Remittance Fixed Deposit Account

In a Remittance Fixed Deposit, individuals can deposit the remittance amount they receive from overseas into a fixed deposit account. The funds are locked in for a predetermined period (the fixed deposit tenure) and accrue interest at a higher rate compared to regular fixed deposits.

The benefits of a Remittance Fixed Deposit include higher interest rates, stability of returns, and the opportunity to earn more from the remittance funds. It can also serve as a tool to save and grow the money sent by family members working abroad.

Many banks in Nepal offer Remittance Fixed Deposit accounts. It's advisable to research and compare the interest rates, terms, and conditions offered by different banks to find the best option for your needs.

Different banks might have varying minimum and maximum deposit amounts for Remittance Fixed Deposits. These amounts can depend on the bank's policies and the tenure you choose.

Remittance Fixed Deposits are designed to be locked in for a specific period, and early withdrawals might not be allowed or might incur penalties. It's important to clarify the withdrawal terms with the bank before opening the account.

Interest earned from fixed deposits in Nepal is subject to income tax. The tax rate can vary depending on the individual's total taxable income and the prevailing tax laws.

Some banks may offer the option to take a loan against your Remittance Fixed Deposit as collateral. This can provide you with access to funds without breaking the fixed deposit prematurely.

To open a Remittance Fixed Deposit account, visit a bank branch that offers this service. You'll need to provide identification documents, proof of remittance, and complete the necessary paperwork as required by the bank.

If you have already have Remittance Saving account maintained at a bank you can apply for Remittance Fixed Deposit via mobile banking or internet banking.