Last Updated: January 14, 2023, 11:04 IST
Jammu and Kashmir Bank (J&K Bank), one of India’s oldest private sector banks and a Scheduled Commercial Bank, has raised the interest rate on fixed deposits under Rs. 2 crore. On Wednesday, January 11, 2023, the new rates took effect, according to the bank’s official website. The bank raised interest rates on a range of tenors by up to 75 bps after the adjustment. The maximum interest rate for ordinary Jammu and Kashmir Bank clients is 7.25% for deposits with a term of one year and a day to less than eighteen months.
On deposits maturing in the next 7 to 30 days, the bank will continue to pay interest at a rate of 3.50%, while Jammu and Kashmir Bank (J&K Bank) will continue to pay interest at a rate of 3.70% on deposits maturing in the following 31 to 45 days.
For deposits held for 46 days to 90 days, Jammu and Kashmir Bank’s (J&K Bank) interest rate will continue at 4.50%; however, for deposits held for 91 days to 180 days, the interest rate has increased by 25 basis points (bps), from 4.50% to 4.75%.
The interest rate on deposits that mature in 181 days to 270 days will remain at 5.50%, but it has increased by 25 basis points to 5.75% for deposits that mature in 271 days to less than a year. For deposits maturing in one year, the bank increased the interest rate by 25 basis points (bps), from 6.50% to 6.75%, but J&K Bank increased the interest rate by 75 bps, from 6.50% to 7.25%, for deposits maturing in one year and one day to less than 18 months.
Interest rates on deposits maturing in 18 months to less than 2 years increased by 55 basis points (bps), from 6.50% to 7.05%, and interest rates on deposits maturing in 2 years to less than 3 years increased by 40 bps, from 6.35% to 6.75%, by Jammu and Kashmir Bank (J&K Bank).
Deposits with maturities between three and five years will now receive an interest rate of 6.50%, up from 6.25% previously, or a 25 basis point increase. Deposits due in 5 to 10 years will now yield an interest rate of 6.50%, which is an increase of 25 basis points over the previous rate of 6.25%.
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