Jammu and Kashmir Bank Savings Account
Last Updated : Feb. 18, 2025, 4:04 p.m.
Headquartered in Srinagar, the Jammu and Kashmir Bank (J&K Bank) started its operations on July 1, 1939. Maharaja Hari Singh of Jammu and Kashmir founded the bank in 1938, and in 1976, the RBI declared it an “A” class bank. The bank has established itself as a leading financial institution in the Jammu and Kashmir and Ladakh regions. It is an exclusive agent for banking business for the Government of Jammu and Kashmir and Ladakh. The bank has a wide network of 1012 branches and 1423 ATMs spread across the country offering attractive savings and deposit opportunities to households, employees, government and non-government institutions, SMEs and MEs, students, and more. Below we delve into an overview of the types of Jammu and kashmir bank savings account and their eligibility, and interest rates.
Jammu and Kashmir Bank Savings Account Interest Rates [ month_year]
Domestic/NRO/ NRE Rupee Savings Bank Deposits attract savings account interest rates of 2.90% per annum. The amount is compounded quarterly and calculated as per the end-of-day balance.
Types of Jammu and Kashmir Bank Savings Account
Premium Savings Bank Account: A premium banking service for customers.
- Platinum Credit Card with a limit of up to ₹3,00,000 and Gold Debit Card Cash withdrawal of ₹75,000.
- The AMB should be maintained at ₹1,00,000.
- Free NTGS and NEFT operations.
- Free SMS and emails.
- Accidental insurance coverage of ₹5,00,000.
- Free 5 cash withdrawals.
- No renewal fees for debit card.
- 50% off on small locker rent.
- DD charges for up to Rs 20 lacs free.
General Small Account: A financial inclusion account for individuals who do not have any savings accounts , including pensioners.
- It can be a joint savings account.
- Literate minors above the age of 10 can also open this account.
- The minimum deposit amount and balance is ₹50 only, and the maximum balance cap is ₹50,000.
- Maximum total credits in this account can be ₹1,00,000 only.
- Only 4 withdrawals per month are allowed with free ATM usage.
- Has no charges.
- Nomination is available.
General Savings Account: Perfect for day-to-day banking needs.
- AWB required is ₹2000 for using the chequebook facility, and a minimum of ₹1000 is needed without the chequebook facility.
- E-banking and m-banking are free.
- Free 30 cash withdrawals in six months.
- Free international Gold ATM/Debit card with daily cash withdrawal of ₹40,000 and ₹1,00,000 as POS transactions per day.
- Interest is compounded every quarter and calculated on a daily product basis.
Student Savings Bank Account: Caters to the unique needs of the student community, especially those who are on scholarships
- Easy banking solutions with a minimum deposit of just ₹50/- .
- Zero balance facility.
- Free debit card with no annual usage charges.
- Free net banking and SMS banking.
- Free four withdrawals per month, including ATM withdrawals.
- Holders of ‘Student Savings Bank Account’ cannot open other savings account.
- The account automatically gets converted into a general account at the age of 28 or when the student completes his studies.
Deluxe Salary Account
- Free 30 cash withdrawals per six months from any J&K Bank branch.
- The minimum AMB is ₹5000.
- International Gold debit cards of POS limit of ₹1,50,000 and an ATM limit of ₹1.00.000.
- Temporary overdraft facility equal to 50% of total salary with a cap of ₹20,000.
Deluxe Savings Account: A premium account that can be run jointly or in sole ownership. It can also be opened by parents or guardians of minors and offers a variety of features under one account
- 15 free-of-charge cash withdrawals a monthly charge.
- No limit on cash withdrawals using the withdrawal form.
- International Gold ATM/ Debit card free of charge with a withdrawal limit of ₹1,00,000 and ₹1,50,000 is the limit for daily POS transactions.
- Minimum AMB of ₹5000.
NRE Savings Account
- Repatriation of entire funds is allowed
- Easy account opening through demand drafts and wire transfers with easy currency conversion
- You can also use foreign currency notes, traveller’s cheques, etc. during personal visits to open an account
- Joint NRI accounts allowed
- Minimum deposit requirement of ₹1000 and AQB ₹2500
- RTGS, NEFT and SWIFT remittance access
- Half-year interest rates
- The interest and principal are fully tax-exempted
- Free Global Access Debit Card
- Letter of Mandate or POA holder in India can operate the account
NRO Savings Account: A normal savings account can convert into NRO when the customer starts a business, takes up employment or immigrates abroad.
- Minimum deposit requirement of ₹1000 and AQB ₹2500
- Interest is repatriable after TDS
- Nomination and Letter Mandate operations available
Saving Bank Account: Government Departments: Central, State Govt. Departments and other Govt. Undertakings/Corporations exclusively banking with Jammu & Kashmir Bank can avail this facility.
- No minimum balance maintenance required
- M -banking and E-bank facility
- No penal charges on Zero Balance
- “At Par” facility available
Pension Account
- No minimum balance is required to maintain the account
- Free e-banking and m-banking
- No charges for a zero balance
Pink Savings Scheme : Exclusive account for women
J & K Bank Pink Platinum Saving Scheme
- A monthly balance requirement of ₹50,000
- Free 5 cash withdrawals at business unit monthly
- Gold Debit Card with POS limit ₹2,00,000 and withdrawal limit of ₹1,00,000
- Free cheque book
- Platinum Credit Card with a limit of up to ₹80,00,00
- Free chequebook, demand draft, and payment orders
- Free accidental insurance cover of ₹50,000,00
J & K Bank Pink Gold Saving Scheme
- Minimum balance of ₹1,00,000 only
- Free 5 cash withdrawals at business unit monthly
- Gold debit card with a cash withdrawal limit of Rs. 50,000 and POS limit of Rs. 1,50,000 per day
- Free 200 cheque leaves per annum
J & K Bank Pink Silver Saving Scheme
- Average monthly balance of ₹25,000
- Every business unit gets free 5 cash withdrawals
- 50 chequebook leaves free per annum
Savings Bank Account for NCC Cadets: For NCC cades aged 10-25 years
- Zero balance account and maximum balance limit is ₹ 1,50,000 for cadets who are under the age of 18.
- There is no limit for cadets above 18 years
- Free Debt Card/ATM card
- Free banking/Mobile Banking and SMS facility provided the cadet’s mobile number is not linked to any other account.
Basic Savings Bank Deposit
- Can be opened with an initial deposit of ₹50 only.
- Zero balance without any penal charges
- Free debit card and 20 cheque leaves
- Free net banking and SMS.
Jammu and Kashmir Bank Savings Account Features & Benefits
The Jammu and Kashmir Bank offers a wide range of savings accounts, and each account comes with its own benefits, coverage, features, minimum balance, etc. Some common features include
- Free debit cards
- Free cheque leaves
- Free mobile and internet banking
- Easy nomination and joint account facility
- Has minimum account opening amount of as low as ₹50 only
- Zero balance accounts
Documents Required for Jammu and Kashmir Bank Savings Account
The following are the common documents required
- Duly filled application form for J&K Bank
- 2 photographs latest
- Copy of PAN Card/ Form 60 or 61
- Aadhaar card, driving licences, passport, etc. for identity proof
- Address proof in the form of electricity bill, ration card, Aadhaar card , licences, passport, telephone bill, rent agreement, etc.
Different savings accounts can also need some special documents:
| Account Type | Documents Required |
|---|---|
General Salary Account | Identity proof issued by the employer Authorization and introduction from the concerned DDO |
Student Savings Bank Account | Documents that are applicable to minor accounts, wherever applicable |
Savings Bank Account – Government Departments | Proof of Employment, TAN no of the organization if applicable |
What is the Minimum Balance for Jammu and Kashmir Bank Savings Account?
Below are the minimum balance requirements for a J&K Bank Savings account.
| Type of Account | Minimum Average Quarterly Balance Required |
|---|---|
Deluxe Savings Account | Rs.5,000 |
General Savings Account | Rs.2,000 (account with chequebook) & Rs.1,000 (account without chequebook) |
General Small Account | Rs.50 |
Student Savings Bank Account | Nil |
Basic Savings Bank Account | Nil |
Savings Bank Account - Government Departments | Nil |
Pension Account | Nil |
Pink Silver Salary Saving Scheme | ₹25000 |
Premium Saving Bank Scheme | ₹100000 |
GST rate for Banking Services: 18%
Jammu and Kashmir Bank Savings Account Charges
Below are the charges and fees applicable for a Jammu and Kashmir Bank savings account.
| Account type | Charges for non-maintenance |
|---|---|
Basic Saving Bank Deposit Account and Small Accounts | Nil |
General Salary A/C | Nil |
SB Account Government | Nil |
General SB A/C | ₹7.5 per ₹100 of the shortfall or part thereof from Average Monthly Balance Requirement subject to a maximum ₹75 + GST per month. |
Deluxe SB Account / Deluxe Salary Account | ₹7.5 per ₹100 of the shortfall or part thereof from Average Monthly Balance Requirement subject to a maximum ₹375 + GST per month. |
Premium Saving Bank Scheme | ₹15 plus GST per ₹1000 of the shortfall or part thereof from Average Monthly Balance Requirement OR ₹1500/- per month + GST, whichever is lower. |
Pink Silver Salary Saving Scheme for Women | ₹150 plus GST per ₹5000 of the shortfall or part thereof from Average Monthly Balance Requirement OR ₹750/- per month + GST, whichever is lower. |
A GST charge of 18% is levied over and above the charges.
How to open a Savings Account in Jammu and Kashmir Bank?
The process is very simple.
Offline method
Step 1: Visit the nearest branch of Jammu and Kashmir bank.
Step 2: Fill out the account opening form and check the type that is suited for you.
Step 3: Provide self-attested KYC documents as required.
Step 4: Submit the form along with proof of identity.
Step 5: The bank will verify the details and open the account.
Step 6: You will receive the welcome kit at your location with the necessary documents, card, and instructions to open the account.
To open the account online: Log into the bank website with your mobile number and linked Aadhar card and follow the steps.
Frequently Asked Questions (FAQs)
What is the minimum balance for a J & K bank savings account?
Who is eligible for J&K bank savings account?
How much interest on savings account J&K bank?
What are the SMS charges of J&K Bank?
What is the ATM charge of J&K Bank?
Why choose J&K Bank savings account?
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