In 2081, Nepal’s banking system has introduced new rules and requirements for opening a bank account. These updates aim to make banking more secure, transparent, and accessible to all citizens. Whether you are an individual, business owner, or foreign national, understanding these rules will help you open a bank account smoothly.
Nepal Rastra Bank’s New Directive on Bank Account Openings
Nepal Rastra Bank has issued a directive requiring banks and financial institutions to open accounts only based on the National Identity Card number starting Magh 1, 2081.
According to the circular, banks and financial institutions must ensure account openings are based on the details from the electronic records of the National Identity Card or its number. The directive states:
“Banks and financial institutions shall, from Magh 1, 2081, verify details through access to the electronic records of the National Identity Card and mandatorily facilitate account openings based on the National Identity Card or its number.”
Additionally, institutions are required to update the National Identity Card details for all accounts held by high-ranking individuals by Magh 1, 2081.
The rule applies to:
- Current or former high-ranking officials
- High-ranking officials from neighboring or nearby countries
- Other foreign high-ranking individuals
- Officials of international organizations
However, for government payments such as social security benefits, accounts may be opened based on details provided by the respective government authority.
Furthermore, banks have been instructed to verify the authenticity of mobile numbers provided by customers during account registration, ensuring that the number belongs to the individual registering it.
The directive also mandates banks to establish updated systems to regularly verify whether their transactions involve individuals, groups, or organizations listed by the Ministry of Home Affairs.
If any listed individual, group, or organization, or any related person holds an account, locker, or other assets with the institution, the bank must immediately freeze those assets and notify the Financial Information Unit (FIU) under the Asset Laundering Prevention Supervision Department of Nepal Rastra Bank within three days
Key Changes in Bank Account Opening Rules (2081)
Mandatory Biometric Verification
Banks now require fingerprint and facial recognition verification.
This enhances security and prevents fraud.
Online Account Opening Option
Many banks now allow fully digital account opening through mobile apps or websites.
Customers can submit required documents online and verify via video call.
Some banks offer instant digital accounts with limited features until full verification is completed.
National ID Card Requirement
From Magh 1, 2081, individuals must provide their National Identity Card (NID) for opening a bank account.
This replaces the previous requirement of a citizenship certificate.
Banks will verify National ID details through the government’s Citizen Portal.
Required Documents for Individuals and Businesses
A National Identity Card (Rastriya Parichaya Patra) or a company registration certificate is required, along with a recent passport-size photo for individuals. Contact details, including phone and email, must be provided. A PAN (Permanent Account Number) is necessary for transactions above a certain limit. Businesses must also submit a tax clearance certificate, a board resolution for account opening, and details of shareholders and directors.
Minimum Balance Requirement Changes
Some banks have reduced or removed the minimum balance requirement for savings accounts, while business and corporate accounts still have a minimum deposit limit. Certain premium accounts require a higher minimum balance for additional benefits.
Foreign Nationals Can Open Accounts Easily
Foreigners living in Nepal can now open accounts with a valid visa and work permit. NRNs (Non-Resident Nepalese) can open NRN accounts online from abroad, and special provisions exist for diplomats and employees of international organizations.
Strict Anti-Money Laundering (AML) Rules
Large deposits and international transactions require proof of income source. Suspicious transactions are closely monitored, and banks must report high-value transactions to Nepal Rastra Bank.
Special Accounts for Students, Seniors & Women
Banks offer zero-balance student accounts with debit card and mobile banking, higher interest rates on fixed deposits for senior citizens, and additional benefits and discounts for women’s savings accounts. Some banks also provide special incentives for first-time account holders.
Steps to Open a Bank Account in Nepal (2081)
To open a bank account, start by choosing a bank that suits your needs, whether it’s a savings, current, or business account. Gather the required documents, including your National Identity Card, a passport-size photo, and PAN if applicable. If applying online, ensure all documents are in scanned digital format.
You can visit the nearest bank branch for a physical application or use the bank’s official website or app for a digital application. Fill out the application form accurately, providing personal or business details and attaching the required documents.
For identity verification, banks conduct biometric and KYC verification. In-person applicants need to provide fingerprints and a photo, while online applicants go through video KYC verification. Some accounts may require an initial deposit to activate. Once approved, you will receive your account number, debit card, and mobile banking access. Many banks now provide instant virtual debit cards for online transactions.
Common Questions About the New Rules
From 2081, providing a National Identity Card is mandatory for opening a bank account. The citizenship certificate is no longer accepted for this purpose. Many banks now allow fully digital applications with video KYC verification. If you do not have a National Identity Card yet, you must apply for one at your district administration office. You can also check your ID status on the Citizen Portal at citizenportal.donidcr.gov.np.
