CIVIL BANK

Little by Little, A Little becomes A lot-- Save today for a better tomorrow

  • Annuity Deposit scheme enables the depositor to receive lump sum amount at the end of the period by depositing the required (Equated Monthly Deposit) EMDs.
  • The Equated Monthly Deposit (EMD) should be deposited in customer’s Saving (In case of Individual)/Current Account(In case of Institution/Non-Institution) every month i.e. between 25th to 27th of English month date.
  • Both Institutional and Non-Institutional customers can open annuity deposit account.
  • Customers are also facilitated to open multiple annuities.
  • One of its kind product in the market -  a hybrid product of Savings and Fixed
  • This product is targeted towards individuals having monthly regular fixed income and who do well planning for their future
  • This product is targeted towards house wives who save certain amount from the family’s monthly budget for future investment, spending etc and also students who save from their monthly pocket money.
  • This product is also intended for Institutions who save every month for their planned project/ investment in future
Basic Eligibility Criteria

All Age group, Including Individual and Institution

Features:
  • Annuity Deposit scheme enables the depositor to receive lump sum amount at the end of the period by depositing the required (Equated Monthly Deposit) EMDs.
  • Deposit amount: Minimum (EMD) Equal Monthly Deposit amount shall be NPR 500.
  • Tenure: Minimum tenure 12 months and Maximum tenure 84 months
  • Eligibility: Non-Institutional and Institutional Depositors
  • Loan facility:
  • Overdraft/loan up to 60% of the balance amount of Annuity may be granted on special cases.
  • Interest rate on OD loan will be Annuity Interest Rate plus 2% additional interest or base rate whichever is higher.
  • Commitment Charges:
  • Monthly commitment fee of Rs. 25 will be will be levied for EMD made in saving/current account later than 27th of English month date for the respective month.
  • If EMD is not deposited in the following month as well the commitment fee will be carried forward in following month as well.
Documentation

As per NRB Directives

FAQs

Annuity Deposit scheme is a scheme that enables the depositor to receive lump sum amount at the end of the period by depositing the required (Equated Monthly Deposit) EMDs.

This product is targeted towards customers of all age groups.

The main purpose of this scheme is to cater the future financial requirement of individuals having monthly regular fixed income and who do well planning for their future--house wives who save certain amount from the family’s monthly budget for future investment, spending etc., students who save from their monthly pocket money and Institutions who save every month for their planned project/ investment in future.

Under this scheme customer needs to open saving or current at first and then open Annuity Checking Account as well as Annuity Deposit Account, if he/she already have account at our bank then the customer need not open saving or current account again.

Yes, customer needs to have Saving Account (in case of Individual Customer) and Current Account (in case of Non-Institutional/Institutional Customer) at bank prior to opening Annuity Deposit Scheme.

Yes, customers are facilitated to open multiple annuities.

The minimum tenure for opening Annuity Deposit Scheme is 12 months (1 year) whereas maximum tenure is 84 months (7 years).

Customer can enroll in Annuity Deposit Scheme with a minimum Equated Monthly Deposit (EMD) of NPR 500.

Individual/Institutional customer will get Bank’s Printed interest rate of 1 year Fixed Deposit in their respective category plus 0.5% premium.

The interest rate received by the customer will not change till the maturity of Annuity Deposit Scheme.

Yes, Institutions can enroll in Annuity Deposit Scheme.

Yes, customer (excluding minor) can avail loan facility of 60% of the balance amount in Annuity Deposit Account till date and the interest rate on this loan will be Annuity Deposit Interest rate plus 2% or base rate whichever is higher.

In case of failure to deposit the required EMD on due date, the principle amount to be received along with interest after the end of the annuity will be adjusted accordingly so the customer will not receive the exact amount as agreed at the time of opening Annuity Deposit Scheme.