Recurring Savings Scheme in the context of RMCL is a specialized savings product offered to facilitate regular and systematic saving among our members. This scheme is designed to encourage members to save a fixed amount of money on a periodic basis, typically monthly, over a predetermined period. Here are the key features and facilities of a Recurring Savings Scheme within RMCL:
- Fixed Monthly Deposits : Members commit to making fixed monthly deposits into their Recurring Savings Scheme accounts for a specified duration. The amount of the deposit is predetermined and agreed upon at the time of opening the account.
- Flexibility in Deposit Amount : While the deposit amount is fixed for each installment, RMCL may offer flexibility in allowing members to choose the amount they want to save within the predefined range.
- Interest Earnings : Recurring Savings Scheme accounts usually earn interest on the accumulated savings. The interest rates may be competitive and are often calculated on the maturity of the scheme period.
- Automatic Deductions : RMCL facilitates automatic deductions from the member’s savings or current account to ensure timely and hassle-free deposits into the Recurring Savings Scheme account. This automation encourages disciplined saving habits among members.
- Variety of Scheme Durations : Recurring Savings Schemes may have various durations ranging from a few months to several years, allowing members to choose a scheme period that aligns with their financial goals and objectives.
- Accessibility : Members have access to their Recurring Savings Scheme accounts through various channels such as branch visits, online banking, or mobile banking services. They can also monitor their savings progress and account statements regularly.
- No Penalty for Missed Payments : RMCL typically does not impose penalties for missed payments in Recurring Savings Schemes. However, members are encouraged to fulfill their commitments to maximize the benefits of the scheme.
- Loan Facilities : RMCL also offer loan facilities against the accrued savings in the Recurring Savings Scheme account, providing members with access to funds for emergencies or other financial needs.
- Member Benefits : Participants in Recurring Savings Schemes may be eligible for additional benefits offered by RMCL, such as preferential interest rates on loans, discounts on other financial products or services, and participation in profit-sharing arrangements.
- Community Development : By participating in a Recurring Savings Scheme, members contribute to the overall financial stability and development of their communities. RMCL often utilizes the funds mobilized through such schemes to support community-based projects and initiatives.
In summary, the Recurring Savings Scheme offered by RMCL encourages regular saving habits, promotes financial discipline, and provides members with an avenue to achieve their long-term financial goals. It serves as an effective tool for financial inclusion and community development, empowering individuals to build financial security and resilience over time. Under this scheme, members can deposit for a certain time period with a minimum amount daily of NRs 100 and monthly of NRs 1000. The principal and interest will be provided after the maturity period.
Time Period Interest Rate
| Years | Rate |
| ½ Years | 6% |
| 1 Year | 7% |
| 2 Years | 8% |
| 3 Years | 9% |
| Facilities | Requirements |
| Free Any Branch Banking Service (ABBS) | Account Opening Form |
| Free Account Statement | Copy of Citizenship Certificate |
| Smart Mobile Banking | 2 Passport Size Photos |
| SMS Banking Service | Copy of Citizenship/Identification Certificate of the beneficiary |
| 90% Loan against Deposit | Single Passport Size Photo of the beneficiary |