NIC Asia Bank extends Dhanbarsha Muddati Yojana to institutional depositors

NIC Asia Bank Limited has extended ‘Dhanabarsha Muddati’ a one year fixed deposit product to selective institutional depositors effective from today (Magh 19, 2073). With an overwhelming response received from the individual depositors to the Bank's recently launched fixed deposit product, the Bank has extended this offer to select institutional depositors. The "Dhanabarsha Muddati" fixed deposit scheme was initially launched for individual customers. However, considering the encouraging deposit collection under the scheme, the bank has decided to offer this product to selective institutional depositors as well. Except Government and Government owned institutions, public limited companies, savings and credit co-operatives and funds managed by such co-operatives are eligible to open this fixed deposits. Under this scheme, the interest rate offered is 12%, which is one of the highest in the industry and distinctly more than the average interest rate on one year fixed deposit industry average rate. In a press statement issued by the company it stated that the feature of monthly interest payment has made the scheme more popular as it ensures a regular monthly cash flow to the depositors for their daily essential needs. This scheme is open for a limited time period only.