The Bank of Bhutan has launched two new deposit schemes, the Flexi Recurring Deposit and Simple Recurring Deposit, offering clients greater convenience and flexibility to make savings.
Flexi Recurring Deposit allows customers to deposit flexible amounts of money at any time. Depositors can deposit from Nu 100 to Nu 20,000 a month for a tenure ranging from a year to 20 years. This gives the depositor the flexibility to make multiple deposits of varying amounts in a month and also the option to skip an installment without any penalty.
In the Simple Recurring Deposit there is no restriction to the maximum deposit one can make in a month and is helpful to those customers who would like to manage all the funds under one account. However, monthly deposit should be made only once.
According to BOB Officials the Flexi RD is a unique product available only with the Bank of Bhutan and encourages customers to save any amount.
At the launch CEO of BOB Pema Namgyal Nadik said, ”The launch of the new deposit products is in line with the drive to encourage savings initiated by the Government and the RMA. Together with growth in credit, growth in savings is equally important for the economic development of the country and as the nation’s oldest and largest bank, BoB is committed to contribute to this effort.”
He added that the launch of the new website and improved mBoB app also demonstrates the bank’s continuous efforts to improve its products and services. He also said the bank takes the feedback and suggestions from its clients very seriously and will always strive to meet and exceed customer expectations.