Introduction
This Product Paper states and defines process/procedures relating to Lumbini Sahaytra Bachat. This product has been designed to encourage for individual depositors. This helps bank to enhance Individual Deposits by offering attractive and competitive interest with additional facilities.
Type of Deposit
Savings Deposit
Purpose of the Deposit
- Enhances the saving habit of customers.
- Increases Cross-Selling opportunities.
- Increases total deposit mix of the bank.
- To reduce concentration on corporate and call deposit (comparatively volatile in nature)
Eligibility/Target Group
- Individual Deposit
- High yield seeking deposit customers
Benefits
- Free ABBS Facility
- Free On demand account statement free On demand account statement
- Free Cheque Book
- Free Mobile Banking facility
- Free internet banking facility.
- Free Visa Debit Card.
- 50%discount on locker service facility and renewal charges waived off for the first year of availing locker service.
- Group Personal Accident (GPA) Insurance Facility of Rs. 5 Lakh.
Table of Benefits:
| Type | Coverage |
|---|---|
| Accidental Death | 100% of the Sum Insured |
| Permanent Total Disablement | |
| Loss of Sight of Both Eyes or Hands or Legs | 100% of the Sum Insured |
| Loss of Sight of One Eye or One Hand or One leg | 50% of the Sum Insured |
| Loss of Speech | 50% of the Sum Insured |
| Loss of Hearing Power of Both Ears | 50% of the Sum Insured |
| Loss of Hearing Power of One Ear | 20% of the Sum Insured |
| Loss of Thumb of Hand | 20% of the Sum Insured |
| Others | As specified in the policy. |
Pricing/Amount/Features
- Minimum Balance to be maintained : NPR.10,000/-
- Interest Rate: Interest on daily balance payable monthly. The rate will be decided by the Board of Directors of the bank. However, the rate of interest is subject to change depending on the market (Click Here).
- Tax on interest shall be levied as per prevailing Income Tax Act.
Documentation
- As per Operation Manual/KYC& AML Policy/ NRB Directives.
- Other legal documents-citizen certificate, 2pieces of passport size photographs.
