Encashment features:

1. No interest will be paid if en-cashed or closed before 30 (Thirty) days from the date of opening of the account.
2. If the account is closed after 30 days but before maturity, Interest will be paid at Savings Bank Deposit rate prevailing in our Bank at the time of encashment or at the time of opening, whichever is lower, for the holding period.
3. In case of renewal, if the renewal cycle is not completed after expiry, interest will be paid at Savings Bank Deposit rate prevailing in our Bank at the time of encashment or at the time of last renewal, whichever is lower, for the period from the date of last expiry till the account is closed.
4. Maturity period to be counted by date to date from the date of opening / renewal.   
   
   
   Declaration of Nominee:

• ​Account holder may nominate one or more persons against the account as “Nominee”. Account holder may change the Nominee with submission of required documents.

• Account holder may fix the percentage of share to each Nominee in case the number of Nominee is more than one person.
• A Minor can also be made as Nominee; in that case the minor’s legal guardian will receive on his/her behalf.
• Photograph of the Nominee duly attested by the Account holder to be enclosed along with the AOF at the time of opening account.
• The nomination will be cancelled if the Nominee expires in the lifetime of the Account holder.  A new nominee may be nominated by the Account holder in such case.
• In the event of Account holder’s death, his/her nominee(s) will not be allowed to continue the Account.
• If the Account holder expires at any time during the period, the amount will be paid to the nominated person(s) of the Account holder. If the Account holder does not nominate any person(s), the deposited money shall be paid to the Successor on production of Succession Certificate in consultation with Branches Operations Division, Head Office.

 Other Conditions:

• Accountholder will be given an Instrument/Receipt which is not transferable. In case the Instrument/Receipt is lost, the accountholder must report to the Branch at the earliest possible time to receive a duplicate Instrument/Receipt after complying with the due process.

• Changes of address must be informed immediately to the Account Opening Branch of NBL.
• Outstanding amount against Loan to be adjusted as per terms and conditions of the contract.
• Bank can exercise the Right of Set-Off, if necessary.
• Excise Duty, VAT, Income Tax or any other Government charges are to be deducted from the depositors’ Account as circulated by NBR or any other Government Authority time to time.