Samman Bachat

Machhapurchchhre Bank has introduced new scheme in the deposit for elder persons who are more than 50 years.

Product Features:

• This is a Personal Saving Account.
• Only persons whose age is more than 50 years are eligible to open this account.
• Account can be opened with a minimum balance of NPR 500/-
• This account may be opened in the joint name with immediate family members whose age is more than 50 Years..
• Account can be opened in Local currency only.
  

Pricing:

• Interest rate on this account will be 8% p.a. The rate will be revised from time to time with the product performance review.
• Interest on this account will be calculated on monthly minimum balance.
• Interest will be applied (credited) to the customer’s account quarterly.
• Interest Tax will be applicable to the interest earned and payable net of tax.
  

Other Characteristics:

• Cheque Book will be given with 15 cheques leaves at a time.
• The account statement, upon request of the client, will be delivered at the counter (collect).
• This account to be reported in separate heading “Samman Bachat Khata” under Deposit in bank’s General Ledger. It should have different account or product type under Saving Deposit products.
• All other rules of bank set for saving deposit account opening are applicable to this account.
• This account will have following limitations or restrictions (which needs to be put in the Account opening form):
  • Account balance cannot go below NPR 500/-.
  • If the account balance is reached to zero or less, the bank will close the account automatically.
  • The account once closed shall not be re-allocated or re-opened.
  • Account Closure Charge will be charged as normal.
  • Anywhere Banking Facility will not be available to this account type. However, if any account needs that facility, bank's normal charge will be attracted.
  • Locker closer charge will be charged as normal.
  • SCT debit card will be issued free of charge for the first two years. While renewing 50% discount will be given. However, issuance charge of VISA card will be normal.
  • Mobile Banking will be provided free of Charge.
  • Account Holder's Telephone Bill Payment Service will be free of Charge.
  • 50% discount in Locker Charge. However, Security (Margin) Deposit for Locker is required.
  • 50% Discount in TC issuance charge