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J&K Bank Depositor’s Pension Scheme Check Benefits And Features

J&K Bank Depositor’s Pension Scheme Check Benefits And Features

  • Monthly Deposit Amount  Rs 25/- and multiples of Rs 25/-, Rs 50/- or Rs 100/-.
  • Tenure                           84, 105 or 111 months as recurring (Phase-I) and monthly payouts in Phase II as in case of Monthly Yield Deposit Scheme, as per the option of the customer.
  • Interest rate                        Fixed.
  • Interest calculation  
  • Quarterly Compounding basis for Phase I.
  • Simple interest for phase-II.
  • Interest payouts                 Monthly in Phase II
  • Premature withdrawal       Allowed with penalty.
  • A person in his/her name.
  • More than one person in their joint names.
  • Minor through parents/guardian.
  • 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
  • What is the eligibility for opening an account under Depositor’s Pension Scheme 
    of J&K Bank?
    Depositor’s Pensionaccounts 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 monthly installment required to be deposited under phase I of the Scheme?
    You can deposit a fixed monthly installment of Rs Rs 25/- and its multiples
  • What are the tenures for which the accounts can be opened?
    You can open an account for any tenure ranging from 84, 105 or 111 months as recurring (Phase-I) and monthly payouts in Phase II as in case of Monthly Yield Deposit Scheme, as per the option of the customer.
  • Is interest under this scheme applied on Simple or Compound basis?
    Interest on Quarterly Compounding basis is applied on  Phase I and Simple interest on phase-II.

(Conditions Apply)

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