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, 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.