This 84-year-old commercial bank plans to raise FD rates and MCLR

Jammu and Kashmir Bank (J&K Bank) established in 1938 is a regular commercial bank and is one of India’s oldest private sector banks with 84 years of presence in the country. The bank has revised its interest rates on fixed deposits and as of June 11, 2022, Jammu & Kashmir Bank is now offering an interest rate of 2.90% to 5.55% on deposits ranging from 7 days in 10 years.

Rates Jammu and Kashmir FD

The bank will continue to grant an interest rate of 2.90% on deposits of 7 days to 30 days, while the interest rate on deposits of 31 days to 45 days will remain stable at 3.00%. Deposits with maturities between 46 and 90 days will continue to earn an interest rate of 3.90%, while deposits with maturities between 91 and 180 days will earn an interest rate of 4 .00%. Jammu and Kashmir Bank will now pay an interest rate of 4.45%, down from 4.40%, on deposits of 181 days to 270 days, and 4.50% on deposits of 271 days to less than one year .

J&K Bank will now offer an interest rate of 5.20% on deposits maturing in one year to less than two years, and an interest rate of 5.40% on deposits maturing in two years to less than three years, against 5.25%. Deposits maturing in 3 years to less than 5 years will now earn 5.50%, down from 5.45% previously, while deposits maturing in 5 years to less than 10 years will earn 5.55%, down from 5. .50% previously. Domestic time deposits held by resident seniors will continue to benefit from an additional rate of 0.50% on all maturities.

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Jammu & Kashmir Bank FD Rates (jkbank.com)

J&K Bank MCLR

On June 10, 2022 the bank also increased its MCLR (marginal cost of funds lending rate) and now the overnight MCLR will be 7.10% from 6.60%, the 1 month MCLR will be 7.20% vs. 6.70%, 3 months MCLR will be 7.40% instead of 6.90%, six month MCLR will be 7.705 instead of 7.20%, MCLR of a an will be 7.85% will be 7.35%, the two year MCLR will be 8.30% instead of 7.80% and the 3 year MCLR will be 8.35% will be 7.85%, therefore the Borrowers with outstanding loan amount with Jammu and Kashmir Bank should note that their EMIs will increase. “For all types of fund-based working capital, including ad-hocs/TODs, the applicable MCLR will be 1 year,” the bank said on its website.

Bank of Jammu and Kashmir MCLR

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Bank of Jammu and Kashmir MCLR (jkbank.com)

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