account |
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Features |
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Monthly Installments Monthly installments of Rs 5,000 to Rs 1,00,000 in multiples of Rs1,000.-
- Maturity Period
Deposits under this scheme shall be accepted for a period of 1 year to 3 years. Deposits with maturity period beyond 3 yrs to 10 yrs shall be accepted at the discretion of the bank.
- Premature Withdrawal
NRE recurring deposits will earn interest only if they have run for a minimum period of 12 months. Beyond that a penalty of 1% will be charged for premature withdrawal.
- Treatment on Maturity On maturity, the proceeds of the account shall be credited to NRE Savings Account
- Repatriability The entire deposit, principal & interest are fully repatriable.
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Sources of Funds |
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- As applicable to NRE Fixed deposits. Funds can also be transferred from existing NRE savings account. Standing instructions in this regard can be given.
*All other terms & conditions shall be same as applicable to NRE Fixed Deposit Scheme.
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(Conditions Apply) |
