Introduction
This Product Paper states and defines process/procedures related to “Lumbini Sahayatra Muddhati Khata”.
“Lumbini Sahayatra Muddhati Khata” is a fixed nature product which primarily targets to individual depositors. This product has been designed to encourage individuals to deposit money on a high interest paying account. This helps bank to enhance individual deposit by offering attractive interest rate in a fixed deposit account.
Type of Product
Fixed Deposit Account
Purpose of the Deposit
- Increase our individual deposit portfolio.
- Reduce concentration on corporate and call deposit (comparatively volatile in nature).
- Provide deposit product with simple and easy features to the ordinary individual deposit customers.
- To attract and accumulate sustainable deposits from individuals.
- Cross Selling of other products.
Pricing/Amount/Features
- Minimum Balance NPR.100,000.00
- Minimum 1 Year FD
- Interest Rate: As per timely Interest Published by the Bank (Click Here)
- Interest payable Monthly/ Quarterly.
- Tax on interest shall be levied as per prevailing Income Tax Act.
Other Facilities
- Free ABBS Facility for nominee account
- Free On-Demand Account Statement for nominee account
- Free Cheque Book for nominee account
- Free Mobile Banking Facility for nominee account
- Free issuance of VISA Debit Card for nominee account.
- 50% discount in locker facility charge of Nominee Account.
Eligibility/Target Group
- All Individuals.
Documentation
- Account opening form along with KYC.
- Other legal documents- Citizenship Certificate, self-declaration from customer stating not having any other saving account, 2 pieces of passport size photographs
- As per Operation Manual/KYC& AML Policy/ NRB Directives.