Saving Account

Savings Accounts are deposit accounts to encourage the culture of saving amongst private individuals, housewives, and other members of the community. It provides a security for the principal amount and a modest interest periodically.

It provides a nest-egg for the rainy day and encourages thrift by paying a modest interest rate.

Interest Rate of Saving Account
4.75%

FEATURES
It can be operated either singly or jointly;
It can be opened in the name of an individual or an association/club/co-operative, and other non- profit making bodies;
It can be operated with or without cheque book facility each;
There is no restriction on the number of transactions that can be carried out in a savings account;
Transactions on a savings account can be done either by cash, or by transfers, including through the clearing mechanism, or through electronic means by using the Bank’s mobile app/ ATMs/ POS machines, etc.;
Interest on saving accounts is calculated on the daily balance and credited to the account at the end of each month.
Annual Account maintenance fee is Nu.150 which is subject to change from time to time

ELIGIBILITY

The following person/ entities are eligible to open a Savings Account with the Bank:

Individuals including minors;
Registered Groups/ Clubs/ Associations/ Co-operatives/ Not-for-profit entities;
Non-registered livelihood groups and associations

Mode of Operation

The account may be operated singly (individual account)/ by the guardian (minor account) or by
authorized signatories (group / joint accounts).
The mode of payment for accounts operated jointly can either be any one/either or survivor/ all of them or former or survivor depending on the authority already provided to the Bank.

Minimum/Maximum balance in the account

There is no maximum and minimum limit to the balance in the account. If cheques are issued a minimum balance of Nu. 1,000/- should be maintained.

Dormant account

The savings account and current deposit accounts are considered to be dormant if there are no customer- induced transactions for a period of one year or more, excluding Bank induced transactions (interest paid and account maintenance fee).

An individual should activate the account by completing the dormant activation form or through Self Service Portal
If you’re unable to update through online then please visit nearest branch.

Deposit should be made into the account in order to reactivate the account.

Account Closure
An account can be closed either upon a written request of the account holder, or based on the discretion of the Bank, which may be because of the breach of the terms and conditions of the Bank, or other reasons as deemed appropriate by the Bank, or as per the court order (in case of accounts belonging to a deceased person, who has not recorded any nominee/s).
Customers wishing to close their savings accounts have to apply for account closure by completing the “Account Closure Form” (Annexure 10) and submitting it to the nearest branch. However, savings accounts linked to any other accounts should not be closed. In case of a savings account held jointly, all the joint signatories/authorized signatories should sign on the closure application.
The Bank shall maintain a Saving Account with zero balance for a maximum period of 365 days, beyond which the Bank shall close the account provided the account is not linked to any other accounts.

Requirements

For Individual

A copy of valid Identification Document
TWO recent passport sized photographs
A dully completed separate CIF Opening Form (for first time on boarding)

For Minor

Census Details (Family Tree)
TWO recent passport sized photographs of Minor
TWO recent passport sized photographs and a copy of ID document of Guardian
CIF forms need to be filled separately for Guardian (if not done already) and Minor

Saving Account

Interest Rate of Saving Account

4.75%

FEATURES