Interest Rate | Documents Required for New Account |
Standing Instruction | Transfer of Accounts | Premature Payment |

Recurring Deposit Scheme is aimed at providing a depositor with an opportunity to build up his/her savings through regular deposits of fixed sums over a fixed period of time. Set aside a small amount every month (minimum monthly installment: Nu.50/- to maximum monthly installment: Nu.10,000/- with minimum period of 12 months to maximum period of 60 months) and earn quarterly compounded interest.

Eligibility:

Documents required for opening of New Account:

For Individual Account	Photocopy of a valid Passport / Citizenship ID Card. An introduction by our Bank's Saving/Current Account holder. 2 Passport size photographs.
For Minor Account	Photocopy of a valid Passport / Citizenship ID Card of parents or guardian. An introduction by our Bank's Saving/Current Account holder. 2 Passport Size Photograph of the Guardian.
For Minor who has completed 10 years	Photocopy of valid Passport/Citizenship ID Card of Parents / Guardian. An introduction by our Bank's Saving/Current Account holder. Birth Certificate of Minor. 2 Passport size photographs of Guardian & Minor.

Interest Rate

Sl #	Period of Investment	Rate of Interest (p.a)
1.	3 months to less than 1 year	4.50%
2.	1 year to less than 3 years	6.00%
3.	3 years and above	7.00%

Standing Instruction:
Standing Instructions from depositors for transfer of monthly instalments from their Savings Bank or Current Account is accepted at free of charge.

Penalty for late receipt of monthly instalments:
Each instalment for a calendar month must be paid on or before the last working day of that month. If it is not paid, penalty will be charged on the instalments in arrears at the rate of 1% of amount of instalment for each month’s delay in receipt of monthly instalments. The total penalty so chargeable will be recovered from the total amount repayable on maturity.

Transfer of Accounts:
A Recurring Deposit Account can be transferred from one branch of the Bank to another free of charge. However, a depositor must present his passbook with a written application for transfer.

Premature Payment:
Premature withdrawal of accumulated amount is permitted. However, interest payable is 1% per annum less than the applicable rate for the actual period which was run.

Loan against Recurring Deposit
Your funds will be available to you any time you should require them. You can take a loan against the deposited amount at a nominal cost of 2% above the rate applicable for the maturity period of the concerned deposit.

Irregular Accounts
Bank of Bhutan reserves the right to close the account without prior notice to the depositor in case a depositor falls to pay an instalment for a calendar month by 3 consecutive months. The bank will send no reminder. The balance of the account will be transferred to the Savings Bank Account opened in the name of the depositor, in terms of the authorisation obtained at the time of opening the account.