Fixed-Term Subscription Scheme: A Global Investment in Bhutan’s Mindful Future
While ORO Bank’s One-Time Fixed Term Deposit (FTD) scheme expired on March 31, it still has another scheme for Bhutanese to subscribe and help in the development of Gelephu Mindfulness City (GMC).
Through the Fixed-Term Subscription Model, subscribers can make a minimum deposit of $250 (recurring deposit) for a term of 10 years, with the maturity date set towards December 31, 2034 (Callable after 5 years).
The scheme offers investment opportunities in both United States dollars (USD) and Bhutanese ngultrum (BTN):
The Fixed-Term Subscription Placement (USD Interest Repayment) is a monthly fixed-term subscription placement with a minimum investment of USD 250 per month for 24 months, with an annual interest rate of 3% in USD.
The Fixed-Term Subscription Placement (Ngultrum Interest Repayment) is a monthly fixed-term subscription placement with a minimum investment of USD 250 per month for 24 months, with an annual interest rate of 8% in BTN.
The first scheme (Fixed-Term Deposit Placement) which ended on March 31 is the one-time fixed-term deposit of atleast USD 1,000 minimum with a 10-year term, offering an annual interest rate of 10% in BTN. Subscribers can subscribe for higher amounts through fixed incremental amounts.
Early redemption is available after five years without penalty. All subscribers will receive a certificate of appreciation, and recognition at the new Gelephu airport terminal.
“Both are FTD models. Although the first is a one-time deposit, subscription model is like a recurring deposit where clients have to make monthly deposits. The interest rate is also different. There is lesser interest on the subscription model,” said an official from the Bank. “This model will be available for two years.”
The Gelephu Investment and Development Corporation (GIDC) partnered with ORO Bank to introduce the FTD program as a nation building campaign for the international airport at GMC. Through the FTD programme, ORO Bank will support the development of GMC by subscribing to a bond with GIDC , giving NRBs a unique opportunity to actively support the development of GMC while enjoying stable and secure financial returns.
This FTD programme represents an opportunity for Bhutanese abroad to participate in and contribute to Bhutan’s future development. This partnership was inspired by His Majesty the King’s engagement with Bhutanese communities abroad, who expressed a heartfelt commitment to supporting Bhutan’s development. In response, GIDC has created meaningful opportunities for global Bhutanese to directly participate in nation-building initiatives, beginning with the construction of an international airport in Gelephu. This initiative provides a powerful, impactful way for Bhutanese worldwide to contribute to Bhutan’s progress.
Through fixed-term deposit subscriptions, NRBs now have a unique opportunity to actively support the development of GMC while enjoying stable and secure financial returns. This initiative, crafted specifically for Bhutanese and NRBs, empowers individuals to contribute directly to Bhutan’s progress and prosperity. Through these FTD subscriptions, ORO Bank will support the development of the international airport by subscribing to a bond with GIDC.
“This is more than a financial opportunity; it is a call to all Bhutanese, especially NRBs, to contribute to and actively shape the shared vision for a thriving, mindful, and resilient Bhutan. This initiative is one of various mechanisms designed to help fund the initial phases of GMC— a visionary endeavor to create a model city rooted in mindfulness, sustainability, and well-being, and a legacy for our future generations,” said a NRB.
Regarding the Bank having signing or is going to sign any new partnerships that will enable the customers to send and receive money transfers more cheaply and quickly, CEO Mike Kayamori said that ORO bank has made significant progress in both incoming (receiving) as well as outgoing (sending) of funds/money.
“We should be able to make an announcement soon for both. For incoming (receiving), this should help our customers who signed up for the monthly recurring payment of the FTD. And for outgoing (sending), customers will be able to send to over 100+ countries in the world near real time at a fraction of the cost of SWIFT,” he shared.
ORO Bank has so far received over 15,000 sign-ups for its FTD scheme from NRBs. “Although we cannot share the actual figures, we are grateful for the contribution Bhutanese living abroad have made for the project,” the CEO said.
Bhutanese living in Australia, USA, Canada, New Zealand, Middle East and other countries make up the clientele of ORO Bank.
Tashi Namgyal from Thimphu
