Mahalaxmi Bikas Bank launches recurring savings account offering fixed deposit-like interest

KATHMANDU: Mahalaxmi Bikas Bank has introduced a new recurring savings account, Mahalaxmi Child Savings Recurring Deposit Account, aimed at addressing children’s future financial needs from an early age.

This account provides interest rates equivalent to fixed deposits.

Under this scheme, savers can deposit a fixed amount monthly or quarterly for a period of 1 to 10 years.

Customers will benefit from interest rates matching those of a one-year fixed deposit.

The account, operated by guardians, allows for a lump-sum withdrawal upon maturity.

The account requires a minimal initial deposit of just Rs 500, making it accessible to a broad range of customers.

With attractive interest rates and the promise of a sizable maturity amount, this scheme is designed to support children’s education and other financial needs in the future.

The bank believes this product is an excellent savings solution for its customers.

Additionally, in line with its policy to provide modern, secure, and convenient digital banking services, the bank has enhanced its mobile application and introduced “Mahalaxmi Smart Sathi” for a superior banking experience.