If you’re looking to make the most of your remittance earnings, a Remittance Fixed Deposit offers an attractive, stable way to earn higher returns. This type of fixed deposit is designed to provide Nepali workers abroad and their families with a secure investment option that grows their funds over time. In this guide, we explore the benefits of remittance fixed deposits, highlight current interest rates, and introduce the FD Calculator to maximize your potential returns.What is a Remittance Fixed Deposit?A Remittance Fixed Deposit (FD) allows you to deposit your remittance funds at a fixed interest rate, generating predictable returns over a chosen period. This deposit option is
ideal for those seeking stability and security without exposure to market risks. Here are some key benefits and features of remittance fixed deposits:Common Features and BenefitsFlexible Interest Payments: Choose to receive interest payments monthly or quarterly, based on your preference.Attractive Interest Rates: Benefit from high rates that offer competitive returns on your remittance savings.Flexible Tenure Options: Select a tenure that aligns with your financial goals, from short to long-term options.Premature Withdrawal Option: Many banks allow premature withdrawal of fixed deposits in case of urgent needs. However, this may incur a penalty, which is typically minimal and varies by bank policy.Loan Against FD: FD holders can avail of loans against their deposits. This allows access to liquidity without breaking the FD.These features make remittance FDs a reliable option for maximizing your remittance savings with added flexibility.Kartik 2081: Top Remittance Fixed Deposit Rates in NepalWith the latest rates available, here’s a look at some of the best options in Nepal for remittance fixed deposits:S.N.Bank NameProductInterest Rate1Kamana Sewa Bikas BankRemittance Fixed Deposit8.00%2Shangri-la Development BankRemittance Fixed Deposit7.75%3NMB BankNMB Janmabhumi Muddati Khata7.50%4Standard Chartered BankRemittance Fixed Deposit7.50%5Nepal Investment Mega BankRemittance Fixed Deposit7.50%These interest rates highlight the competitive nature of remittance FDs, with Kamana Sewa Bikas Bank offering up to 8%. Saral Banking Sewa’s Deposit Accounts page can help you explore additional options and find the best rate to meet your needs.Special Provision for Remittance in Nepal To promote foreign remittance through banking channels, Nepal Rastra Bank mandates a remittance savings account interest rate of 1% + the highest savings rate of the respective bank. Similarly, remittance fixed deposit also has the privilege of getting 1% higher interest rate than the General Fixed deposit account 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 8%, making them a solid choice for accumulating wealth over time.Why Use an FD Calculator?Using an FD Calculator is essential to project your returns accurately. Saral Banking Sewa’s FD Calculator allows you to enter your principal amount, tenure, and interest rate to see your total earnings. This tool is invaluable for evaluating how different rates and tenures affect your maturity amount.How to Use the FD Calculator:Principal Amount: Enter the amount you plan to invest.Tenure: Select the duration for the fixed deposit.Interest Rate: Input the applicable interest rate or test different scenarios.Calculate: Instantly view your maturity amount and the total interest earned.Eligibility Criteria and Required DocumentsTo open a remittance fixed deposit, you must meet specific eligibility criteria and provide certain documents:EligibilityWho Can Apply: Nepalese individuals working abroad and their immediate family members are eligible to open a remittance fixed deposit account.Required DocumentsWork Permit (Shram Swikriti): Document which proves work eligibility of the individual relevant to their country of employment.Proof of Remittance: Receipt of the remittance amount received from foreign employment (International Remittance only).Other Verification Documents: Any additional documents that verify the funds are from foreign employment.Check out Remittance Fixed Deposit with Saral Banking SewaFixed deposits are an excellent way to grow your remittance earnings with low risk and predictable returns. With Saral Banking Sewa, you can compare deposit rates, use the FD Calculator to project your potential earnings, and find the best account to meet your financial goals. Start securing your future today by exploring the highest-yielding remittance FDs available!
