Kathmandu, August 12:

Laxmi Bank Ltd (LBL) has introduced a new account, Personal Reserve Account (PRA) — a deposit product with a value addition — the first of its kind of the account in Nepal.

Nepali banks are, in recent times, offering various innovative products to their customers. Everyone claims their product to be more innovative than others.

“However, PRA is really the first of its kind of product for the Nepali banking sector as its a savings account with a difference — in addition to the standard features of a savings accounts, it also provides customers with a flexibility of a personal overdraft for the emergencies,” Ajaya Bahadur Shah, head — Retail Financial Services at the Laxmi Bank said, assuring that it provides the widest range of personal financial solution.

This product is introduced to address the growing demands for small and personal lines of credit that help to bridge income and expenses, he added.

“For short-term loans, one doesnot need to go to different places. LBL will be there to help its customers in a reasonable interest rates.”

The unique feature of the Personal Reserve Account is that it can be used both to save money as well as to borrow money. “Its a part of LBL’s endeavor to grant facility to its customers,” Shah said, adding that its hassle free and easy to apply with relatively less documentation formality.

Once, a customer applies for overdraft, it will be valid for the whole year.

However, the new product has been introduced for the valley only for the time being.