Announcements

FOR IMMEDIATE RELEASE:

CONTACT:

Name:                  Mr. Passang Norbu

Organization:     Bank of Bhutan Ltd.

Telephone No: +975-2- 334333/ 17603469

Facsimile No:    +975-2-335784

E-mail Address: [email protected]

Web Address:   www.bob.bt

28 March, 2017 Thimphu: To encourage savings in the country, the Bank of Bhutan launched two new deposit schemes, the Flexi Recurring Deposit and Simple Recurring Deposit today.

The Flexi Recurring Deposit scheme is an innovative new product that allows customers to deposit variable amounts at any time in the month. Depositors opting for the Flexi Recurring Deposit scheme can choose to deposit a minimum of Nu.100 per month to a maximum Nu.20,000 with tenures ranging from one year to maximum 20 years.  This gives the depositor the flexibility to make multiple deposits of varying amounts in a month (subject to total deposit of Nu.20,000/month) and also have the option to skip an installment without any penalty being levied.  This should encourage our clients to deposit any savings during the month into a Flexi RD account and not have to deposit a fixed amount every month as with a normal RD product.  The interest rate offered for Flexi RD are:

Flexi Recurring Deposit Interest Rates

Term Flexi RD Rates
91 DAYS TO 364 DAYS 4.75%
365 DAYS TO 729 DAYS 6.75%
730 DAYS TO 1094 DAYS 7.25%
1095 DAYS TO 1824 DAYS 7.75%
1825 DAYS TO 2554 DAYS 8.25%
2555 DAYS and more 8.50%

The Simple Recurring Deposit does away with the restriction of a maximum of Nu.10,000 per month in the exiting RD product and offers the freedom to deposit any amount as monthly installment. However monthly deposit should be made only once and is not flexible. The minimum deposit is Nu.100 and interest tenure ranges from one year to maximum of 20 years. Interest rates are given below:

Simple Recurring Deposit Interest Rates

Term Simple RD Rates
91 DAYS TO 364 DAYS 5.00%
365 DAYS TO 729 DAYS 7.00%
730 DAYS TO 1094 DAYS 7.50%
1095 DAYS TO 1824 DAYS 8.00%
1825 DAYS TO 2554 DAYS 8.50%
2555 DAYS and more 8.75%

Bank officials said that the Flexi Recurring Deposit product is designed to suit the needs of every individual.  It is a unique product available only with the Bank of Bhutan and encourages customers to save any amount they can spare unlike the regular RD accounts that expect a fixed installment amount to be deposited every month.

The Simple RD is a product that should encourage people with large disposable income to opt for a larger fixed installment (overNu.10,000) per month.  With the waiver of PIT on Fixed/Term Deposits introduced by the Government, this new product should be popular with people would like to make larger recurring deposits.

In the same function, the Bank of Bhutan also launched its new Website and a new and improved version of the popular mBoB app.  The new website has a fresh and stylish look with easy and intuitive navigation screens.  It also provides a facility to request a call-back in case any clarification or further information is required.

The new and improved mBoB app has a completely changed look & feel through a revamped User Interface.  The changes in the screens and navigation options were developed based on feedback in order to improve user overall experience through simplified steps in the new app. Users will immediately notice that the improvement in the new mBoB app is not limited to the look & feel but in the great improvement in the overall usability of the app.

The Bank will continue to support the older version of the app for a period of one month ending on 28 April 2017 after which it will cease to function.  Users are encouraged to download the new app immediately from Google Playstore or Apple Store as well as for Windown and Blackberry phones.

The launch of the new website and new mBoB is also in line with the re-branding exercise that Bank has initiated.

At the launch, Pema N. Nadik, CEO, BoB said “The launch of the new deposit products by BoB today is in line with the drive to encourage savings initiated by the Government and the RMA.  Together with growth in credit, growth in savings is equally important for the economic development of the country and as the nation’s oldest and largest bank, BoB is committed to contribute to this effort.”  He added that “The launch of the new website and improved mBoB app also demonstrates the bank’s continuous efforts to improve its products and services.  The bank takes the feedback and suggestions from its clients very seriously and will always strive to meet and exceed customer expectations.”

Established in 1968 through a Royal Charter, the Bank of Bhutan is the oldest and largest bank in the Kingdom with a presence in all Dzongkhags through a network of 31 branches and 16 extension offices.  The Bank has the largest network of 82 ATMs throughout the country.  BoB is the only bank in the Kingdom with primary membership of Visa and MasterCard and is the only bank-issuing Visa branded Credit Cards for corporates and individuals.  It is the first Bank to start Internet Banking, Tele-Banking, Sunday Banking, Mobile Banking and Payment Gateway services in the Kingdom.  The bank has also recently launched Agency Banking services in an initiative to take financial services to every corner of the country.

For more information, please contact our PR & Media focal person at [email protected]