NIC Asia offers 12% interest on some fixed deposit accounts

Published On: March 11, 2017 10:56 AM NPT By: Republica | @RepublicaNepal

KATHMANDU, March 11: NIC Asia Bank has added a fixed deposit product -- Swornim Muddati Khata -- under which it is offering depositors up to 12 percent in interest annually.

Issuing a statement, the bank said these accounts have a minimum deposit balance of Rs 100,000. The maximum 12-percent rate is for 12-month fixed deposit accounts. The bank also has three other products under the Swornim Muddati Khata banner based on maturity of the fixed deposit accounts -- 11 percent for 9-month fixed deposit accounts, 10 percent for 6-month accounts and 9 percent for 3-month accounts.

NIC Asia says it will make loans of up to 80 percent of the deposited amount available to these account holders. Interest from these fixed deposit accounts will be directly transferred to the account holder’s savings accounts, NIC Asia said.