Welcome Saving

Introduction

This Product Paper states and defines process/procedures relating to Welcome Saving Account.
Welcome Saving account is a deposit scheme designed to cater the saving needs of individuals. The main concept behind the welcome saving is to accommodate the individuals who expect high interest but need no other banking facility

Type of Deposit

Saving Deposit

Purpose of the Deposit

  • Increase our retail / saving deposit base.
  • Encourage the saving habits of people.
  • To reduce concentration on corporate and call deposit (comparatively volatile in nature).
  • Diversify deposit portfolio

Eligibility/Target Group

  • Individual exceeding 16 years.

Pricing/Amount/Features

  • Minimum Balance to be maintained : Nil
  • Interest Rate: Interest on daily balance payable quarterly. The rate will be decided by the Board of Directors of the bank. The rate of interest is subject to change depending on the market.
  • Tax on interest shall be levied as per prevailing Income Tax Act

Benefits

  • Free ABBS Facility
  • Free On demand account statement
  • Free Cheque Book

Documentation

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