Salary account rates Nepal offer more unique benefits and features that a savings account cannot offer. Salary account offers a higher interest rate with zero balance requirements. It mainly focuses on the salaried employees for receiving a monthly income from the organisation.
Salary Account
Best Finance Company Limited
Bankrate Nepal Review
N.A
Interest Rate(P.A)As of February 4
4.50%
Minimum Balance
Rs. 0
N.A
Salary Account
Citizens Bank International Limited
Bankrate Nepal Review
N.A
Interest Rate(P.A)As of February 4
4.50%
Minimum Balance
Rs. 0
N.A
Salary Account
Everest Bank Limited
Bankrate Nepal Review
N.A
Interest Rate(P.A)As of February 4
3.05%3.05%3.05%3.05%
Minimum Balance
Rs. 0Rs. 0Rs. 0Rs. 0
N.A
Salary Account
Excel Developemnt Bank Limited
Bankrate Nepal Review
N.A
Interest Rate(P.A)As of February 4
3.00%3.00%
Minimum Balance
Rs. 100Rs. 0
Excel Development Bank offers a variety of accounts to suit different banking needs, including savings accounts, fixed deposit accounts, and remittance accounts. You can easily open an account online or visit a bank branch.
Account Types:
Nagarik Bachat Account: Opened by anyone, including minors. It can be opened singly or jointly.
Saving Deposits Account: Earn up to 4.90% per year in interest.
Excel Remit Khata: Earn 5.90% per year in interest.
Fixed Deposit Accounts: Earn up to 7.75% per year in interest.
Account Features:
Excel Smart Banking App for easy access to account balances, transaction history, and fund transfers.
Bill Payments through the Excel Smart Banking app.
Free checkbook and Any Branch Banking Services (ABBS) when you open an account.
Interest Payment:
Interest is paid quarterly, at the end of Ashwin, Poush, Chaitra, and Ashad.
Tax on interest is levied as per the prevailing Income Tax Act.
Process required for creating a salary account in Nepal
Understanding salary accounts in Nepal is crucial for salaried employees who want to maximise their banking benefits. A karmachari bachat khata (employee savings account) differs significantly from regular savings accounts, offering superior interest rates without minimum balance penalties. If you’re wondering how to open a salary account in Nepal or what documents are required for salary account opening, the process is straightforward. You’ll need your citizenship certificate, employment letter, and salary certificate from your employer.
The biggest advantage of corporate salary accounts is the instant overdraft facility without collateral. Most banks provide 2-5 times your monthly salary as overdraft credit, perfect for emergencies. Additionally, salary account holders get loan discounts ranging from 0.5% to 1.5% on personal loans, home loans, and vehicle loans, potentially saving tens of thousands of rupees over the loan tenure.
Frequently Asked Questions
To open a salary account Nepal, visit the bank partnered with your employer and submit citizenship, photos, and an employer’s salary letter. Most banks offer zero-balance salary account opening in Nepal.
Salary account rules in Nepal require regular salary credit from the employer. If the salary stops, the salary account in Nepal may be converted into a savings account.
The best salary account in Nepal offers zero balance, free ATM, mobile banking, and salary loans. Banks with employer tie-ups usually provide better salary account benefits in Nepal.
A salary account in Nepal is the most suitable account for salaried employees. It is designed for a monthly income credit with minimal banking charges
The four types of bank accounts in Nepal are savings, current, fixed deposit, and salary account Nepal. Each account serves different financial needs.
A salary account Nepal is better for salaried employees due to zero balance and added benefits. A savings account is suitable for individuals without regular salary income.
