FEATURES & BENEFITS

• Core Term Deposit Amount:   Rs 25,000/- and above in multiples of Rs 1000/- as core deposit.
• Tenure                      
  • Core Deposit: 1 year to 10 years.
  • Linked Deposits: 180 days.
• Dual account
• The product consists of a core deposit (Term Deposit), which entitles the operative account (CD or SB) of the customer for sweep facility, where balance above the floor level is auto-swept and converted into short term Smart Saver Term deposits (linked deposits).

Floor balance & Sweep facility

• Savings Bank Accounts: In case of Savings Bank Accounts, the auto sweep facility shall operate beyond the minimum balance of Rs 5,000/= and in multiples (units) of Rs 10,000/=. However in case of high-end Savings Bank Accounts, like “J & K Bank Special Bachat Deposit Scheme etc, auto sweep facility shall operate beyond the threshold balance of Rs 10,000/= or the prescribed AMB whichever is HIGHER.

1. Current Accounts of Individuals, HUF, Sole Proprietorships & Partnerships (other than Limited Liability Partnerships) The minimum threshold balance in Current Deposit Account beyond which auto‐sweep facility will operate shall be Rs.25, 000/‐ or the prescribed AMB in the particular Current Account Variant whichever is HIGHER e.g. in case of Platinum Current Deposit Account, sweep out shall operate beyond Rs 5, 00,000/= (Rupees Five Lacs only).
2. Current Deposit Accounts of Limited Companies & Limited Liability Partnerships: The minimum threshold balance in these Current Deposit Accounts beyond which auto-sweep facility will operate shall be Rs.1.00 lacs or the prescribed AMB in the particular Current Deposit Account Variant e.g. in case of Platinum Current Account sweep, shall operate beyond Rs 5, 00,000/= (Rupees Five Lacs only).

• Reverse sweep Balances in the linked Smart Saver Term Deposits (not the Core Deposit) shall be available for clearing of debit instruments (cheques, standing instructions, ATM transactions, etc) in case the balance in the operative account is not sufficient for clearing the instrument / transaction.

ELIGIBILITY

• Individuals, singly or joint, and HUF (Hindu Undivided Families) shall be eligible to open Smart Saver accounts linked with savings bank accounts.

• Individuals, Sole Proprietorship, HUF, partnership firms and limited companies shall be allowed to open smart saver account linked with current accounts.