Press Release

Everest Bank Launches – “Sunaulo Bhawisya Yojana”

January 24, 2006

In our unrelenting endeavor to enrich, enable and beautify the lives of our valued customers, Everest Bank Ltd.(EBL) has come up yet with another futuristic deposit scheme – “Sunaulo Bhawisya Yojana,” which enables the customers to save regular small savings into a bulk amount at a future date that may be utilized for special purposes like Children’s higher education/ marriage, business expansion, renovation of business premises etc with higher rate of return. Under this new deposit scheme, the depositor shall deposit at least Rs 500.00 with no maximum limit (in a multiple of Rs 100.00 thereof) every month for a specified period of time and the bank shall pay the principal amount along with half yearly compounded interest to the depositor at the time of the maturity; thereby offering higher rate of return to its customers. The deposit period is from 1 year upto 5 years in multiple of 12 months. Under this scheme the depositor has the option of giving a standing instruction to the bank for debiting their Saving/ Current account to credit their Sunaulo Bhawisya Yozana account at the end of each nepali month. Any individual (even in the name of minor), proprietorship, partnership, associations, company corporate bodies, trusts etc. can participate in this scheme. The scheme also has the flexibility to extend advance upto 90% of the deposited amount at 1.25% higher than the deposit rate. The scheme further offers reduction of 50% on service charges for all those account holders incase they avail various retail products of the bank such as : EBL Home Loan, EBL Vehicle Loan, EBL Education Loan, EBL Flexi Loan etc.

Based on the first six month’s un-audited financial result of fiscal year 2062/63, the bank’s operating profit was Rs. 217.28 million recording a growth of 16.24% compared to the corresponding period last year. Similarly, the total deposit and total advances of the bank have reached Rs 12349.80 million and Rs 9617.90 million, registering an increment of 41.15% and 33.72% respectively over the corresponding period last year. This outstanding performance and growth of the bank is the outcome of the continuous effort of the bank in introducing the innovative products suiting the need and requirements of it’s customers and is attributed to the strong systems and procedures, professional approach quality lending and motivated staff members.

NOTE TO EDITORS: Everest Bank Limited (EBL) was established in 1994 and started its operations with its first branch at New Baneshwor Katmandu. With a objective of establishing a professional banking standards, EBL joined hands with Punjab National Bank (PNB), the largest public sector bank in India as its joint venture partner in India in 1997. EBL is reckoned as one of the fastest growing private banks of Nepal, serving its customers through a wide network of 18 branches and over 250 correspondents across the globe. All the major branches of the bank are interconnected through Anywhere Branch Banking Systems (ABBS), a facility which enables its customers to do banking transactions from any of these branches irrespective of their having accounts in the other branch. The bank’s EBL Debit Card can be accessed through more than 52 ATM outlets associated with SCT network and around 500 Point of Sales.