George Benaroya · Follow
7 min read · Dec 8, 2022
Written by Mahipal Patel
· Numerous types of bank accounts are available, including current, fixed deposits, savings, and others. In this article, we’ll go over how to open a personal savings account.
· The most typical type of bank account in Nepal is a savings account. The account is open for both deposits and withdrawals. Therefore, this is your best choice if you want to keep your money safe and earn interest. You can also get a debit card, which you can use to access ATMs and make purchases.
· Characteristics and advantages of a savings account
1. Practicality and security
2. An account that pays interest
3. The ability to use a checkbook, a debit card, an online banking app, eStatements, SMS alerts, etc.
4. Any banking branch services
For Resident,
· What is the procedure for opening a bank account?
A bank account can be opened in two different methods. To obtain the account opening form, either visit the local branch or download it from the bank’s website. Nowadays, virtually all banks in Nepal offer the option of creating accounts online.
You must provide your name, address, date of birth, and other information on the account opening form. Please make sure that all of the fields are complete and accurate. The information provided on the application form and the KYC documents that must be provided to the bank must match.
· What documentation is required to open a bank account?
You must present your KYC documentation while creating a bank account (proof of identity and proof of your address, as well as a recent photograph).
o Your identification document, in certified true copy.
§ Citizenship certificate/Passport/Driver’s license/Or any other form of government-issued identification.
§ If you are under 16 years old, you will require your parent’s citizenship certificate.
o A copy of a document proving your address (e.g. Recent utility bill).
· To open an online bank account,
To open online a bank account, you can easily download the form from the NIBL website, print it, fill it out, and bring it to the nearby NIBL bank branch.(https://nibl.com.np/ )
You will receive a free checkbook as soon as the bank finishes the verification procedure.
You can simultaneously submit a form for an ATM/Debit Card.
· How much will it cost?
Unfortunately, banking is relatively expensive in Nepal. You need to be aware of a variety of fees. When creating a bank account, you must make an initial deposit. (Banks have different minimum balance requirements for opening bank accounts. Some banks offer free account opening, while others charge up to $1,000 or more.)
You won’t be charged for services like withdrawing money or checking your balance if you use an ATM belonging to the same bank. However, you can be charged a fee if you use an ATM belonging to another bank (this depends upon the banks).
How can Internet/mobile banking be enabled?
You must specify in your application if you desire internet banking. Because not all banks offer internet banking, thoroughly verify the options.
You must complete different application forms to allow internet and mobile banking (here is a sample form for NIBL). ( https://nibl.com.np/personal-banking/deposit/nibl-online-saving-account )
· What are the advantages of online and mobile banking?
Convenience is internet banking’s main benefit. In primarily two respects, it is superior to physically visit the bank:
You have access from home, work, or even while on vacation, so you don’t need to go to a bank counter to make a transaction.
You are not required to carry out a transaction during the bank’s business hours. Your account is accessible around-the-clock, so you don’t even need to worry about weekends or other holidays.
Internet banking: You can do bank business using any device that has internet connectivity, including smartphones, laptops, desktop computers, and tablets.
Mobile Banking: After activating mobile banking, you can download the bank’s mobile banking app and use your phone to access a variety of services.
Additionally, you can complete a variety of digital transactions utilizing eBanking and mobile banking services, including paying utility bills, topping up your mobile device, and paying your ISP. Additionally, you can use your bank balance to add money to digital wallets like Khalti and access a wide range of other services from your phone, including the ability to top up your mobile balance and pay your landline or DTH bills, pay your utilities, book movie tickets, book airline or hotel reservations, and more. You no longer need to withdraw money from the ATM as frequently.
For tourists/Non-Resident,
If you are considering a trip to Nepal, you may be concerned about having quick access to your money. It wouldn’t be pleasant to carry all of the money, and it’s also not very safe. To be more specific, if you are visiting Nepal, you are permitted to create a bank account. However, you must have a valid visa. There would be no difficulty as long as you have a valid visa.
Foreigners in Nepal have various alternatives for opening bank accounts. It’s rather simple and quick, which makes it an excellent choice for ex-pats, frequent tourists, or anyone staying for more than a few weeks. Foreigners are generally restricted to opening accounts in dollars or euros. Non-residents can open Nepal rupee (NPR) accounts but cannot do so while on a tourist visa. You will almost certainly be required to provide your visa when opening the account, and it will be deactivated after your visa expires. If your visa is extended, you must show proof of the extension to your bank to avoid having your account closed.
· What is the procedure for opening a bank account?
In Nepal, opening a bank account entails filling out an application form at the branch. You’ll nearly always require a referral from a current client at the bank, but if you don’t have one, you can still create an account by convincing a bank employee that you’ll be a good and trustworthy customer. You must also use your exact and complete name as it appears in your passport when applying, and you must verify your visa. The length of time it takes to open an account is determined by the bank and how long it takes them to verify that you are a reliable potential customer. Once accepted, you should be able to open the account relatively rapidly.
· What documentation is required to open a bank account?
o A completed application for the bank of your choice
o Your travel document
o Your visa to Nepal
You may be required to submit the following information:
o A referral from an existing bank customer
o A letter of recommendation from a previous bank you’ve utilized
o Address verification
o Evidence of employment in Nepal
· How much will it cost?
Banking fees are charged almost everywhere in the world. Nepal is no exception. Here’s how much you’ll have to pay to have and use an account there.
Monthly or yearly fees for maintenance will vary depending on the bank. As a foreigner with a Nepalese bank account, you will almost certainly be forced to maintain a minimum amount or pay costs.
Most ATMs will charge you a fee to use them, particularly if you use another bank’s ATM. You should also be aware that banks in Nepal issue cash in Nepalese rupees (NPR), therefore if you have an account in US dollars or euros, you may pay foreign exchange or dynamic currency conversion fees. You can avoid some of these fees by always viewing transactions in NPR rather than dollars or euros.
Making international transfers is difficult in Nepal since people are not permitted to move funds out of the country. Because NPR is not a readily convertible currency, making international transfers will be difficult unless your account is in dollars or euros. Even if you have a dollar or euro account, you may have to pay transfer fees when making international payments. Banks also frequently mark up their exchange rates to make a profit on your transfer, resulting in a hidden fee that you must pay.
This article was written by Mahipal Patel, a graduate student at NYU.
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About me. George Benaroya
