If you are thinking about opening your account in a Nepali bank or seeking information, then this article is for you. There are varieties of bank account types like Current Account, Fixed Deposit Account, Savings Account, etc. In this article, we are sharing the procedures for opening a personal Savings Account.
Saving account is the most common bank account in Nepal. You can freely make deposits and withdrawals from the account. This makes it ideal if you’re looking for a place to keep your money safe and earn interest. You can also get a debit card you can use for ATM withdrawals and make payments.
Features and Benefits of Saving Account
1. Convenience and security
2. Interest bearing account
3. Facility of cheque Book, Debit (ATM) Card, Online Banking /Mobile Banking App servies, eStatements, SMS alerts etc.
4. Any branch banking service
How to open a bank account?
There are two ways to open a bank account. You can either go to the near-by branch to collect the account opening form or download the same from the bank’s website. These days almost all banks provide the facility of opening accounts online.
On the account opening form, you will have to fill in your name, address, Date of Birth, and other various details. Please ensure that all the fields have been entered and are correct. The details mentioned in the application form should match those mentioned in the KYC documents to be submitted to the bank.
What documents do you need to open a bank account?
While opening a bank account, you’ll need to provide your KYC documents (proof of identity and proof of your address, as well as a recent photograph).
1. Certified True copy of your Identification Document Viz. Citizenship Certificate, or Passport, or Driving License or any other identification document issued by the government. You will need your parent’s citizenship certificate if below 16 years of age
2. Copy of Proof of Address Document (eg. recent utility bill).
Here is an online application form for Nepal Investment Bank Limited (NIBL). You can simply download the form, print, fill-up your details and submit to the nearest NIBL bank branch to open your bank account.
As soon as the bank completes the verification process, you will get a free cheque book.
Simultaneously, you can submit a form for ATM-cum-Debit Card.
What are the costs?
Unfortunately, banking in Nepal is quite expensive. There are a number of fees and charges you’ll have to look out for. You will have to make an initial deposit while opening a bank account. (This minimum balance to open a bank account varies according to banks. Some banks offer account opening at zero initial cost, and some charge upto Rs.1000 or higher.)
If you are making withdrawals from same bank’s ATM machine, you won’t be charged for services like withdrawing or making a balance inquiry. However, if you are using another bank’s ATM machine, you might be charged some amount (this depends upon banks).
How to enable Internet Banking/Mobile Banking?
If you want internet banking, you need to mention that in your application. Not all banks have internet banking, so check the possibilities on the forehand.
To enable internet/mobile banking, you need to fill up separate application forms (here is a sample form for NIBL).
What are the benefits of internet/mobile banking?
The biggest advantage of internet banking is the convenience. It is much better than physically going to the bank in mainly two ways:
1. You can make a transaction from anywhere – you need not actually go to a bank counter – you have access from home, work or even when you are on a holiday
2. You can make a transaction at any time – you need not abide by the working hours of the bank. You need not even worry about Saturdays or other holidays – your account is accessible 24/7.
Internet Banking: You can use any device with internet access for your bank activities – phones, laptops, desktops & tablets – anything.
Mobile Banking: After enabling mobile banking, you can download mobile banking app of the particular bank, and access various services of the bank from mobile phone.
Furthermore, you can carry out various digital transactions using eBanking and mobile banking services, from utility bill payment to mobile top-up, ISP bill payment among other services. You can also load digital wallets like Khalti from your bank balance, and access numerous other services from your phone: from mobile balance top up to landline bill payment, from DTH and internet bill payment to utility bill payment, from movie ticket booking to airline ticketing, hotel booking and many more. You no longer need to visit ATM that frequently to cash out.
Cover Photograph: Getty Images