J&k Bank New Schemes 2023-Child Care Deposit Scheme

J&k Bank New Schemes 2023 -Celebrate Children’s Day by nurturing the dreams of the little stars with the newly announced J&K Bank Child Care Deposit Scheme. Here are the features and benefits that make it an ideal choice for securing a bright future:

J&k Bank New Schemes 2023 Features And Benefits:

  • Monthly Installment: Rs. 100/- and its multiples.
  • Tenure: 7, 9, and 10 years as recurring (Phase-I) and 5, 7, and 10 years respectively as term deposit (Phase-II).
  • Interest Rate: Fixed, with rates prevailing at the beginning of respective phases.
  • Interest Application: Quarterly compounded interest.
  • Interest Payouts: On maturity.
  • Add-ons: Accidental Insurance Cover for the Parent/Guardian (linked to the size of monthly deposit amount).
  • Premature Withdrawal: Allowed with penalty.


  • Minor through parents/guardian.
  • A person in his/her name.

Documents Required:

  • Application Form
  • Photograph of Parent/Guardian/depositor (2 copies)
  • Documents as per KYC Norms (of Parent/Guardian)
  • Minor’s birth certificate (for minors only)
  • Guardianship proof for Legal Guardian (Court Decree) (For minors only)
  • Minor Declaration signed by the Parent/Guardian (For minors only)
  • PAN Card or Form 60 or 61
  • Any other related documents as applicable.

Make this Children’s Day special by investing in their dreams and securing a prosperous tomorrow with J&K Bank’s Child Care Deposit Scheme.


What is the eligibility for opening an account under Child-care Deposit Scheme 
of J&K Bank?

  • Accounts under this scheme can be opened in the name of minor jointly with Parents/ Guardian. Individuals can also open accounts under the scheme in their own names.

What is the amount of monthly installment required to be deposited in Phase-I?

  • You can deposit a fixed monthly installment of Rs 100 and above in multiples of Rs 100.

What are the tenures for which the accounts can be opened?

  • You can open an account for the following 3 tenures- 12, 16 ort 20 years, comprising of 7, 5, or 10 years of phase I which is in the nature of recurring deposit and 5, 7 or 10 years respectively of Phase II which is in the nature of Cash Certificate.

Is interest under this scheme applied on Simple or Compound basis?

  • Interest compounded quarterly is provided under this scheme.

Can I withdraw my deposit prematurely?

  • Yes, but penal interest, as applicable, shall be charged on such pre-mature withdrawals.

Is loan facility available against the deposit?

  • Loan facility can be provided after deposit completes its first phase i.e. after entry into the 2nd phase, bank can allow loan not exceeding 90% of the amount accumulated at the time of first phase.

Click here for rate of Interest

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