Tag: Deposit

J&K Bank Monthly Yield Deposit Scheme Check Features
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FEATURES & BENEFITS
Deposit Amount                 Rs. 1000/- and above.
Tenure                                  1 year to 10 years.
Interest rate                        Fixed.
Interest application             Simple Interest (Discounted).
Interest payouts                 Monthly.
Premature withdrawal       Allowed with penalty.
ELIGIBILITY
A person in his/her name.
More than one person in their joint names.
Minor through parents/guardian.
Sole Proprietorship firms, Partnership firms
Private and Public Limited Companies
HUFs
Associations, Clubs, Societies, Trusts etc.
RATE OF INTEREST (SUBJECT TO CHANGE)
Click here for rate of Interest
DOCUMENTATION
Application Form
Photograph of depositor/s (2 copies)
Documents as per KYC Norms
PAN Card or Form 60 or 61
Any other related documents as applicable to Minors, Partnership Firms, Companies, HUF,s etc
FAQS
What is the eligibility for opening an account under Monthly Yield Deposit Scheme
of J&K Bank?
Monthly Yield Depositaccounts can be opened by individuals, either singly or jointly, Parents/ Guardians on behalf of minors, sole proprietorship firms, Partnership firms. Private and Public Limited Companies, HUFs, Associations, Societies, Trusts, etc.
What is the minimum amount required for opening an account under the Scheme?
You can open an account under this scheme with an amount of Rs 1000 and above.
What are the tenures for which the accounts can be opened?
You can open an account for any tenure ranging from 1 year to 10 years.
Is interest under this scheme applied on Simple or Compound basis?
Simple Interest (Discounted) is provided under this scheme.
Can I withdraw my deposit prematurely?
Yes, but penal interest, as applicable, shall be charged on such pre-mature withdrawals.
The post J&K Bank Monthly Yield Deposit Scheme Check Features and Benefits appeared first on Kashmir Publication.
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( With inputs from : kashmirpublication.in )
February 15, 2023
J&K Bank Special Bachat Deposit Scheme Check Features
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- Who can open a Special Bachat Deposit account with J&K Bank?
Special Bachat Deposit account can be opened by individuals, either singly or jointly, Parents/ Guardians on behalf of minors.

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- What is the minimum Average Monthly Balance required to be maintained?
  Minimum AMB of Rs. 10000/-.
- What are the benefits of the Special Bachat Deposit Scheme?
  You can avail the following benefits:
  Free cash withdrawals over the counter: 30 withdrawals per half year.
  Free accidental death insurance cover of Rs.2.00 lacs.
  International Gold Debit Card with withdrawal limit of Rs. 1.00 lacs per day and shopping limit of Rs. 1.50 lacs per day.
  Special discount in charges on cash deposit at Base and Non-Base Business Units.
  Free e-banking / m-banking facility.
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( With inputs from : kashmirpublication.in )
February 13, 2023
JK Bank Daily Deposit Scheme Check Features and Benefits
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FEATURES & BENEFITS
Amount of daily Installment Rs. 100/- and above in multiples of Rs. 50
Tenure                                1-5 years.
Interest rate                       Fixed.
Interest calculation            As applicable to Savings Deposit.
Premature withdrawal     Allowed
ELIGIBILITY
Individuals.
Joint account holders
Proprietors
Individual partners.
DOCUMENTATION
Application Form
Photograph of depositor/s (2 copies)
Documents as per KYC Norms
PAN Card or Form 60 or 61
Any other related documents as applicable.
RATE OF INTEREST (SUBJECT TO CHANGE)
Click here for rate of Interest
FAQS
What is the eligibility for opening an account under Daily Deposit Scheme
of J&K Bank?
Daily Deposit accounts can be opened by individuals, either singly or jointly, proprietors and individual Partners.
What is the main target segment of this scheme?
The scheme is primarily meant for businessmen/professionals particularly at Malls, Business Establishments, Shopping Plazas etc. who would like to save a part of their sale proceeds/expenditure on daily/weekly basis.
Can I choose any other option other than one requiring depositing installment on daily basis?
You can chose daily or weekly frequency at the time of opening of account and deposit the installments accordingly.
What is the amount of installment required to be deposited?
Rs. 100/- and above in multiples of Rs. 50
What are the tenures for which the accounts can be opened?
You can open an account for any tenure ranging from 1 year to 5 years.
Am I required to visit the bank every time I am required to deposit the daily/ weekly installment?
No. An employee of the concerned branch shall make collections by personally going to your business premises/house hold, etc as chosen by you, during the working hours.
The post JK Bank Daily Deposit Scheme Check Features and Benefits appeared first on Kashmir Publication.
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( With inputs from : kashmirpublication.in )
February 12, 2023
J&K Bank Smart Saver Term Deposit Scheme (SDD)
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Who can open an account under Smart Saver Deposit Scheme of J&K Bank?
Accounts under this scheme can be opened by:
- Individuals, singly or joint, and HUF (Hindu Undivided Families) shall be eligible to open Smart Saver accounts linked with savings bank accounts.
- Individuals, Sole Proprietorship, HUF, partnership firms and limited companies shall be allowed to open smart saver account linked with current accounts.
- What are the tenures for which the accounts can be opened?
  You can open an account for the following tenures:
1. Core Deposit: 1 year to 10 years.
  Linked Deposits: 180 days.
- What are the value additions of this scheme?
The product provides both liquidity as well as high returns through Auto Sweep and Reverse Sweep.
Under Auto Sweep, the amount in the operative account beyond the threshold minimum balance (minimum floor balance) is auto swept to form linked term deposits.
Under this facility, the deposit amount in the linked Smart Saver Term Deposits (not the Core Deposit) is available for clearing of debit instruments (cheques, standing instructions, ATM transactions, etc) in case the balance in the operative account is not sufficient.
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( With inputs from : kashmirpublication.in )
February 10, 2023
J&K Bank Child-care Deposit Scheme Check Features and Benefits
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- Monthly Installment Rs. 100/- and its multiples.
- Tenure 7, 9 and 10 years as recurring (Phase-I) and 5 , 7 and 10 years respectively as term deposit (Phase-II).
- Interest rate Fixed. Interest rates as per the rates prevalent at the beginning of the respective phases.
- Interest application Quarterly compounded interest.
- Interest payouts On maturity
- Add- ons
Accidental Insurance Cover for the Parent / Guardian (linked to the size of monthly deposit amount).
- Premature withdrawal Allowed with penalty.
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( With inputs from : kashmirpublication.in )
February 10, 2023
SBI Special Term Deposit Scheme Check Features and Benefits
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SBI Special Term Deposit Scheme Check Features and Benefits
This product is a variant of Term Deposits but instead of Interest being paid out at a regular frequency during the period of deposit; here it is paid out only at the time of maturity. Regular interest is added to the principal and compound interest calculated and paid thereon
Features
Minimum period of deposit – 6 Month
Maximum period of deposit- 10 Years
Available at all branches
Minimum deposit: Rs. 1,000/-, Maximum deposit: No upper Limit
A deposit of Rs. 2 crore and more is treated as bulk deposit
Interest on deposit is compounded quarterly and paid to depositor at the end of the term
Nomination available in favour of individual only
Term Deposit (together with interest) of Rs. 20000/- and above shall not be paid in cash.
Transferability allowed among our branches
TDS is applicable as per Income Tax Rules. Form 15G/H can be submitted by the depositor for exemption from tax deduction as per IT Rules.
Loan against deposit is allowed with applicable margin as under:
Residual tenor of Deposit as on Date of availing loan (For Public) Margin
Up to 36 Months 5%
>36 months & up to 60 months 10%
>60 months 15%

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Last Updated On : Wednesday, 17-08-2022

Eligibility
This product is a variant of Term Deposits but instead of Interest being paid out at a regular frequency during the period of deposit; here it is paid out only at the time of maturity. Regular interest is added to the principal and compound interest calculated and paid thereon
Resident individuals singly or jointly, Minor (himself/herself or through his/her Guardian), Karta of HUF, Firm, Company, Local Bodies and Any Government Department
Terms And Conditions
Premature closure available.
For Term Deposit up to Rs 5.00 lacs, the penalty for premature withdrawal will be 0.50% (all tenors).
For Term Deposits above Rs 5.00 lacs, applicable penalty will be 1% (all tenors).
The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.
However, no interest will be paid on Deposits which remain for a period of less than 7 days.
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( With inputs from : kashmirpublication.in )
February 9, 2023
Bank change cash deposit rule: Big news! Now without
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On 10 May 2022, the government had implemented these rules by issuing a notification. PAN Card and Aadhar Card have been made mandatory for depositing large amounts of cash in one or more banks in a financial year. Similarly, the government has also set the limit for cash transactions.
New Delhi. The central government has taken several steps to crack down on illegal and unaccounted cash transactions. The government has amended the cash withdrawal limit and also made PAN card and Aadhar card mandatory for depositing large amounts of cash in one or more banks in a financial year.
This means that now you have to show PAN card and Aadhar card while depositing large amount. Not only this, a provision has also been made for heavy fines for paying cash or receiving cash in excess of the prescribed limit.
Under the new rules, it has now been made mandatory to provide PAN or Aadhaar for depositing or withdrawing more than Rs 20 lakh in banks. On May 10, 2022, the government had implemented these rules by issuing a notification.

The Central Board of Direct Taxes (CBDT) has made new rules under the Income Tax (15th Amendment) Rules, 2022. After the implementation of these new rules, if a person deposits a total amount of 20 lakh rupees or more in a financial year in one or more accounts in any banking company, co-operative bank or post office, then PAN and Aadhar card for him. Giving has become mandatory.

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What will happen to those who do not have PAN?
Those who do not have PAN will have to apply for PAN at least seven days prior to any transaction of more than Rs 50,000 in a day or more than Rs 20 lakh in a financial year. Similarly, if a person withdraws a total amount of 20 lakh rupees or more in a financial year from one or more accounts of any banking company, co-operative bank or post office, then he will have to give PAN or Aadhar card.

Keep these things in mind
- Income tax laws prohibit cash transactions above Rs 2 lakh for any reason. Therefore, avoid excessive cash transactions, otherwise you may have to pay a fine.
- The government prohibits accepting cash above Rs 2 lakh. Therefore, in a single day, you cannot take more than Rs 2 lakh in cash even from your close relatives.
- Not more than Rs 2 lakh can be accepted as a cash gift from a single donor at a time. If anyone violates this, he can be fined equal to the amount received.
- Do not pay cash for health insurance. If the taxpayer pays the insurance premium in cash, he will not be eligible for section 80D deduction.
- In a property transaction, the maximum cash allowed is also Rs 20,000. If a seller is in advance, then the maximum limit is only two lakh rupees.
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( With inputs from : kashmirpublication.in )
February 4, 2023
JK Bank Fixed Deposit Scheme Check Benefits and Features
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FIXED DEPOSIT RECEIPT (FDR)
Non-cumulative term deposit where simple interest is paid on quarterly basis.
ELIGIBILITY
Resident Individuals (sole or joint account)
Hindu Undivided Families.
Minor through parents/guardian.
Sole Proprietorship Concerns, Partnership Firms
Private and Public Limited Companies
Associations, Clubs, Societies, Trusts etc.
FEATURES & BENEFITS
Deposit Amount:Rs. 100/- and above.
Tenure: 7 days to 10 years.
Interest rate: Fixed.
Interest application: Simple Interest.
Interest payouts: Quarterly.
Add-ons: Loan facility available.
Premature withdrawal: Allowed with penalty.
Interest on premature withdrawal will be paid at 0.50% below the rate applicable for the period the deposit remained with the bank, provided the deposit has remained with the bank for at least 7 days.
However, no interest will be paid on Deposits which remain for a period of less than 7 days.
DOCUMENTATION
Filled in Application Form.
Photograph of depositor/s (2 copies)
Officially Valid Documents as per KYC Norms
PAN Card or Form 60 or 61
Any other related documents as applicable to Minors, Partnership Firms, Companies, HUF’s etc
Interest on premature withdrawal will be paid at 0.50% below the rate applicable for the period the deposit remained with the bank, provided the deposit has remained with the bank for at least 7 days.
However, no interest will be paid on Deposits which remain for a period of less than 7 days.
RATE OF INTEREST (SUBJECT TO CHANGE)
Click here for rate of Interest
TDS
TDS at prevalent rate is deducted at source if Form 15G/15H not submitted.
FAQS
What is the eligibility for opening an account under Fixed Deposit Scheme of J&K Bank?
Fixed Deposit accounts can be opened by individuals , either singly or jointly, Parents/ Guardians on behalf of minors, Sole proprietorship firms, Partnership firms, Private and Public Limited Companies , HUFs, Associations, Societies, Trusts, etc.
What is the minimum amount required for opening account under the Fixed Deposit Scheme?
You can open an account under this scheme with an amount of Rs 100 and above.
What are the tenures for which the accounts can be opened?
You can open an account for any tenure ranging from 7 days to 10 years.
Is interest under this scheme applied on Simple or Compound basis?
Simple interest is provided under this scheme.
Is loan facility available against the deposit amount?
Loan facility is available.
Can I withdraw my deposit prematurely?
Yes, but penal interest, as applicable, shall be charged on such pre-mature withdrawals.
What is the frequency of interest paid in this scheme?
Interest is paid at quarterly rests.
The post JK Bank Fixed Deposit Scheme Check Benefits and Features appeared first on Kashmir Publication.
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( With inputs from : kashmirpublication.in )
February 4, 2023
JK Bank Special Bachat Deposit Scheme Check Features
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- Who can open a Special Bachat Deposit account with J&K Bank?
Special Bachat Deposit account can be opened by individuals, either singly or jointly, Parents/ Guardians on behalf of minors.
- What is the minimum Average Monthly Balance required to be maintained?
  Minimum AMB of Rs. 10000/-.
- What are the benefits of the Special Bachat Deposit Scheme?
  You can avail the following benefits:
  Free cash withdrawals over the counter: 30 withdrawals per half year.
  Free accidental death insurance cover of Rs.2.00 lacs.
  International Gold Debit Card with withdrawal limit of Rs. 1.00 lacs per day and shopping limit of Rs. 1.50 lacs per day.
  Special discount in charges on cash deposit at Base and Non-Base Business Units.
  Free e-banking / m-banking facility.
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#Bank #Special #Bachat #Deposit #Scheme #Check #Features
( With inputs from : kashmirpublication.in )
February 1, 2023
Govt doubles deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh

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Delhi: Finance Minister Nirmala Sitharaman on Wednesday proposed to double the deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh and Monthly Income Account Scheme to Rs 9 lakh.
In her Budget Speech, the minister also announced a new small savings scheme for women.
“The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakh to Rs 30 lakh,” the minister said in her 87-minute long speech.
She also proposed that the maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account.
Announcing a new ‘Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra’, Sitharaman said a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025.
“This will offer deposit facility up to Rs 2 lakh in the name of women or girls for a tenor of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option,” she said.
The minister also announced to that an integrated IT portal will be established for investors to reclaim unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority with ease.

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( With inputs from www.siasat.com )

February 1, 2023