This Product Paper states and defines process/procedures relating to Senior Citizen Savings Account.
This product has been designed to encourage senior citizen above 50 years of age for saving. Similarly, bank plans to enhance Individual Deposits by offering attractive and competitive interest rate. The product will primarily target the people above 50 years of age. We hope to make most out of our proposed product and increase our retail deposit base.

Type of Deposit

Saving Deposit

Purpose of the Deposit

  • Encourage senior citizen’s savings by bringing out money saved after monthly expenditure and also their pension money or retirement benefit etc.
  • Increase our retail / saving deposit base
  • To reduce concentration on corporate and call deposit (comparatively volatile in nature)
  • To be used as an effective Marketing Tool by our branches

Eligibility/Target Group

  • The account to be opened in the name of Individual with minimum age of 50 years.
  • Joint accounts can be opened; account operators’ age must be a minimum of 50 years.


  • Minimum Balance to be maintained : NPR 1,000/-
  • Interest Rate: Interest on daily balance payable quarterly. The rate shall 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


  • Free ABBS Facility
  • 50% Discount on Locker Margin. Locker Facility is subject to availability. The depositor availing locker facility under this scheme will have to top up locker margin or surrender locker at the time of account closing
  • 25% discount on Annual Locker Fee for 1st year from the date of availing locker facility
  • Free On demand account statement
  • Free Cheque Book


  • As per Operation Manual/KYC& AML Policy/ NRB Directives

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