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This 84 year old private bank hikes FD rates by up to 15 bps: Check details


Founded in 1938, Jammu and Kashmir Bank (J&K Bank) is one of India’s oldest private sector banks and a Scheduled Commercial Bank. According to the bank’s official website, interest rates on fixed deposits under 2 crore have increased. The new rates take effect on December 11th, 2022. Following the modification, the bank increased FD rates on tenors ranging from 1 year to 10 years by up to 15 bps. For deposits that are less than 2.00 Crores, the revised rates are applicable for both new deposits and the renewal of maturing accounts.

Jammu and Kashmir Bank FD Rates

On deposits maturing in 7 days to 30 days, the bank will continue to offer an interest rate of 3.50% and for those maturing in 31 days to 45 days, Jammu and Kashmir Bank will continue to offer an interest rate of 3.70%. Deposits maturing in 46 days to 180 days will continue to fetch an interest rate of 4.50% and those maturing in 181 days to less than 1 Year will continue to fetch an interest rate of 5.50%. Jammu and Kashmir Bank has hiked the interest rate by 15 bps from 6.35% to 6.50% on FDs maturing in 1 year to less than 2 years and a hike by 10 bps from 6.25% to 6.35% on those maturing in 2 years to less than 3 years. On deposits maturing in 3 years to 10 years, the bank has hiked the interest rate by 15 bps from 6.10% to 6.25% on deposits maturing in 3 years to 10 years.

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Jammu and Kashmir Bank FD Rates (jkbank.com)

Jammu and Kashmir Bank has mentioned 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.”

Jammu and Kashmir Bank Withdrawable FD Rates

As of December 11, 2022, the interest rates for withdrawable term deposits are also in effect. The interest rate on these deposits has increased by the bank from 3.50% to 4.50% for withdrawable term deposits maturing in 7 days to 30 days, from 5.75% to 6.00% for FDs maturing in 181 days to 270 days, and from 6.50% to 6.75% for FDs maturing in 1 year to less than 2 years. Over 60-year-old domestic senior citizens will continue to get a 0.50% additional interest rate on all maturities in this deposit category.

Jammu and Kashmir Bank Withdrawable FD Rates

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

Banks including SBI, Yes Bank, IOB, Kotak Bank, and Dhanlaxmi Bank have so far declared interest rates hike on fixed deposits of less than 2 Cr following the Reserve Bank of India (RBI) raised its repo rate by 35 basis points last week.

 

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