Kathmandu, August 1:

Bank of Kathmandu (BoK) has launched a new savings scheme — Kopila Bachat Yojana. It is a recurring savings scheme, which will help every parent to plan and secure their child’s future, states a press release issued here by the bank, today. Customers need to have an account with BoK in order to sign up for this scheme, states the press release. As per the scheme, a monthly transfer of Rs 1000 or its multiple will be debited automatically from the nominated principal account to Kopila Bachat account on the 25th day of Gregorian calendar month.

Depending upon customer’s requirement, the duration of the scheme can be 2 to 10 years.

The scheme is aimed at providing added benefits to its customers and the bank has designated a higher rate of interest for this scheme than that in the regular savings account.

“The interest in this scheme is paid on quarterly basis,” further states the release. The customers may avail loan up to 90 per cent against the total account balance (the balance in Kopila Bachat Yojana). The scheme will be available from all BoK branches.