Srinagar, Oct 24: 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 J&K Government and Jammu & Kashmir Bank, according to the benefits outlined in a document detailing the arrangement.
The facilities include zero-balance savings accounts, free international debit cards, complimentary cheque books and demand drafts, and exemption from charges for ATM transactions at J&K Bank ATMs. The MoU also provides for a lifetime-free RuPay credit card, subject to the applicable conditions.
Under the loan facilities, eligible employees can avail themselves of 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 on personal, automobile, housing and education loans are also waived under the listed benefits.
The arrangement provides an overdraft facility of up to Rs 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. The education loan facility for employees’ wards studying in India is listed at up to Rs 10 lakh without collateral, subject to applicable terms.
For the purchase of a new car or two-wheeler, the document provides for 100 per cent funding, subject to eligibility. A housing loan of up to Rs 10 lakh is also listed for repair or renovation without a mortgage of property, against a negative lien and subject to the scheme’s parameters.
The insurance component includes Group Personal Accidental Insurance cover of Rs 100 lakh, Air Accidental Insurance of Rs 135 lakh, Permanent Total Disability Insurance of Rs 75 lakh and Permanent Partial Disability Insurance of Rs 55 lakh. Additional listed benefits include up to Rs 10 lakh for plastic surgery in burn cases, Rs 5 lakh for transportation of imported medicine, Rs 5 lakh in cases of death in coma lasting more than 48 hours after an accident, and Rs 10 lakh for air ambulance services.
The document also lists education-related benefits for children in the event of an employee’s death. It provides Rs 8 lakh for a male child aged between 18 and 25 at the time of the employee’s death and Rs 10 lakh for a girl child in the same age group. A girl child’s marriage cover of up to Rs 10 lakh is also listed for two girl children, at Rs 5 lakh each, or Rs 5 lakh for one girl child. Transportation of two family members to the accident site and ambulance charges are listed at Rs 50,000 each.
Additional savings account facilities include free cash withdrawals at branches for up to 30 transactions a month, cash withdrawals through withdrawal forms without a specified limit, and free cash deposits up to Rs 10 lakh or five transactions per day. The listed daily ATM withdrawal limit is up to Rs 2.5 lakh, while the purchase or point-of-sale transaction limit is up to Rs 3 lakh, depending on the savings account variant covered by the MoU.
The listed facilities are subject to the relevant eligibility conditions, account variants and scheme parameters. Employees would need to confirm the applicable terms with J&K Bank before availing themselves of individual benefits. [KNT]
