KATHMANDU: After receiving overwhelming response from individual depositors to NIC Asia Bank’s recently launched one-year fixed deposit product ‘Dhanabarsha Muddati’, the bank has extended this offer to select institutional depositors effective from Wednesday.

The main features of the deposits, as per a media release include interest rate of 12 per cent with monthly interest payment; for a period of one year; minimum balance of Rs 100,000; loan availability of 80 per cent of the amount of fixed deposit.

All institutional depositors, except government and government-owned institutions, public limited companies, savings and credit co-operatives and funds managed by such co-operatives, are eligible for this fixed deposit.