Both installment amount and frequency is flexible so long the customer meet pre agreed yearly committed installment amount and end of maturity period committed amount.
- Basic objective:
To inculcate saving habits and financial discipline for more comfortable, secured and protected future.
- Product Description:
Installment amount and frequency is flexible
Deposit the installments at the conveniences of the customer
Terms and Conditions
- Deposit Frequency:
- The scheme permits single or multiple deposits adding up-to the yearly committed installment each year.
- Installment Amount:
- The scheme permits single or multiple deposits adding up-to the yearly committed amount
- Installment amount each year and for the entire term of the maturity period.
- Deposit Period:
- Minimum deposit period – 12 months (1 year)
- Maximum deposit period – 120 months (10 years)
- Mode of Deposit:
- The customer can open a saving account and link with the Flexi Recurring Deposit account
- Through savings account or make direct deposit into the Flexi Recurring Deposit account.
- Interest rate:
Starts from 7% to 8.75%
Documents required for opening account
For Individual and joint account customers:
- Duly filled “Saving Application Form”
- A copy of Citizenship Identity Card for Bhutanese
- A copy of valid Bhutanese work permit/passport for non Bhutanese
- 2 copies of recently taken passport sized photo
Pre termination or early Account closure:
- Pre terminates the account < 12 months, prevailing Savings rate shall be paid.
- >12 months shall be paid interest at a rate 1% lower than the prevailing rate for the completed term.
Delayed Installment payment
- If the customer fails to deposit the committed installment amount in a year, the Bank will calculate the interest by number of days delayed and adjust accordingly from the maturity/early settled amount.