Blog Details

23 Aug, 2023

A Step-by-Step Guide on How to Open a Recurring Deposit Account in Nepal

Are you looking for a simple yet effective way to save money while earning high interest? Opening a Recurring Deposit (RD) account might be the solution you're seeking for. An RD account allows you to cultivate a disciplined savings habit by depositing a fixed amount at regular intervals, all while watching your savings grow with the power of compounding interest. Whether you're saving for a short-term goal, building an emergency fund, or planning for a dream purchase, a recurring deposit account can be a valuable addition to your financial strategy.

In this guide, we'll walk you through the step-by-step process of opening a recurring deposit account in Nepal, helping you understand the essentials and make an informed decision about this investment option. Let's dive in!

You can easily open a Recurring Deposit (RD) Account Online and offline if you already have a savings account maintained at bank. In case you don’t have a savings account at your selected bank you have to open a savings account before applying for an RD account in Nepal. But before applying for RD do compare interest rates provided by banks and select the bank with higher interest rate and more related benefits.

Steps to open a RD account online in Nepal:

Log in to your internet banking or mobile banking.
Search for ‘Apply Recurring Deposit’ option (If this scheme is available online you can easily find it in mobile and internet banking).
Click on Apply Recurring Deposit and fill the information below:

- Account number from which the RD installment will be debited monthly.

- The monthly installment you want to deposit (you must have 1st installment in our saving account while applying)

- Choose the tenure of RD

- Add a Nominee for your RD account

Once you have filled all the required information then agree to the terms and conditions and submit your online application.
Once your online application is sent, you will receive a confirmation message to your registered email address.

Note: Only a few banks in Nepal provide online application facilities to open RD account.

Steps to open a RD account offline(By visiting banks) in Nepal:

Visit your nearest bank branch where you have a savings account (any case you don’t have saving account in your selected bank first open saving account)
Collect and fill out the application form with all the relevant details, such as installment amount, deposit tenure, nominee name, payment mode, and address.
Next, you must pay your first installment through cheque or cash and submit the application form.
Once you have submitted your application form, your application will be processed by the bank official.
Once the account will open you will receive a confirmation message to your registered email address.

Saral Banking Sewa can be a helpful platform for those looking to choose the right recurring deposit (RD). As it helps you to compare RD Options, provides detailed information about each RD product, including key terms, eligibility criteria, and documentation requirements, helps you to know the Interest Rate Updates, and also helps you to connect with banks for quick and easy account opening.

Further, our team actively seeks ways to ‘saralify’ your banking experience. If you require assistance from us, throughout your banking processes, we’re always here for you.

WhatsApp/Viber: 9851361107

Telephone No.: 01-5269107

If you found this Blog informative, please share this blog with your family members and friends. Also, if you have any feedback, please feel free to leave a comment in the section below.Connect with us for Banking updates on

Facebook

Instagram