- Interest Rate: Equivalent to one year's highest interest rate
- Minimum Balance: 10,000
- Interest Payment: Quarterly
Garima Fixed Deposit Account is high interest bearing account where customers make deposit for stipulated time duration. The duration of deposit may be as short as 3 months and as long as the customer desire to make deposit. The rate on the deposit is negotiable if customer desire to make deposit for longer duration of time. Garima Fixed deposit; account and watch customer money grow in a secured way. Fixed deposit schemes provide you greater earnings along with the benefit of credit facility up to 90% of Fixed Deposit to meet short term financial needs.
Eligibility:
- All Nepalese Individual
- Firms/Companies/ Profit Organization/ Non-Profit Organization not for BFI’s
For Individuals
- Completed FD account opening form
- Two Passport photograph (for new customer)
- Valid means of identification; Citizenship ID or Passport
- Birth Certificate or age verifying document in case of minor and copy of Citizenship of the Guardian
- Nominee Citizenship copy & one Passport Size Photo (Nominee not mandatory)
For Firms/Companies/Organizations
- Completed FD account opening form
- Copy of the Firm / Company / Organization Registered and renewal of it if applicable
- Copy of PAN certificate
- Minute of Board in case of company
- Copy of Citizenship individual / proprietor / Authorized directors of the Company
Pre Matured Fixed Deposit
In a situation when fixed deposit is not due for payment but client is requesting for payment he/she should be explained about loss of interest. Instead by liquidating fixed deposit he/she should be advised to avail advance/loan against the Fixed Deposit Receipt. Even if the customer does not agree the FDR can be liquidated after taking approval of operation in charge or branch manager with following actions:
The interest rate applicable will be normal saving account’s rate which is less than the closet prevailing rate for the completed period.
The excess interest paid previously should be deducted from the principle amount against the following entry:
DR -> Depositor's Account
CR -> Interest Expense on Fixed Deposit
In case of Garima Swastha Surakshit Nikchep Yojana, branch should inform Head Office for cancellation of insurance.
