| HAMA Merchant and Finance Limited |
| Tripureshwor, Kathmandu, Nepal |
| P.O.Box : 1425 |
| Phone : 4249503,4216482, 016213290 Fax : 4250245 |
| Email : info@hamafinance.com.np |
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 Fixed Deposits |
This type of deposit is for Specified period & interest rate is fixed commensurate with the period of deposit. We will accept fixed account & offer interest rate as per followings. Interest will be paid on quarterly basis as per Nepalese calendar.
| TERM |
RATE OF INTEREST |
| 6 Months |
6.25% |
| 1 Year |
7.00% |
| 2 Year |
7.50% |
| 3 Year |
8.00% |
| 4 years & above |
Negotiable |
| Interest on maturity +0.25%
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However if client choose to receive the interest at the time of maturity of fixed deposit then he will be given additional interest @.25% over and above the prescribed rate of interest. Fixed account can be opened with minimum of Rs 10,000 & multiple of 1000 rupees.
DOCUMENTS REQUIRED
Documents which are required for opening of saving account are also required for opening for fixed deposit however if client has already saving account with us , the additional documents may not be insisted.
PROCEDURES TO OPEN AN ACCOUNT
- Obtain duly completed account opening form from the customer.
- Obtain copies of documents required for opening of fixed deposit
- Obtain specimen signature of account operators.
- Request customer to deposit the amount of fixed deposit in multiples of Rs.10,000.00
- Account may be opened after getting approval from the appropriate authority of the bank.
PAYMENT ON THE DATE OF MATURITY
- The principle amount of a fixed deposit shall cease to bear interest after the due date.
- The depositor should surrender the fixed deposit receipt duly discharged at the time of payment.
- Fixed deposits, which are not paid or received on the due dates, will be transferred to "mature fixed deposit account" .When the fixed Deposit Receipt is presented for payment, this account will be debited & payment of principle will be made to the depositor. Alternatively amount of Matured fixed deposit should credited to saving account of the client if instructed by the client.
PREMATURE CLOSURE OF FIXED DEPOSIT
Normally Principle Amount of fixed deposit will be paid only on maturity. Depositor has no right to claim repayment of his deposit before the maturity date; however company may at its own discretion allow repayment before maturity subject to following condition
- The rate of interest payable would correspond to the rate fixed by the company on the date of deposit , the deposit should remain with the company for one complete quarter to earn interest for that quarter
- Pre mature payment would involve penalty@1.5% for the remaining period .which will be recovered from the interest payable to the depositor at the time
RENEWAL OF FIXED DEPOSIT
- Fixed deposit can be renewed on request.
- Fresh fixed deposit application along with current fixed deposit receipt will be obtained from the depositor for renewal of fixed deposit.
ISSUE OF DUPLICATE CERTIFICATE
- Depositor should inform the company in written regarding loss of the FD Receipt.
- Depositor should sign a letter of indemnity for issue of duplicate receipt.
- Duplicate receipt should be marked in red ink as "duplicate of No …." & should be noted in fixed deposit register.
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