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Nepal's economy is heavily reliant on remittances, with over 2 million Nepalese working abroad and sending vital financial support back home. In 2023 alone, Nepal received nearly USD 11 billion in remittances, making up more than 26% of the country's GDP. These funds surpass even the combined inflows of official development assistance and foreign direct investment. With such significant contributions, it is crucial to manage these remittances effectively, and one of the best ways to do so is through a remittance savings account.
In simple terms, remittance is the money sent by someone working abroad to their home country. For Nepal, this means that many people working in other countries send part of their earnings to support their families back home.
A remittance account or remittance savings deposit is a special type of bank account designed specifically to manage this money. It offers various benefits, such as higher interest rates, easier withdrawal and deposit options, and the ability to open and manage the account from abroad. This ensures that the hard-earned money sent from abroad is stored securely and earns interest while still being easily accessible to the family members receiving it.
To promote foreign remittance through banking channels, Nepal Rastra Bank mandates a remittance savings account interest rates of (1% + the highest savings rate of the respective bank). This makes remittance savings accounts an attractive tool for those looking to save, as they offer higher interest rates than regular savings accounts. Additionally, for those seeking longer-term savings options, fixed deposits (FD) in Nepal provide even higher interest rates, typically ranging from 7% to 12%, making them a solid choice for accumulating wealth over time.
Saral Banking Sewa offers an easy-to-use tool that lets you compare remittance savings deposit rates from banks across Nepal. This tool is designed to save you time and effort by gathering all the current offers in one place, so you can choose the account that best suits your financial needs.
As of this month, here are the top interest rates for remittance saving accounts:
| S.N. | Bank Name | Product | Interest Rate |
| 1 | NIC Asia | Sarbashrestha Remittance Bachat Khata | 6.27% |
| 2 | Muktinath Bikas Bank | Muktinath Sambriddhi Remit IPO Bachat Khata | 6.05% |
| 3 | Lumbini Bikas Bank | Remittance Saving Account | 6.05% |
| 4 | Nepal Bank Limited | Remittance Saving Account | 6.01% |
| 5 | Kumari Bank Limited | Kumari Remit Premium Saving Account | 6.01% |
With these competitive interest rates, remittance saving accounts are a great way to maximize the value of the hard-earned money sent home by Nepalese abroad.
Using the Saral Banking Sewa tools, you can find all the details you need about these accounts and choose the one that best fits your financial goals.
If you’re interested in opening a remittance saving account, the process is fairly straightforward, but it does require specific documents. These documents ensure that the remittance transactions are legitimate and comply with Nepal Rastra Bank (NRB) regulations.
Here’s a list of the essential documents you’ll need:
By gathering these documents in advance, you can speed up the process of opening your remittance saving account.
Saral Banking Sewa is dedicated to simplifying banking for all Nepalese, whether you are working abroad or managing finances at home. With its comprehensive tools and resources, Saral Banking Sewa ensures that you can easily compare remittance accounts and choose the best one that suits your needs. The platform also offers:
| S.N. | Bank Name | Product | Interest Rate | Minimum Balance | Appy link |
| 1 | Siddhartha Bank | Siddhartha Remit Account | 4% | 0 | Apply Now |
| 2 | Siddhartha Bank | SBL Premium Remit Saving Account | 5.5% | RS.500 | Apply Now |
Apply for Siddhartha Remit Account and SBL Premium Remit Saving Account directly via Saral Banking Sewa today.
Start by visiting our Remittance Saving Account page to compare rates and open an account that fits your remittance needs.
For those looking to make the most out of their remittance savings, Saral Banking Sewa provides all the resources and tools necessary to stay informed and make smart financial decisions. Whether you're sending money home or managing your family's finances in Nepal, we’re here to help.
