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.