03 Apr, 2023

How to Change the Normal Saving Account to Remittance Saving Account (For IPO) in Nepal?

Securities board of Nepal (SEBON) has implemented Securities Issuance and Allocation (Sixth Amendment) Guidelines, 2022 regarding “IPO quota allocation for Nepalese workers employed in foreign countries”.  It states that Nepalese workers working abroad through work permits issued by the government of Nepal shall be eligible for a 10% quota of the total IPO issued. However, this announcement of SEBON has raised lots of questions and confusion about the account  opening  process, scheme change, eligibility criteria and other relevant information among Nepalese employed in foreign countries. Inorder to address those queries we have compiled some answers related to the changing Normal Saving

Account to Remittance Saving Account (For IPO) in Nepal. You might be confused that you can't have two savings accounts in one Nepali bank, but there's good news. Nepal Rastra Bank has a policy that lets you open a remittance savings account alongside your regular normal saving account. Also, some banks allow you to change your normal savings account to a remittance savings account. But remember, if you first opened your account through a Branchless Banking Agent, you can't change your account scheme.To know how to open a new remittance saving account Click HereThere are altogether three ways to change your account scheme in Nepal. They are as follows:1.     Visiting the nearest branch.2.     Visiting a bank's representative office located in the country where you are working.3.     By sending email to concerned banks.Things one has to do!!Most of the banks request you to fill the scheme change form and submit the required documents. But some banks may require handwritten applications for account change in Nepal.When visiting the nearest branch or a bank's representative office for scheme change --- you need to fill the account scheme change form and submit required documents. When sending mail to the concerned banks ---You have to fill and send the scanned copy of account scheme change form, and/or Handwritten application (Request for account scheme change), along with all the required documents.Make sure to send the email from the mail you have registered in your KYC of normal saving account. Also mention the account details of the existing savings account (Name, Account number, Branch name).You can collect scheme change form  from us, send us a message from our website Saral Banking Sewa  or send a mail [email protected] Required Documents you have to submit along with Form.Scanned copy of Shram swikriti (श्रम स्वीकृती)Scanned copy of the page in your passport where the visa stamp is clearly visible.Visa copy/temporary residence copy.Valid Employment agreement or Employee Identity CardScanned copy of your digital signature.**This may vary from banks to banks. If you are interested in applying for an IPO  Click Here to know about eligibility criteria required. 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. Contact us: WhatsApp/Viber: 9851361107Liked this blog? Your friends and family members working abroad might like it too!If you found this Blog helpful, please share this blog with your family member or friends working abroad who need to change their normal savings account to Remittance to avail the benefits of 10% IPO Quota.If you have any feedback please feel free to leave a comment in the section below.Connect with us for Banking updates onFacebook             Instagram