KATHMANDU: Nepal Rastra Bank, the central bank of the country, is issuing a five-year “Foreign Employment Saving Bond 2078” worth Rs. 500 million from January 30, 2017.
The foreign employment saving bond is targeted at Nepali migrant workers and non-resident Nepalese (NRNs) across world. Nepalese who are working abroad or who have returned and have been here for less than four months are allowed to purchase the bond.
According to the notice of the NRB, the bond will be allotted on March 6, 2017. The bond is being offered at an interest rate of 10 per cent annually.
The payment of interest will be made semi-annually, and the same can be directly deposited into his/her account as specified while applying for the bond. Otherwise, the payment of interest will be provided to the bond holders or his/her immediate family members.
According to the notice, interested people can file for the bonds worth a minimum Rs. 5,000 and maximum bonds worth up to the issued amount and dividable by Rs. 5,000 without a reminder.
The bond can be pledged or kept as security at any of the banks and financial institutions in case there is an urgent need for cash, the NRB said.
Furthermore, interested migrant workers can also nominate his/her immediate family members to apply for the bond.
The interested parties can purchase bonds inside the country from Citizen Bank International Limited, Kamaladi, NMB Bank Limited, Babarmahal, Nabil Bank, Tindhara, Machhapuchchhre Bank Limited, Lazimpat, Prabhu Bank Limited, Anamnagar, Sunrise Bank Limited, Gairidhara, Siddhartha Bank Limited, Hattisar, Sanima Bank Limited, Naxal, Century Commercial Bank Limited (Putalisadak), Prabhu Money Transfer Private Limited, Lainchour, City Express Money Transfer Private Limited (Kamaldi), IME Limited (Panipokhari) and Sewa Remit Private Limited (Kuleshwor).
Likewise, NRB is to sell bonds outside the country through agents, such as IME Limited, Prabhu Bank Limited, City Express Money Transfer Private Limited, Century Commercial Bank Limited, Sunrise Bank Limited, Sewa Remit Private Limited and Sanima Bank Limited.