Choosing the right savings account in Nepal isn't just about finding a bank; it's about maximizing your savings. With various options available, from normal savings accounts to special ones designed especially for Nepali workers abroad, exploring these choices can quickly feel overwhelming and time-consuming..
So, this guide from Saral Banking Sewa (SBS) is your ultimate resource. Here, we’ll provide you with a clear, side-by-side comparison of the different types of savings accounts available in Nepal, break down their key features, and give you expert tips to always make a confident decision using our top-notch financial service comparison tools.
Without further ado, let's find you the perfect savings account to perfectly fit your financial goals and secure your future.
A savings account is one of the fundamental and most essential banking services. It offers a secure place to store your money while earning a certain amount of interest on your balance over time. In simple words, your money stays safe and slowly grows.
In Nepal, savings accounts are widely used by individuals and families alike. Whether you're managing daily household expenses, setting aside money for future plans, or simply starting your financial journey, a savings account helps you build the habit of saving while offering easy access to your money.
Most banks in Nepal offer additional benefits like ATM access, mobile banking, and online transfers, making it both practical and flexible. So, it's a great starting point for anyone looking to take control of their finances.
Not all savings accounts are equally beneficial; depending on the financial need and goals, the choice differs significantly. So, before making any decision, it’s essential to look beyond just the name of the account.
Here are the key features you should compare across different banks:
To meet the unique needs of people with various savings goals, banks in Nepal currently offer multiple types of savings accounts with differing services and features.
A normal or regular savings account in Nepal is perhaps the most basic and popular type of savings account. Designed for everyday usage, you can easily start this type of savings account, deposit money, earn interest, and withdraw money as you need.
Unlike any other savings account, you are eligible to open this account regardless of gender, age, or social class. In addition, most normal savings accounts have very low or even no minimum balance requirement to open the account.
But the catch here is that normal savings accounts typically have a low interest rate compared to other account types.
A remittance savings account is specially designed for individuals who send or receive money from abroad. Whether you're working overseas or a family member receiving funds from abroad, this account ensures your remittance is deposited safely and conveniently.
One of the main advantages of a remittance savings account is that, as per Nepal Rastra Bank's directives, it offers at least 1% higher interest rates than a regular savings account. This is a significant benefit that helps your money grow faster.
Some banks even offer additional perks like no minimum balance requirements, free ATM cards, or insurance coverage, making it an attractive option for remittance earners.
This type of account is also aligned with Nepal Rastra Bank’s efforts to promote formal channels for international money transfers. If you receive regular remittance, choosing this account can help you make the most out of every rupee. To find and compare all of these features, check out Saral Banking Sewa’s remittance savings account comparison tool.
Apart from normal and remittance savings accounts, the Gen-Z savings account is a popular option in Nepal. Designed for those born after 1995, this type of account offers benefits specifically tailored to attract the digital-first generation.
Most Gen-Z or Gen-N savings accounts have exclusive benefits like no charges for two years on services like debit card, mobile banking, DMAT/Mero Share, and e-commerce transactions. But that’s not all. Gen-Z savings accounts in Nepal also offer exclusive insurance coverage, a waiver on education loan processing charges, and cashback schemes.
Sometimes, a regular savings account just doesn’t cut it. If you’re looking for an account that offers more tailored benefits, a special savings account might be the perfect fit.
A special savings account aims to meet the needs of those people who are looking to build better saving habits while enjoying extra benefits that a regular savings account does not offer.
One of the key features of a special savings account is the higher interest rate it offers on your balance or savings commitment. Banks might also include valuable benefits like free insurance coverage, priority banking services, or fee waivers. The goal is to get more value and features that a regular account doesn’t provide.
These accounts are especially useful if you want to set saving goals and track your progress. With more structure and added incentives, a special savings account helps you stay committed and make your money work harder for you.
A women’s savings account in Nepal is a dedicated banking service to help Nepali women build financial security and take charge of their financial journey. Designed to support the unique financial goals of women in Nepal, this type of account offers more than just a place to store money.
Many banks offer a range of exclusive benefits on women’s savings accounts, often including higher interest rates, low or zero minimum balance requirements, and free debit cards. Some accounts go further by providing valuable perks like insurance coverage, discounts on loans, or access to financial literacy programs.
Aligned with national efforts to promote women’s financial inclusion, these accounts empower women to save confidently, access essential banking tools, and make independent financial decisions. If you're looking for an account with benefits that truly cater to women, this is an excellent option to consider.
For individuals aged 60 and above, a senior citizen savings account in Nepal offers more than just a place to store money; it’s designed to provide stability, comfort, and meaningful returns during retirement years.
Many commercial banks in Nepal offer exclusive savings accounts for senior citizens that come with higher interest rates compared to regular savings products. This helps retirees grow their savings even after their primary source of income has stopped.
In addition to interest benefits, senior citizen savings accounts may include priority banking services, free or discounted healthcare insurance, locker fee concessions, and waived minimum balance requirements. Such features aim to make everyday banking easier and more accessible for older adults.
If you or your family member is in the senior age group, this type of account is worth considering, especially if regular income comes through pensions or interest earnings.
Opening a savings account for your child isn't just about saving money; it's about starting their financial journey early. Many banks in Nepal offer dedicated children’s savings accounts that allow parents or guardians to deposit money on behalf of their children while benefiting from competitive interest rates and added banking features.
These accounts are generally available for children below the age of 18 and are managed jointly with a parent or guardian. Over time, the funds can be used for future needs like education, healthcare, or even as a foundation for financial independence when they grow up.
What makes children’s accounts appealing is the range of child-friendly benefits banks may offer, like zero minimum balance, free account statements, educational rewards, and birthday gifts or incentives for regular saving. Some banks even offer digital banking access to help older children learn basic money management skills.
In addition to building savings, this type of account encourages financial literacy from an early age, helping children understand the value of money, saving habits, and long-term planning. For parents looking to create a financial cushion and instill good habits early on, a children’s savings account is a simple yet impactful tool.
To help you easily compare all the options discussed, here is a brief comparison table that provides a side-by-side view of the different savings account types in Nepal.
| Type of Account | Ideal For | Key Features | Interest Rates (p.a.) | Minimum Balance |
| Regular Savings Account | Everyone | Basic banking services like deposits, withdrawals, ATM/debit card, online banking | 2.75%–4.75% | Zero to NPR 1,000 |
| Remittance Savings Account | Individuals sending or receiving money from abroad | 1% higher interest rate than other savings accounts, no/minimum balance, free ATM card, IPO allotment perks for remittance earners | 3.75%–5.75% | Zero to NPR 10,000 |
| Special Savings Account | Customers seeking better rates with some deposit commitments | Bonus interest rates, tailored perks like insurance, locker, discounts on cards, etc. | 2.75%–4.35% | NPR 1,000–5,00,000 |
| Women’s Savings Account | Female customers | Preferential interest rates, lower balance requirements, insurance or loan benefits | 2.75%–4.71% | Zero to NPR 1,000 |
| Senior Citizen Savings Account | Individuals aged 55 or above | Higher interest rates, priority services, health-related benefits | 2.75%–4.71% | Zero to NPR 1,000 |
| Children’s Savings Account | Parents/guardians saving for children under 18 | Educational rewards, parental/guardian management | 2.75%–4.25% | Zero to NPR 5,000 |
Finding the right savings account in Nepal is more than just picking a bank with a branch near your home. With dozens of commercial banks (Class 'A'), development banks (Class 'B'), and finance companies (Class 'C') all competing for you, making a smart choice can significantly impact how fast your money grows.
The single most important factor for growing your savings is the interest rate. In Nepal, interest is usually calculated on your daily closing balance and paid out to your account quarterly.
It's crucial to look beyond standard rates; ask banks about special savings schemes or premium accounts that offer higher returns, often in exchange for maintaining a higher balance.
While a regular account might offer 4-5% per annum, these premium accounts can be significantly better. For long-term goals, you should also compare savings rates to a Fixed Deposit (FD), which locks your money for a set period but provides one of the best and safest returns for growing your wealth.
Fees can silently eat away at your hard-earned interest. Almost every savings account in Nepal has a minimum balance requirement, which can range from a few hundred rupees to over NPR 25,000 for premium accounts.
Dropping below this can lead to penalties or a loss of interest. Be sure to read the fine print and watch for common charges like an annual debit card fee, a mobile banking subscription fee, charges for using another bank's ATM, and even a fee for a new cheque book. The goal is to find an account where the interest you earn is significantly more than the fees you pay.
Nepal has a thriving digital payment ecosystem, making a bank's mobile app an essential tool. A good app allows you to check your balance, transfer funds through services like ConnectIPS, pay utility bills, and load digital wallets like eSewa or Khalti instantly.
Before committing, check reviews of the bank's app. While a local branch is helpful, a powerful digital offering from a major Commercial Bank might provide more day-to-day convenience.
Also, consider the bank's ATM network and whether it's part of a larger system, which can save you from paying inter-bank withdrawal fees.
The best account for you depends entirely on why you're saving. For an emergency fund, you should prioritize liquidity and low fees, so look for an account with a low minimum balance and a great mobile app.
When saving for a big goal like buying land, a wedding, or funding foreign studies, your focus should be on the highest possible interest rate, making premium accounts or Fixed Deposits your best option.
For general savings, like for Dashain expenses, seek a balanced account with a competitive rate, a good app, and minimal fees to make saving a seamless part of your life.
After navigating the various types of savings accounts available in Nepal and understanding their unique features, the final decision rests on you. The ‘best’ savings account isn't a one-size-fits-all solution; it's the one that perfectly aligns with your individual financial journey.
Whether you’re a parent saving for a child's education, an overseas worker sending money home, or a senior citizen seeking stability, the perfect account exists. The key is to look beyond the surface: compare interest rates, understand the fees, and leverage modern digital platforms like Saral Banking Sewa to simplify the process.
By making an informed choice, you’re not just saving, you're actively building a more secure and prosperous financial future.
The best savings account depends on your goal. For high returns, a Remittance or Special Savings Account is a great choice. For daily use, a Normal Savings Account with low fees and a good mobile app is ideal.
For long-term, high-return goals where you won't need to access the money, a Fixed Deposit (FD) is often better. It offers a higher, guaranteed interest rate for a fixed period, making it a powerful tool for growing wealth.
Savings accounts in Nepal are considered very low-risk. Your money is protected by the bank and insured by the Nepal Rastra Bank (NRB) through the Deposit and Credit Guarantee Fund (DCGF) up to a certain limit, protecting you against bank failure.
Yes, minors can open a bank account, typically with a parent or guardian. These are often called Children's or Balbalika Savings Accounts and are designed to encourage saving from a young age.
To open a personal savings account, you typically need a copy of your Citizenship Certificate or National ID card and a recent passport-sized photograph. Some banks may also ask for proof of address, such as a utility bill.
Yes, many commercial banks in Nepal now offer online account opening services. You can fill out the application form and upload the required documents through their official website or mobile app.
Interest on a savings account in Nepal is generally calculated on your daily closing balance and is paid out to your account quarterly.
A savings account is for personal use, earns interest, and has limits on transactions. A current account is for businesses, doesn't earn interest, but has no transaction limits, making it suitable for frequent deposits and withdrawals.
