The Jammu and Kashmir Bank has decided to drastically reduce interest rates on domestic term deposits on all maturity slabs by 50 to 300 basis points with effect from August 16.
Interest rates on term deposits in the 15 to 45 days maturity bucket will be cut to 5 per cent (currently 5.50 per cent), while that on the 46 to 90 days slab will be 6 per cent (8.50 per cent). Interest rate on deposits in the 91 to 179 days maturity bracket will stand slashed to 6.50 per cent (9.50 pc) while that on the 180 days to less than one year slab will come down to 7.50 per cent (10 pc). Interest on term deposits in the one year to less than two years bracket will stand at 8 per cent (10.25 pc).
The bank, presently, has only one slab for the above 2 years bracket carrying an interest rate of 10.50 per cent. But from August 16, the bank will be introducing two maturity slabs -- 2 years to less than 3 years carrying an interest rate of 9 per cent and 3 years and above having an interest rate of 9.50 per cent.