KATHMANDU: NIC Asia Bank has launched ‘Swornim Muddati Khata’ — a fixed deposit scheme — with an aim to provide flexible option to choose tenure of deposit from three months to one year, depending on the need of the customer.

The interest rate is nine per cent for the three-month scheme, 10 per cent for six-month scheme, 11 per cent for nine-month scheme and 12 per cent for one-year scheme, as per a media release.

The interest payment frequency for the three-month scheme is upon maturity and quarterly for the remaining schemes. Along with minimum balance requirement of Rs 100,000, additional features of the scheme include loan availability of 80 per cent of the amount of fixed deposit, free credit card issuance for individual customers and no prematurity charge, among others.

This scheme is in place for a limited time.