The Nepal Rastra Bank (NRB) is set to allocate Rs 400 million to its gratuity and pension fund in the form of fixed deposits. The central bank plans to invest this amount in fixed deposits across commercial banks, development banks, and finance companies.
In a notice released on Sunday, the NRB also specified the distribution. While Rs 320 million will be deposited in commercial banks, Rs 60 million will be kept in development banks. Similarly, the NRB plans to keep Rs 20 million fixed deposits in finance companies.
As outlined in the notice issued by the central bank, this amount will be held as fixed deposits for a duration of 366 days, spanning from November 26, 2023, to November 25, 2024. The NRB has given a deadline of November 22 for banks and financial institutions interested in accepting the deposit to submit their proposals for interest rates.
