A fixed deposit receipt represents funds deposited with the Bank for a fixed period, specified in advance, interest on which payable at the rate appropriate to is the period for which the deposit has been made. Such deposits are repayable on the expiry of the period specified by the depositor. The Deposits for various periods will bear interest at prevailing rates which would be subject to change by the Bank.
Any person, whether having any type of accounts or dealings with the bank or not, can obtain a Fixed Deposit Receipts.
The Fixed Deposit Receipt may also be opened for or on behalf of minors under the guardianship of their natural/court appointed guardians.
Any Institution/Corporate bodies
Documents required for opening of New Account:
For Individual Account
- Photocopy of a valid Passport / Citizenship ID Card.
- 2 Passport Size Photograph.
- Legal stamp and introducer is required to open a fixed deposit a/c by the individual, and Health card for minor a/c type.
For Non-National Individual
- Work Permit Copy
- Passport Copy
- Legal Stamp
- 2 Photos
For Minor Account
- Photocopy of a valid Passport / Citizenship ID Card of Parents or Guardian.
- 2 Passport Size Photograph of the Guardian.
- Minor’s Health Card
- Copy of Resolution authorising to open FDR Account.
- Name, Address & Specimen signatures who are authorised to operate upon the Account.
- A written letter of request to issue FDRs.
- Legal stamp, Rubber stamp and Trade Licence are required to opening a/c for any institution and companies.
Revised Interest rates for Corporation and Institutions:
- 91 days to less than 1 year : 6.5%
- 1 year to less than 2 years : 7%
- 2 years to less than 3 years: 7.5%
- 3 years to less than 5 years: 8%
- 5 years and above 8.5%
Note: Interest on the Fixed Deposit ceases upon the maturity date unless renewal has been prearranged.
Interest on Deposit Receipts are payable on maturity but accrued interest may be paid at the depositors.
In case the interest earned from the deposit exceeds Nu. 10,000, bank deducts 5% TDS from the total interest.