Bank is providing two types of savings products. Mandatory savings is a regular savings product that a client needs to deposit till membership with bank. These products will help clients to develop saving habit. Voluntary savings products are designed to safeguard clients’ access money as deposit for future use.
Sanchaya Savings :
This is mandatory saving where client needs to deposit a specific amount in each center meeting. This product aims to establish a saving habit to clients and form capital after a long period of time. Currently, the savings amount is NRs. 100.00 per member per meeting. Bank provides 6.55% interest on deposit. The deposited amount can be withdrawn only on leaving from the membership of the bank.
Personal Savings :
Personal Savings is a voluntary savings. A client can open personal savings account from NRs.100.00. The deposited amount can be withdrawn as per requirement.
Muktinath Pension Savings :
This is a voluntary saving product which needs to continue deposit at the fixed rate of amount for long term. This saving can be used for children’s higher education, marriage and old age uses. Currently, bank is offering two schemes on this product. If one client continues his/her deposit for 15 years, He/She is eligible to receive cent percent additional money on her deposited amount. If the client continues his/her deposit for 10 years, He/She can get 50% additional money on her deposited amount. In exceptional case, if client is not able to continue up to his/her committed time period, in such case bank provides 6.55% interest on the deposited amount.
| S. No. |
Saving Amount Per Month (NRs.) |
10 Years’ Saving Scheme |
15 Years’ Saving Scheme |
| Actual Deposited Amount (NRs.) |
Total Pension Amount (NRs.) |
Actual Deposited Amount (NRs.) |
Total Pension Amount (NRs.) |
| 1 |
100.00 |
12,000.00 |
18,000.00 |
18,000.00 |
36,000.00 |
| 2 |
150.00 |
18,000.00 |
27,000.00 |
27,000.00 |
54,000.00 |
| 3 |
200.00 |
24,000.00 |
36,000.00 |
36,000.00 |
72,000.00 |
Upakar Savings :
This is common account of the center where center member deposit tiny amount (NRs. 5.00) in each meeting to meet common expenses for center. Penalties and fines charged by clients to themselves (late clients), other incomes and donation received to the center are also deposited in the same account. This account is operated by center chief and vice center chief’s joint signature. The collected money can be used for common purpose of the center.
Fixed Savings :
Fixed savings can be deposited for fixed period of time. Normally, clients can get more return on this savings deposit. Client can have to borrow the deposited amount if she needs money before maturity of the deposit. Currently bank has following options on fixed deposit:
| Account Type |
Minimum Balance |
Monthly/Quarterly Payment |
| 3 Month and Above* |
Rs. 5000.00 |
11.55% |
Summary of Savings Products
| S. No. |
Product Type |
Minimum Saving Amount (NRs.) |
Interest Rate |
| 1 |
Sanchaya Savings |
100.00 |
6.55% |
| 2 |
Personal Savings |
1.00 |
6.55% |
| 3 |
Muktinath Pension Savings |
100.00 And above (Multiple By 50) |
Saving Scheme |
| 4 |
Upakar Fund Savings |
5.00 |
6.55% |
| 5 |
Insurance Savings |
100.00 |
6.55% |
