Recurring Savings Account
Recurring Saving is another unique deposit product launched by Garima Bikas Bank Ltd. The objective of this product is to mobilize and popularize the habit of savings among employees. The target group for this deposit is employees of organizations like schools, NGOs, INGOs, etc. The amount for this account type is deposited by the organization by deducting certain portion from the salary.
- In order to enjoy this facility the applicant should be employed in any organization and the request for opening the account is done by organization itself.
- Account can be opened with minimum balance of NPR 500.00. The initial deposit will also be done by the organization itself when the account is opened. Furthermore, the account in credited on monthly basis at the request of the organization.
- There is higher interest rate compared to other saving accounts.
- No withdrawals are allowed during the operation of the account; however, the account holder can take the loan as loan against deposit. Request for the loan should also be recommended by the organization. Account holder should open another saving account as nominee for loan account.
- The interest payment will be made on quarterly basis.
- In the event of the death of the applicant the account must be discontinued.
- Account will be closed on the recommendation of the organization only and the amount will be paid to the employee.
- FREE account statement
- Completed account opening form
- Two Passport photograph
- Valid means of identification ; Citizenship ID or Passport
- Nominee Citizenship copy & one Passport size copy (Nominee not mandatory)
- Certified letter from Organization