J&K Grameen Bank was created on 30th June 2009 as a result of amalgamation of two erstwhile RRBs. JRB and KRB amalgamated in accordance with GOI Notification on date 30th June 2009 which was issued under sub-section (1) of section 23A of the RRB Act,1976 (21 of 1976).
The area of operation of the bank is spread over 11 districts, along with few parts of district Srinagar and Ganderbal of J&K state. The network of this bank comprises of six regional offices as well as 217 branches. All these are engaged in offering credit to several districts of J&K. The authorized capital of the bank is Rs.2000 Crores, as depicted on 31-March-2016. The paid up share capital of this bank is Rs.97.16 Crores, i.e. 971.60 lack shares of Rs.10 each.
Saving Account in J&K Grameen Bank
A saving account is a kind of deposit account located at a retail bank. The bank pays interest but the direct use of money in narrow sense of medium of exchange cannot be done. Such accounts help customers to save some portion of their liquid assets just by earning a monetary return.
This bank offers various kinds of customized savings bank accounts for its customers that cater all types of need of customers. The main objective of such saving accounts is to allow big section of rural poor to have an account in the bank with no frills account that has very low minimum balances with low charges.
Penal Charges for Non-Maintenance of Average quarterly Balances of Saving Account
Saving Bank Account without Cheque Book Facility
Minimum average quarterly balance of this type of saving account is Rs.500. There is levied penalty of Rs.100 per quarter for non-maintenance of average balance of this account.
Saving Bank Account with Cheque Book Facility
Minimum average quarterly balance of this saving bank account is Rs.1500. The penalty for non-maintenance of average quarter balance is Rs.500 when average quarter balance is less than Rs.500 and Rs.100 when average quarter balance is between Rs.501 to Rs.1499.