SRINAGAR — Permanent employees of the Jammu and Kashmir government are eligible for a range of banking, loan and insurance benefits under a Memorandum of Understanding (MoU) between the government and Jammu & Kashmir Bank, according to a document detailing the arrangement.
The listed facilities include zero-balance savings accounts, free international debit cards, complimentary cheque books and demand drafts, and exemptions from charges for ATM transactions at J&K Bank ATMs. Eligible employees can also avail themselves of a lifetime-free RuPay credit card, subject to applicable conditions.
Loan concessions and financing facilities
Under the arrangement, eligible employees can receive a concession of 25 basis points on the applicable interest rate for personal loans, subject to the bank’s prescribed minimum lending rate benchmarks.
Processing fees for personal, automobile, housing and education loans are also waived under the listed benefits.
The MoU provides for an overdraft facility of up to ₹6 lakh under the J&K Bank Cash Credit Scheme, subject to eligibility and a maximum limit equivalent to six months’ salary.
Eligible permanent active employees can also avail themselves of a phone loan facility.
For the education of employees’ children in India, the listed education loan facility provides financing of up to ₹10 lakh without collateral, subject to the applicable terms and conditions.
The document also provides for 100% funding for the purchase of a new car or two-wheeler, subject to eligibility.
A housing loan of up to ₹10 lakh is listed for repair or renovation without a mortgage of property, against a negative lien and subject to the scheme’s prescribed parameters.
Insurance cover and additional benefits
The insurance component includes Group Personal Accidental Insurance cover of ₹100 lakh, Air Accidental Insurance of ₹135 lakh, Permanent Total Disability Insurance of ₹75 lakh and Permanent Partial Disability Insurance of ₹55 lakh.
Other listed benefits include up to ₹10 lakh for plastic surgery in burn cases, ₹5 lakh for the transportation of imported medicine, ₹5 lakh in cases of death in a coma lasting more than 48 hours following an accident, and ₹10 lakh for air ambulance services.
The document also lists education-related financial benefits for children in the event of an employee’s death.
It provides ₹8 lakh for a male child aged between 18 and 25 at the time of the employee’s death and ₹10 lakh for a girl child in the same age group.
A girl child’s marriage cover of up to ₹10 lakh is also listed. This includes ₹5 lakh each for two girl children or ₹5 lakh for one girl child.
Transportation of two family members to the accident site and ambulance charges are listed at ₹50,000 each.
ATM limits and savings account facilities
Additional banking benefits include free cash withdrawals at branches for up to 30 transactions a month and cash withdrawals through withdrawal forms without a specified limit.
The listed facilities also include free cash deposits of up to ₹10 lakh or five transactions per day.
The daily ATM withdrawal limit is listed at up to ₹2.5 lakh, while the point-of-sale purchase transaction limit is up to ₹3 lakh. Both limits depend on the savings account variant covered by the MoU.
The listed benefits are subject to the relevant eligibility conditions, account variants and scheme parameters. Employees have been advised to confirm the applicable terms with J&K Bank before availing themselves of individual facilities.
