Saving Account
- Savings account is an interest bearing deposit that pays monthly interest on the minimum balance of the account in the month and operated through the usage of a passbook or without passbook depending on the demand of the customer.
- The prevailing interest rate/minimum/ shall be as set by NBE.
Current Account
- Current account is a non-interest bearing deposit that shall be operated through the usage of cheque.
- The Bank shall monitor and inform customers’ cheque related issues such as cheque issuance, warning or penalty on insufficient fund cheques, lost cheques, stop payment order and the like.
Special Savings Account
- It is a savings account maintained for those who are interested to save their money to get interest and effect payments through cheque. No passbook is required for this account. The frequency of withdrawals from this account should be limited to three within a month to get interest. Otherwise, depositors will forfeit interest for that particular month.
Fixed Time Deposit Accounts
- Fixed time deposit is a type of deposit account which is received for a definite period of time without movement and attracts higher interest rate than the prevailing savings account interest rate.
- The minimum period of accepting fixed time deposit shall be three months. The rates of interest shall vary according to the amount and duration of the deposit received, i.e., the bigger the deposit amount/the longer the deposit period in the bank, the higher the interest rate will be.
- If the customer withdraws the deposit before the maturity period, he/she shall forfeit the contract interest rate. But, prevailing interest on savings account may be paid if the Bank agrees to pay on the deposited amount.
- The agreed interest shall be calculated only for the duration of the deposit
