What is the eligibility for opening an account under Recurring Deposit Scheme of J&K Bank?
Recurring Depositaccounts 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 minimum monthly installment required to be deposited? You are required to deposit a monthly installment of Rs. 50/- and above in multiples of Rs. 5/-.
What are the tenures for which the accounts can be opened?
You can open an account for any tenure ranging from 6 months to 10 years.
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.