We require you to complete an Indemnity Form and send this along with copies of valid IDs (Passport, Driver’s Licence or National/Citizenship ID) for all persons on the account. A Notary Public should witness all documents.
You may mail your documents to 2-4 Constant Spring Road, Kingston 10, Jamaica.
As soon as we receive the documents, we will transfer your account and issue a new passbook with a new account number.
PASSBOOK REPLACEMENTS CHARGES – J$300
(Consequent on loss/theft).
Yes your account is still valid but it is dormant because you have not been doing any transactions on it.
You may reactivate your account by visiting us with your passbook and valid identification (Passport, Driver’s Licence or National ID) to have it reactivated.
If you are overseas you need to have your ID copied and notarized. You will also be required to make a lodgement to the account.
Lodgements can be made via the following:
- * Cheque made payable to Jamaica National Building Society.
- E-money/JN Mailing Money Transfer System. To utilize this banking facility, you may visit our JN Representative Office which is located at 690-700 Utica Avenue, Brooklyn, New York N.Y. 11203, USA. The telephone #s are 718-756- 2355 or 718-756-2810. The fax# is 718-756-3929.
Click here for a list of agents.
Third party cheques are unacceptable.
Higher rates of interest are usually earned on government paper, treasury bills, etc., and where interest is ‘rolled over’ or re-invested at each maturity date, you will naturally earn subsequent higher interest income (interest-on-interest means higher yields at the end of the day).
The money is usually invested in what is considered among the safest investments: government paper, treasury bills, etc).
As soon as it is earned (whether monthly, quarterly, half-yearly, or annual) depending on the maturity term you choose.
Usually a statement of account can be issued, similar to that of a fixed deposit or Certificate of Deposit (CD).
The choice is up to the you.
The government’s 25% withholding tax which is waived on LSA will then become deductible. The organization is at liberty too to often times retroactively adjust the usually higher interest rate granted on LSA to lower rates payable on basic savings accounts.
To maintain the agreement and to benefit from the ‘tax break’, only up to 75% of the interest earned within a given year can be withdrawn. If for whatever reason withdrawal of any portion of the deposit (principal) is made penalty charges will be levied (e.g. the government’s normal 25% withholding tax normally waived on LSA will then become deductible at source).
According to the maturity date of the instrument (e.g. end of 30, 90, 180, or 365 days)
Under the agreement, you can only access up to 75% of the interest earned per annum. The principal cannot be touched over the agreed 5-year deposit term. Otherwise, as a penalty for breaking the agreement, the remaining 25% interest earned will automatically be paid over to the government (the equivalent to the regular rate of the government’s withholding tax on other savings and investment instruments).
Usually a relatively higher interest-bearing tax-free investment instrument where the account holder agrees to maintain the original balance/deposit (and any subsequent deposits) for a minimum of five (5) years. In other words, the usual 25% government withholding tax will not be charged on the interest earned on the investment over the agreed 5-year period once the principal (funds deposited) are not touched by the account holder within the agreed savings period. You are allowed, however, only to withdraw up to 75% of any given year’s interest income and allow the remaining 25% to remain in the investment instrument.
STANDING ORDER
Inclusive of cheque charge.
Note:This is not imposed on payment within the system, eg. withdrawal from savings account to pay (JNBS) mortgage account. J$220.00
CHANGE TO PAYEE ON CHEQUE SUBSEQUENT TO ISSUE – J$150.00
RETURNED CHEQUES
Plus bank charges for personal cheques
Returned for:
- Insufficient funds
- Refer to drawer
- Second signature required
Plus external bank charges for all other returned cheques
Return charges incurred by JNBS which are due to inadequate scrutiny by teller of cheques prior to acceptance (eg. Post dated, cheques stale-dated, words and figures differ) will be for that teller’s account.
J$200.00
CHEQUE CASHING FACILITY
This service is only available by special arrangements. 50.00 per item (payroll)
WITHDRAWAL BY CHEQUE (per cheque) J$150.00
(1st cheque free. No charge for Term Share cheque closure).
(NOT APPLICABLE TO PENSIONERS)
Effective May 2010, lending rates are as follows:
- JN HELP – 14.49%
- Home Equity -14.49% for educational and medical purposes
- 17% All other purposes except commercial
- Resort – 16%
- Commercial – 18 % residential title used as collateral and 19% commercial title used as collateral
Yes, customers will now be able to access increased financing, up to 95%.
Customers will get a portion of their deposit once the loan is disbursed. See the example below which is based on the assumption that a 15% deposit is required and JNBS’ financing amount is 95%.
Example:
Purchase Price: J$1,000,000
Deposit (15%): J$150,000
Loan Amount: J$950,000
Cash Back: J$100,000 (available for closing costs or refunded to the customer in cash at disbursement).
