The Bank of Bhutan (BOB) launched an additional feature under its fixed deposit scheme last week. The new feature will allow clients holding a Fixed Deposit (FD) with the bank to partially withdraw the required amount without having to close their entire FD account.
After partially withdrawing an amount, individuals can continue their FD with the balance amount for the remaining tenure.
The interest rate will be as provided during the time of the FD’s opening.
“For instance, if a client has a fixed deposit of Nu 500,000 for five years and after two years if he requires some amount he can withdraw. Earlier, the bank had to premature a whole amount of a client if he wants to withdraw from his FD account,” Pema Yangki, the Banking Assistant, said.
The feature of greater flexibility with FD accounts is expected to encourage the culture of saving as well.
The BoB, established in 1968, is the oldest and largest bank in the country today
