Bank Interest Rates

Under Saving Accounts we can find the different nature of account in operation. Based on the banks and their market strategy, customer the banks used to offer the different nature of Saving account for different purpose casuing different in Deposit Interest Rate. For example if you want to open the account for just saving and normal transaction purpose then it’s be your Saving Account. Likewise, if you want to save your balance in Fixed deposit then you have to open Fixed Deposit account. Similarly, for getting monthly salary from your employer you have to open the Salary Account/ Payroll Account. So, based on these all we have prepared the list of major deposit products offered by BFIs in Nepal and Deposit Interest Rate.

Some Major Deposit Products

Fixed Deposit

Fixed Deposit accounts (FD) are opened only after opening a regular savings account. This account offers a higher interest rate with a fixed maturity period and interest rate.

Savings Account

Saving accounts are categorized in different schemes based on the banks, like GenZ Account, Nabil GenN Account, Everest Saugat Saving, etc. These accounts are the primary and most opened accounts for general banking purposes.

Remittance FD

Remittance FD provides a higher interest rate than the normal FD. This FD can be opened only by those customers who have a Remittance Saving Account. To open a Remittance FD, the account must need to have at least 3 remittances received into their account from a foreign nation with a minimum of NPR 50,000 per remit transaction.

Students Saving

Student Savings accounts are also part of the Savings Account. In most of the banks, it’s treated as a Scheme of Regular savings account targeting the Student and teenage customers. In every aspect, this account is similar to a regular savings account.

Salary Savings/ Payroll

Salary accounts are also similar to saving accounts. But it’s only opened after the submission of a request by an employer. Your employer must have an account with that bank and submit a request to add in payroll to the employees like you to open this account. It means only a salary holder can open this account. Also, like in a savings account, you can use it as your Normal savings account for banking purposes.

Women Saving

A woman’s savings account is also a part of a regular savings account. In this account scheme, the targeted group of women is eligible and gets some extra benefits in banking services based on the bank. This account is open for married and middle-aged women to promote the use of banking.

Recurring Deposit (RD)

Recurring Deposit (RD) is the most powerful and best hybrid account that offers the best savings with a higher interest rate. As the name suggests (Recurring), you have to deposit a preset amount each month for a targeted period with a fixed interest rate offered by your bank. In this Hybrid (Saving + Fixed Deposit feature), you will get the best and higher returns.

FCY Savings

FCY Account operates as the best savings account if you have a foreign currency. This savings account is opened by foreign people and people holding foreign currency. To open this account, you must need to be in compliance NRB policy and face strong documentation requirements.

Remittance Savings

The bank customers who are foreign can easily open this account. To open this account, you must need to have a valid passport, a Visa, and a work permit provided by NRB. Also, you can open only one account in all BFIs in Nepal. It means like your normal savings account, you can’t open this type of account in multiple banks.