Lcy term deposit
PARTNER BANK
STEP 1: CLICK ON FD WHILE SENDING MONEY
Once the beneficiary requests for remit, sender have to choose Fixed Deposit option while sending money
After choosing Fixed Deposit option, sender have to confirm time period for fixed deposit. Note: Interest rate shall vary according to chosen time period.
Interest is posted at the end of the period of your Fixed Deposit and you will be able to withdraw both interest and principle amount together.
Now beneficiary can enjoy INTERESTING INTEREST from their Fixed Deposit. This is the highest interest rate that any financial institution can provide in Nepal and special approval provided for remittance coming into Nepal.
Earn the highest interest rates that any commercial bank is giving at the moment when you send a remittance and the FD is automatically opened under the beneficiary name. This is approved by Nepal Rastra Bank to provide an additional 1% interest on the highest interest rate.
Interest Rate: 8.51% per annum
Paid: Quarterly
The fixed deposit periods can be anywhere from 3 months to 3 years.
The interest rate is fixed when you open the account. Even if the interest rate fluctuates later after the account is opened to go higher or lower, your fixed deposit account interest rate is fixed until the period of your fixed deposit.
Interest from your Fixed Deposit is paid out into your saving account at Rastriya Banijya Bank Ltd at the end of every quarter calculated from the Bikram Sambat fiscal year and fiscal quarter.
Frequently asked questions
The Fixed Deposit will be opened in the name of the Beneficiary who is in Nepal and not the sender in overseas country.
Unlimited Remit has only partnered with Kumari Bank Ltd to provide this service. The funds are going to be with Kumari Bank Ltd and they are the bank that is going to be providing you the interest on your deposits.
If there are any requirements for KYC documents to be filled up to open your Fixed Deposit Account, we will contact you again if we do not have adequate information with us.
Currently we have signed up with Kumari Bank Ltd and all remittance are eligible for Fixed Deposit Account in Kumari Bank if the funds are coming from remittance thru Muncha Money Transfer.
The minimum amount for the Fixed Deposit Account is NPR 5,000 (Nepalese Rupees five thousand only).
No. This special high interest rate has been approved by Nepal Rastra Bank for monies coming from Remittances only.
No. You can put partial amount of your remittance into Fixed Deposit, it does not have to be the full amount. For Example, you remittance could be for NPR 10,00,000 (Nepalese Rupees ten lakhs only) and you can open the Fixed Deposit Account for any amount of over NPR 5,000 (Nepalese Rupees Five Thousand only).
No. This fixed deposit account can only be opened in the name of the beneficiary of the remittance.
Yes, you can definitely take a loan against your Fixed Deposit Account as per the rules and regulations of Kumari Bank Ltd.
Yes, this is possible. There might be some fees you might have to pay at the time of premature account closure, as per the rules and regulations of Kumari Bank Ltd. at the time of closing the account.