JK Bank Child-care Deposit Scheme

JK Bank Child-care Deposit Scheme

FEATURES & BENEFITS

  • 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.
  • What is the eligibility for opening an account under Child-care Deposit Scheme of J&K Bank?Accounts under this scheme can be opened in the name of minor jointly with Parents/ Guardian. Individuals can also open accounts under the scheme in their own names.
  • What is the amount of monthly installment required to be deposited in Phase-I?You can deposit a fixed monthly installment of Rs 100 and above in multiples of Rs 100.
  • What are the tenures for which the accounts can be opened?You can open an account for the following 3 tenures- 12, 16 ort 20 years, comprising of 7, 5, or 10 years of phase I which is in the nature of recurring deposait and 5, 7 or 10 years respectively of Phase II which is in the nature of Cash Certificate.
  • Is interest under this scheme applied on Simple or Compound basis?Interest compounded quarterly 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.
  • Is loan facility available against the deposit?Loan facility can be provided after deposit completes its first phase i.e. after entry into the 2nd phase, bank can allow loan not exceeding 90% of the amount accumulated at the time of first phase.
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