Jammu & Kashmir Bank offers its customers the facility of Savings accounts to help capitalize their capital. The bank offers three types of savings accounts which are Deluxe Savings Account, General Savings Account and General Small Account.
Types of Savings Accounts Offered by Jammu & Kashmir Bank
- Deluxe Savings Account
- Unlike most other banks which allow only a few charge-free cash withdrawal transactions a month, J&K Bank allows its customers to make up to 15 cash withdrawals, free of charge in a single month.
- If you are withdrawing money using a withdrawal form, then there is no limit on the number of cash withdrawals which you are allowed to make.
- As a Deluxe Savings Account holder, you are entitled to an International Gold Debit Card, which will be issued to you, completely free of charge.
- Enjoy high transaction limits with your International Gold Debit Card which features a daily cash withdrawal limit of Rs 1,00,000 and a daily Point of Sale transaction limit of Rs 1,50,000.
- This savings account comes with Nomination facility.
- As we know, it is not always possible for us to visit the bank branch physically. This is why J&K Bank offers its customers e-banking facility, free of charge to facilitate anytime, anywhere banking.
- General Savings Account
- With the General Savings Account, customers get to make up to 5 cash withdrawal transaction at their bank branch, free of charge.
- Experience the ease of making quick, secure and payments and transactions with your Gold Access Debit Card, which is issued with your General Savings Account, free of charge.
- Enjoy high daily transaction limits with your Global Access Debit Card which features a daily ATM cash withdrawal limit of Rs 40,000 and a daily Point of Sale transaction limit of Rs 1,00,000.
- With the General Savings Account, customers can also avail the Nomination facility.
- It isn’t always possible for us to visit our bank branch, even if it is for a minor task. To ensure that you can continue banking uninterrupted, J&K Bank offers its customers e-banking facility, free of charge to facilitate anytime, anywhere banking.
- General Small Account
- The General Small Account is variant of Saving Bank account which has been designed to ensure that banking services are made easily accessible to all segments of the society.
- In order to open a General Small Account, you will be required to make an initial deposit of a minimum amount of Rs 50. You may also open the account by making payment via banking instruments like a bankers cheque, etc.
- The maximum balance which one can hold in this account has been capped at Rs 50,000.
- With the General Small Account, account holders are allowed maximum credits of up to Rs 1,00,000 in their account in a year.
- For General Small Account holders, the collective total of all fund transfers and withdrawals done in a month must not exceed an amount of Rs 10,000.
- General Small account holders will be allowed to make up to 4 withdrawals per month.
- Upon maintenance of an average quarterly balance of Rs 1,000 and above for the past 6 months, General Small Account holders can avail the cheque book facility with their account.
- The General Small Account also offers account holders with the Nomination facility.
Jammu & Kashmir Bank Minimum Balance Requirements
Following are the minimum balance requirements for all Savings Accounts offered by Jammu & Kashmir Bank.
| Type of Account | Minimum Average Quarterly Balance Required |
| Deluxe Savings Account | Rs 5,000 |
| General Savings Account | Rs 500 (account with cheque book) & Rs 300 (account without cheque book) |
| General Small Account | Rs 50 |
Jammu & Kashmir Bank Savings Account Charges
Following is the schedule of charges applicable on the Savings Accounts offered by J&K Bank.
| Particulars of Charge | Amount |
| ATM Transactions beyond free limit | Cash transactions – Rs 20 per transaction; Non-financial transactions – Rs 10 per transaction. |
| Stop Payment Instructions | Rs 25 per instrument; max Rs 100. |
| Account Closure | Rs 75 |
| Cash withdrawals beyond 50 per half year | Rs 10 per withdrawal |
| Debit card transaction (financial) at non bank ATMs | Rs 100 per transaction + taxes |
| Debit card transaction (non-financial) | Rs 15 + taxes |
| Transactions denied at other bank ATMs due to insufficient balance | Rs 20 + taxes |
| Debit Card Annual / Renewal Fee | Rs 25 per quarter + taxes for Chip-based and Magstripe debit cards. |
Eligibility for Jammu & Kashmir Bank Savings Accounts
In order to apply for a Savings account with J&K Bank, individuals must conform to the following eligibility criteria.
- Deluxe Savings Account
- Can be opened by an individual in their own name.
- Can be opened by one of more individuals in their joint names.
- Can be opened by organizations, entities, etc., as allowed by the Reserve Bank of India.
- Can be opened for a minor in his/her parent’s / guardian’s name.
- Can be opened by literate minors above the age of 10 years.
- General Savings Account
- Can be opened by an individual in their own name.
- Can be opened by one of more individuals in their joint names.
- Can be opened by organizations, entities, etc., as allowed by the Reserve Bank of India.
- Can be opened for a minor in his/her parent’s / guardian’s name.
- Can be opened by literate minors above the age of 10 years.
- General Small Account
- Can be opened by an individual, including pensioners.
- Can be opened by more than one person under their joint names.
- Can be opened by literate minors above the age of 10 years.
Documentation Required
- Following are the documents which one is required to submit in order to apply for a Savings Account with J&K Bank.
- Duly filled Application Form.
- Depositor(s) photograph (2)
- All documents to be provided as per the KYC norms.
- Copy of Pan Card / Form 60 or Form 61
- Any other documents beside the aforementioned which is applicable/required for application by minors, etc.
