Chandragiri Municipality Partners NIC Asia Bank to Open 18-Year Term Accounts for Newborns

Chandragiri Municipality Partner NIC
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3rd July 2024, Kathmandu

An agreement has been concluded between Chandragiri Municipality and NIC Asia Bank to open 18-year fixed term accounts for newborn babies in the city.

Chandragiri Municipality Partners NIC Asia Bank

According to the agreement, children born on or after Shravan 2080 will have 5,000 rupees deposited into their accounts by the municipality, with parents having the option to add additional funds.

This initiative aims to provide economic and social security to the municipality’s children.

The scheme, in accordance with Chandragiri Municipality’s Private Enterprise Promotion, Financial Assistance, and Program Subsidy Procedures (2078, amended 2080), ensures that the accounts will mature when the children reach 18 years of age.

Permanent residents of Chandragiri Municipality with children born within the stipulated timeframe can benefit from this scheme, provided that birth registration is completed.

Chandragiri Municipality will open an 18-year term deposit account at NIC Asia Bank for each eligible newborn.

Parents are allowed to deposit more money into these accounts if desired. The bank has committed to providing the maximum interest rate on these deposits.

The municipality and the bank believe that this fund will play a crucial role in supporting the children of Chandragiri Municipality when they reach 18 years of age, helping them pursue higher education or start a business.

For more details: Chandragiri Municipality Partners NIC Asia Bank

NIC Asia Bank has introduced a new Mastercard issuance service to enhance its payment system. The launch, which took place in Pokhara on Sunday, enables customers to obtain Mastercards featuring advanced EMV Chip and Contactless technology from any branch office of the bank. These cards can be used for ATM withdrawals in Nepal, India, and Bhutan, as well as for POS and e-commerce payments. This initiative aligns with the bank’s commitment to a dynamic and digital-first approach, aiming to elevate Nepal’s banking sector through this collaboration with Mastercard. Previously, NIC Asia provided card services through VISA.

According to a press statement issued by NIC Asia Bank, it operates 360 branch offices and 670 ATMs, with a significant presence in rural and underserved areas, serving around 25 percent of the active population aged 20–50 in Nepal. The bank has also contributed significantly to the nation’s economy, paying over Rs 23.7 billion in revenue since its inception and Rs 3.61 billion in the last fiscal year alone.


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