Kathmandu, May 27:

Nepal SBI Bank Ltd has launched a new scheme, Ujjwal Bhabishya Bachat Yojana.

Under the scheme, a fix amount as chosen by the depositor at the time of opening of account, is deposited every month. “This will earn interest at rates applicable to the fixed deposits and on maturity, the principal amount alongwith the interest compounded quarterly will be paid back to the depositor, states a press release.

“The account is opened for a minimum period of 12 months and above in the multiples of six months up to 84 months. The minimum amount for the opening of account under the scheme is Rs 500 and above in the multiples of Rs 100,” states the release.

The account can be opened by an individual and the firms as well, according to the bank.