J&K Bank Account Opening Form, Minimum Balance, Docs & Charges

J&K Bank Account Opening Process | J&K Bank Account Opening Form | J&K Bank Account Opening Minimum Balance | J&K Bank Account Opening Charges

Customers of Jammu & Kashmir Bank can open Savings accounts to help them capitalize their funds. On its savings account, Jammu & Kashmir Bank gives a 2.90 percent annual interest rate. The article will tell you more details related to the J&K Bank Account Opening and other related queries.

J&K Bank Account Opening

J&K Bank Account Opening Process

J&K Bank makes it simple to start a savings account at any time. All you have to do is go to the bank’s website and select the ‘Quick Links’ option. Choose the option that says ‘Apply Now’ from the drop-down menu. When you do that, you’ll be taken to a new page where you’ll be asked to fill out some information so that the bank may contact you and walk you through the online application process.

You’ll be asked for information such as your name, email address, phone number, address, location, the branch where you want to open an account, and the product you want to buy. Following your submission of these facts, a bank representative will call you to assist you in selecting the best product for you.

IndusInd Bank Account Opening

Types of Savings Accounts Offered by Jammu & Kashmir Bank

Jammu & Kashmir Bank Offers a Variety of Savings Accounts

  1. Deluxe Savings Account
    • Unlike most other banks, which only offer a few free cash withdrawal transactions per month, J&K Bank allows its customers to make up to 15 free cash withdrawals every month.
    • If you withdraw money using a withdrawal form, there is no restriction to how many cash withdrawals you can make.
    • You are entitled to an International Gold Debit Card as a Deluxe Savings Account holder, which will be supplied to you free of charge.
    • With your International Debit Card, you’ll have access to high transaction limits, including a daily cash withdrawal limit of Rs 1,00,000 and a daily Point of Sale transaction limit of Rs 1,50,000.
    • Nomination is available with this savings account.
    • We all know that physically visiting a bank branch is not always possible. This is why J&K Bank provides its customers with a free e-banking service that allows them to bank whenever and wherever they want.
    • AMB is Rs.50,000 (minimum).
  2. General Savings Account
    • Customers who have a General Savings Account can make up to five free cash withdrawals at their local bank branch.
    • With your Gold Access Debit Card, which comes free with your General Savings Account, you may make quick, secure payments and transactions with ease.
    • With your Global Access Debit Card, you’ll have access to high daily transaction limits, including a daily ATM cash withdrawal limit of Rs 40,000 and a daily Point of Sale transaction limit of Rs 1,00,000.
    • Customers can use the Nomination feature with their General Savings Account.
    • Even if it is only for a simple work, it is not always possible for us to visit our bank branch. J&K Bank provides its customers with a free e-banking service to allow them to conduct business at any time and from any location.
    • A minimum AMB of Rs.1,000 is required without the use of a chequebook, while a minimum AMB of Rs.2,000 is required with the use of a chequebook.
  3. General Small Account
    • The General Small Account is a type of Savings Bank Account that was created to guarantee that banking services are available to people from all walks of life.
    • To start a General Small Account, you must make an initial deposit of at least Rs 50. You can also start an account by paying with a banker’s check or another type of banking instrument.
    • The maximum sum that can be maintained in this account is Rs 50,000.
    • The General Small Account allows account holders to deposit a maximum of Rs 1,00,000 in their account per year.
    • The total amount of all fund transfers and withdrawals made in a month for General Small Account holders shall not exceed Rs 10,000.
    • Small account holders will be able to withdraw up to four withdrawals each month.
    • General Small Account customers can get a check book with their account if they have kept an average quarterly balance of Rs 1,000 or more for the last six months.
    • The Nomination function is also available to account holders with the General Small Account.
  4. Student Savings Bank Account
    • There is no requirement to maintain a minimum balance.
    • The first deposit must be made in the amount of Rs.50.
    • A maximum of four withdrawals are allowed per month.
    • There will be a NEFT/RTGS facility available.
    • Nominees can be added to the account.
  5. Basic Savings Bank Deposit Account
    • An initial deposit of Rs.50 is required.
    • At no additional charge, a debit card will be given.
    • SMS and e-banking services will be offered at no charge.
    • Every year, 20 cheque leaves will be delivered at no additional cost.
    • Under this account, Smart Cards will not be available.
    • A month’s withdrawal is limited to four.
  6. Savings Bank Account – Government Departments
    • There is no requirement to maintain a minimum balance.
    • M-banking and e-banking services will be available.
    • Penal charges will not be levied.
  7. Pension Account
    • There is no requirement to maintain a minimum balance.
    • M-banking and e-banking services will be available.
    • Penal charges will not be levied.

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Minimum Balance Requirements for J&K Bank Account Opening

The following are the minimum balance requirements for all Jammu & Kashmir Bank Savings Accounts:

Type of AccountMinimum Average Quarterly Balance Required
Deluxe Savings AccountRs.5,000
General Savings AccountRs.2,000 (account with cheque book) & Rs.1,000 (account without cheque book)
General Small AccountRs.50
Student Savings Bank AccountNil
Basic Savings Bank AccountNil
Savings Bank Account – Government DepartmentsNil
Pension AccountNil

IDBI Bank Account Opening

Eligibility Criteria for J&K Bank Account Opening

Individuals must meet the following eligibility conditions in order to apply for a J&K Bank Savings account.

Deluxe Savings Account

  • An individual can open a bank account in their own name.
  • It is possible for one or more people to open it in their joint names.
  • Organizations, businesses, and other entities, as permitted by the Reserve Bank of India, can open accounts.
  • Can be opened in the name of a minor’s parent or guardian.
  • Literate minors over the age of ten years can open it.

General Savings Account

  • An individual can open a bank account in their own name.
  • It is possible for one or more people to open it in their joint names.
  • Organizations, businesses, and other entities, as permitted by the Reserve Bank of India, can open accounts.
  • Can be opened in the name of a minor’s parent or guardian.
  • Literate minors over the age of ten years can open it.

General Small Account.

  • Individuals, including retirees, can open this account.
  • It is possible for multiple people to open it under their joint names.
  • Literate minors over the age of ten years can open it.

Student Savings Bank Account

  • Students are the only ones who can create an account.

HDFC Bank Account Opening

Basic Savings Bank Deposit Account.

Artisans, students, small business owners, vendors, housewives, unemployed youth, and others can register for an account.

Savings Bank Account – Government Departments

All state and central government departments, as well as other government corporations and undertakings, can open an account with Jammu & Kashmir Bank.

To open an account, the RBI guidelines must be followed.

Pension Account

Pensioners from the Union Territories of Ladakh and Jammu and Kashmir can open an account.

Documentation is needed.

The following are the documents that must be submitted in order to apply for a J&K Bank Savings Account.

  • Photograph of the depositor(s) (2)
  • Completed Application Form
  • All documentation must be submitted in accordance with KYC requirements.
  • Form 60 or Form 61 / Copy of Pan Card
  • Any other documents, in addition to the aforementioned, that are relevant/required for minors to apply, etc.

Federal Bank Account Opening

FAQ’s

In a year, how many cheque leaves are available to all Savings Account holders?

All Savings Account holders will receive 20 free cheque leaves per year.

Is there a fee for using a debit card to make cross-currency transactions?

Yes, you will be charged a 3.5 percent cross-currency mark-up on any foreign currency purchases made with your debit card.

What is the minimum Average Quarterly Balance that Deluxe Savings Account members must maintain?

A minimum Average Quarterly Balance of Rs 5000 is required for Deluxe Savings account customers.

What is the foundation for compounding interest in the Deluxe Savings Account?

The interest on the Deluxe Savings Account will be compounded quarterly and computed on daily products.

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