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Super Chamatkarik Recurring Deposit Account

"Super Chamatkarik Recurring Bachat Khata" is a combination of fixed deposit and saving product for those individual customers who prefer to save money periodically from their monthly saving for defined period of time.
A recurring deposit is a special kind of term deposit offered by NIC ASIA Bank to its customers with regular incomes that enables them to transfer certain amount every month into their recurring deposit account from other normal accounts and earn interest at the rate applicable to fixed deposits.
This deposit facility is available to those individuals who have saving account with NIC ASIA Bank. A customer with pre-existing saving account at NIC ASIA Bank can instruct the Bank to transfer certain portion of their monthly income (in the multiple of 500) to Recurring Deposit. The advantage for customer is that they can earn an interest rate of up to 9.75% in recurring deposit. 
All Nepalese individual customers including minors are eligible to open this account. The minimum period of deposit is 3 months and maximum is 10 years but pre-mature withdrawal of Recurring Deposit is allowed if the period of the Recurring deposit has crossed 50% of the agreed duration. 

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Basis  Features*
Eligible amount for Monthly Installment NPR 500 per month (and in multiple of Rs.500 thereafter) or customer’s EMI as per the requirement
Tenure 3 months
6 months
1 Year
3 Year
5 Year
7 Year
10 Year
Age Group All (including minor)
Interest Rate 9.25% per annum (additional 0.5% can be provided after obtaining approval from concern authority)
Lump sum Deposit (at any time)  Through counter with multiple of NPR 500.
Interest Calculation Daily
Interest Capitalization Cycle Quarterly
Other Charge Applicable Charge as per STC
Loan Overdraft Up to 90% of total amount.
Overdraft Interest Rate Recurring deposit interest rate plus 2% or BR + up to 3% whichever is higher.
Premature withdrawal Pre matured of Recurring Deposit allowed if the period of the Recurring deposit has crossed 50% of the total duration.

For customized monthly installment requirement such as Gratuity Fund management:

Basis  Features
Eligible amount for Monthly Installment Any amount
Tenure 3 months
6 months
1 Year
3 Year
5 Year
7 Year
10 Year
Interest Rate 9.25% per annum (additional 0.5% can be provided after obtaining approval from concern authority)
Lump sum Deposit (at any time)  Through counter 
Interest Calculation Daily
Interest Capitalization Cycle Quarterly
Other Charge Applicable Charge as per STC
Premature withdrawal As per STC
Loan Overdraft Up to 90% of total amount.
Overdraft Interest Rate Recurring deposit interest rate plus 2% or BR + up to 3% whichever is higher.

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