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Interest Rate | Renewal | Premature Payment |
Loans against Fixed Deposits Receipts |

A fixed deposit receipt represents funds deposited with the Bank for a fixed period, specified in advance, interest on which is payable at the rate appropriate to the period for which the deposit has been made. Such deposits are repayable on the expiry of the period specified by the depositor. The Deposits for various periods will bear interest at prevailing rates which would be subject to change by the Bank.

Eligibility:

    1. Any person, whether having any type of accounts or dealings with the bank or not, can obtain a Fixed Deposit Receipts.
    2. The Fixed Deposit Receipt may also be opened for or on behalf of minors under the guardianship of their natural/court appointed guardians.
    3. Any Institution/Corporate bodies.
Documents required for opening of New Account:
For Individual
Account
  • Photocopy of a valid Passport / Citizenship ID Card.
  • 2 Passport Size Photograph.

For Minor
Account
  • Photocopy of a valid Passport / Citizenship ID Card of Parents or Guardian.
  • 2 Passport Size Photograph of the Guardian.
For Institutions/
Companies
  • Copy of Resolution authorising to open FDR Account.
  • Name, Address & Specimen signatures who are authorised to operate upon the Account.
  • A written letter of request to issue FDRs.
Interest Rate:
Sl # Period of Investment (General Public)
Rate of Interest (p.a)
1.
 3 months to less than 1 year
4.50%
2.
 1 year to less than 3year
6.00%
3.
 3 years and above
7.00%
4.
 For Institution & Corporate Bodies
46 days to 1 year
2.00%
w.e.f. 24/04/2006

Note: Interest on the Fixed Deposit ceases upon the maturity date unless renewal has been prearranged.

Interest Payment:
Interest on Deposit Receipts are payable on maturity but accrued interest may be paid at the depositors’ request, at quarterly/half-yearly/yearly intervals, from the date of issue, where the deposits are for one year or more.

Renewal of Fixed Deposit Receipt:
The depositor may renew the deposit Receipt after the maturity for any given period.

Deposit Amount:
The minimum amount for opening Fixed Deposit is Nu.1,000/-.

Premature Payment:
Deposit Receipt may be encashed before maturity. However, penalty, which is 1% below the rate applicable for the period for which the deposit has run, is imposed.

Loans/Advance against Fixed Deposits Receipts:
Loan/advance facility is granted to the depositor against deposit with 75% of face value. Interest on such loans is charged at 2% above the rate at which the deposit receipt has been issued.

For further information, please contact our nearest branch.

 
 
 
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Last modified on Oct 21, 2006