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In RMCL, a Long Term Savings Account is a specialized savings product offered to encourage members to save money over an extended period for specific long-term goals or purposes. Here are the key features and facilities of a Long Term Savings Account:
- Purpose-driven Saving : Long Term Savings Accounts are designed for members who have specific long-term financial goals such as retirement planning, education expenses, purchasing property, or building an emergency fund. The account encourages disciplined saving towards achieving these objectives.
- Fixed Term Deposits : Members deposit a fixed amount of money into their Long Term Savings Account for a predetermined period, which can range from several months to several years, depending on the member’s goals and preferences.
- Competitive Interest Rates : RMCL typically offer competitive interest rates on Long Term Savings Accounts to encourage members to commit their funds for an extended period. The interest rates may be higher compared to regular savings accounts to incentivize long-term saving. Members can open an account for 5 years to 20 years. The principal and interest will be provided after the maturity period. The rate for the saving in different years are listed below:
| Monthly Savings | 5 Year | 10 Year | 15 Year | 20 Year |
| NRs. 500.00 | 37,125.00 | 94,200.00 | 179,775.00 | 302,400.00 |
| NRs. 1,000.00 | 74,250.00 | 188,400.00 | 359,550.00 | 604,800.00 |
| NRs. 1,500.00 | 111,375.00 | 282,600.00 | 539,325.00 | 907,200.00 |
| NRs. 2,000.00 | 148,500.00 | 376,800.00 | 719,100.00 | 1,209,600.00 |
| NRs. 2,500.00 | 185,625.00 | 471,000.00 | 898,875.00 | 1,512,000.00 |
| NRs. 3,000.00 | 222,750.00 | 565,200.00 | 1,078,650.00 | 1,814,400.00 |
| NRs. 3,500.00 | 259,875.00 | 659,400.00 | 1,258,425.00 | 2,116,800.00 |
| NRs. 4,000.00 | 297,000.00 | 753,600.00 | 1,438,200.00 | 2,419,200.00 |
| NRs. 4,500.00 | 334,125.00 | 847,800.00 | 1,617,975.00 | 2,721,600.00 |
| NRs. 5,000.00 | 371,250.00 | 942,000.00 | 1,797,750.00 | 3,024,000.00 |
(Note: “NRs.” stands for Nepalese Rupees)
- Flexibility in Deposit Amounts : Members may have flexibility in choosing the amount they want to save regularly into their Long Term Savings Account. While fixed amounts are often encouraged.
- Automatic Deposits : Members can set up automatic deductions from their savings or current accounts to ensure regular contributions to their Long Term Savings Account. This automation helps members maintain consistency in their saving habits.
- Accessibility Restrictions : Long Term Savings Accounts may come with restrictions on withdrawals to discourage premature withdrawals and ensure that members maintain their savings commitment over the agreed-upon period. Early withdrawal penalties may apply in some cases.
- Loan Facilities : RMCL offer loan facilities against the accrued savings in Long Term Savings Accounts, providing members with access to funds for specific needs while allowing them to continue saving for their long-term goals.
- Member Benefits : Participants in Long Term Savings Accounts 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.
- Financial Education : RMCL provides financial education and advisory services to members with Long Term Savings Accounts to help them make informed decisions about their savings goals, investment options, and retirement planning strategies.
- Community Development : By participating in Long Term Savings Accounts, members contribute to the overall financial stability and development of their communities. RMCL often utilizes the funds mobilized through such accounts to support community-based projects and initiatives that benefit members and their families.
In summary, Long Term Savings Accounts offered by RMCL provide members with a structured and disciplined approach to saving for specific long-term financial goals. These accounts offer competitive interest rates, flexibility in deposit amounts, and access to additional benefits while promoting financial stability and community development.
| 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 |