Kathmandu, January 23:

Everest Bank Ltd (EBL) has introduced a new deposit scheme called Sunaulo Bhawisya Yojana, to encourage customers to opt for this small savings scheme that would turn into a bulk amount in future.

Under the new deposit scheme, the depositor can deposit at least Rs 500 with no maximum limit and in multiples of Rs 100 every month for a specified period of time.

EBL will pay the principal amount along with half yearly compounded interest to depositors at the time of maturity, states a press release of EBL.

The deposit period is from one year upto five years in multiples of 12 months. Under this scheme, the depositor has the option of giving standing instructions to the bank for debiting their saving or current account to credit their Sunaulo Bhawisya Yojana account at the end of each Nepali month.

Any individual, proprietorship, partnership, associations, company corporate bodies and trusts can participate in the scheme.

The scheme also has the flexibility to extend advances upto 90 per cent of the deposited amount at 1.25 per cent higher than the deposit rate. The scheme further offers reduction of 50 per cent on service charges for all those account holders who avail various retail products from the bank.