The Gelephu International Airport Fixed-Term Deposits have a maturity period of 10 years, ending on December 31, 2034. These deposits are designed to support the growth and development of Gelephu International Airport, offering a stable and predictable return for investors seeking peace of mind in their investment strategy.
The Gelephu International Airport Fixed-Term Deposit (FTD) incorporates specific terms regarding premature redemption, in order to protect both the bank and the customers.
Premature Redemption: If a customer wishes to redeem their fixed deposit before the maturity date, a penalty fee will be applied to the principal amount. This penalty serves as a deterrent against premature withdrawals and emphasizes the importance of holding the Fixed-Term Deposit for its intended duration.
Lock-In Period: There is a minimum lock-in period of 5 years, ending on December 31, 2029. During this time, withdrawals are permitted, but they will incur a penalty. This lock-in period ensures that the funds are effectively utilized for the Gelephu International Airport project, aligning the interests of both the bank and the customers.
Post Lock-In Access: After the 5-year lock-in period, customers can call on their investment, this means they can access their capital without incurring the penalty. ORO Bank also reserves the right to redeem the fixed-term deposits after the lock-in period, providing flexibility in managing financial obligations.
These redemption terms are integral to the FTD’s structure, promoting a commitment to long-term deposit while ensuring that both parties have clearly defined options for capital retrieval once the lock-in period has elapsed.
Customers are encouraged to consider these terms carefully as they evaluate their participation in the fixed-term deposits, ensuring that their financial goals align with the deposit’s structure and objectives.
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