Civil Bank launches Annuity Deposit account for the first time in Nepal; to provide benefits of both saving and FD product with minimum balance of Rs 1000

Civil Bank has launched the annuity deposit account for the first time in Nepal which will provide depositors the benefits of both saving and FD account from a single account.

Under the scheme, customers can open the Civil Annuity deposit account with minimum balance of Rs 1000 for the account maturation period ranging from 1 year to 7 years, deposit  fixed amount out of their saving every month, receive a consistent amount of interest throughout the deposit period and receive a total amount at the expiry of the scheme.

Customers can close their account after 3 months if they are in need of fund or receive upto 60% of the balance amount as loan, as per the media statement. The bank currently has 96 branches into service, as per the media statement.