J&K Bank offers additional 75 bps on FDs for senior citizens

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Representational ImageFile/ GK

Jammu: To celebrate the country’s 75th Independence Day, the Jammu and Kashmir Bank is offering additional 75 bps on Term Deposits of senior citizens and retired bank staff.

“Senior citizens shall be provided additional interest rate as for them the rate has been revised from 0.50 % per annum (at present) to 0.75 % per annum, over and above the rate of interest mentioned in the schedule of interest rates on term deposits only,” a handout issued by J&K Bank said.

It further added that the Resident Indian retired bank staff who are senior citizens shall be provided additional interest rate as the rate of interest for them has been revised from 1.50 % per annum (at present) to 1.75 % per annum, over and above the rate of interest mentioned in the schedule of interest rates.

All the term deposits (fresh/renewal) of senior citizens and retired bank staff shall be eligible under the offer, which shall be valid from 15 August 2022 to 15th November 2022. The deposits accepted shall be contracted for a period not less than one year.

“The offer is applicable for booking term deposit value of Rs 50,000 and above. The single deposit shall be for amounts less than 5 crores,” the handout further mentioned, adding, that all other terms and conditions as applicable to the term deposit scheme as opted by the senior citizens shall apply.

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