Family Protection Savings Bank Account Opening : J&K Bank

Organisation : J&K Bank
Facility : Family Protection Savings Bank Account Opening Procedure
Website : http://www.jkbank.net/deposits/personal/familySavings.php

Family Protection Savings Bank Account :

Features & Benefits :
** Average Quarterly Balance

Related : J&K Bank Saving Account Opening : www.statusin.in/21362.html

(a) General Account – Rs. 2500.
(b) Salary Account – zero.
(c) Staff Account – zero.

** pnb MetLife Family Income Protector Plus with
(a) Death benefit on 10 or 15 year policy term to the nominee.
(b) Maturity benefit of 110% of total premia paid to the survivor.

** 50% concession in safe deposit locker rent for first three years.
** Free 100 cheque leaves per year.
** Free Customized Global Access Instant Debit Card.
** 50% concession in RTGS/NEFT/DD transactions.
** Nomination facility available.

Eligibility :
** An individual between 25-55 years of age.
** Existing customers within the same age group.

Documentation :
** Application/Consent Form.
** Photograph of depositor (2 copies).
** Documents as per KYC Norms.
** PAN Card or Form 60 or 61.

SMS Alert Charges :
Currently J&K Bank is sending Free SMS Alerts on customer’s registered mobile number informing him about debit, credit, cheque return etc. Pursuant to RBI allowing banks to charge customers on actual usage of SMS Alerts, the Bank is going to charge its customers @ 25 paisa for every successfully delivered SMS Alert from 12/05/2014, subject to 5 free SMS alerts per month.

However SMS Alerts for following transactions will continue to be sent free of charge, even after 12/05/2014. Debit / ATM Card at ATM/ POS. Internet Banking / Mobile Banking / e-Commerce.

NEFT transactions once funds are credited to beneficiary account. All valued customers are requested to furnish correct Cell Numbers to their respective branches so that SMS Alerts are delivered successfully.

FAQ’s :
1. Who can open a Family protection Savings Bank Account with J&K Bank?
Family protection savings bank account can be opened by individuals within the age group of 25-55 years. Individuals already having a bank account can also avail this facility.

2. What is the minimum Average Quarterly Balance required to be maintained?
If you open a salary variant of the account you don’t not need to maintain any average quarterly balance.

However if you are having general account you need to maintain a quarterly balance of Rs 2500 failing which you will be charged Rs. 200 per quarter. Staff members are exempted from maintaining any quarterly balance.

3. What are the benefits of Family protection Savings Bank Account?
This account comes with security of pnb MetLife Family Income Protector Plus scheme. In case of death of the insured during the term of the policy the nominee will receive the chosen monthly income for the benefit pay-out period.

Upon survival to maturity date i.e. maximum of 70 years, the customer can avail the maturity benefit of 110% of total premiums paid (exclusive of service tax, cess and extra loadings if any).

About Us :
J&K Bank functions as a universal bank in Jammu & Kashmir and as a specialised bank in the rest of the country. It is also the only private sector bank designated as RBI’s agent for banking business, and carries out the banking business of the Central Government, besides collecting central taxes for CBDT.

J&K Bank follows a two-legged business model whereby it seeks to increase lending in its home state which results in higher margins despite modest volumes, and at the same time, seeks to capture niche lending opportunities on a pan-India basis to build volumes and improve margins.