Chandragiri Municipality & NIC Bank sign agreement to open 18-year fixed deposit accounts for newborns
The municipality has selected NIC Asia Bank as its banking partner for this initiative.
KATHMANDU: Chandragiri Municipality has entered into an agreement with NIC Asia Bank to open 18-year fixed deposit accounts for newborns within the municipality.
The municipality has selected NIC Asia Bank as its banking partner for this initiative.
The agreement was signed by Arjun Raj Khania, Deputy Chief Executive Officer of NIC Asia Bank, and Ghanshyam Giri, Mayor of Chandragiri Municipality.
According to the municipality, under the Municipality’s Private Enterprise Promotion, Economic Assistance, and Program Grant Operating Procedure, 2078 (with amendments in 2080), this facility will be provided to children born within the municipality on or after Shrawan 1, 2080, as per the economic and social security procedures.
Children of permanent residents of this municipality can benefit from this scheme, and birth registration is mandatory for eligibility.
Chandragiri Municipality will open an 18-year fixed deposit account with NIC Asia Bank for each newborn in the municipality, depositing NPR 5,000 per child.
Parents can add additional funds to these accounts if they wish. The bank will offer the highest interest rates on these deposits for participating customers.
The municipality and the bank believe that this fund will play a significant role in ensuring economic and social security across the municipality, helping children reach higher education or start a business when they turn 18.
