So, you have finally decided to open a bank account?
Cheers!
Opening the first bank account is exciting. It is the first step in your financial journey. Thus, it is very important to consider things before jumping in.
Here’s what you need to consider before diving in. Let’s discuss some important tips for new bank account holders in Nepal.
Understand Your Need
Start with slight research on banks and what account type is suitable for you. Savings Account, Current Account and Fixed Deposit Account are mostly popular.
Sometimes choosing the bank can be the mistake in the first place.
Choosing a bank that has a branch nearest to your locality might sometimes not be the wisest decision.
Consider checking what the existing customers have to say about them. Instead, go with the bank that has a good customer service and reputation.
Don’t Fall on Trap of Schemes
Choosing the right account type might be overwhelming because almost all Nepali banks have multiple names for the same account type. (Eg. Khutruke savings, Welcome savings, Unnati Bachat, Normal saving, Salary Savings, Sunaulo Bachat Khata, and a lot more.)
Do not go for any of them blindly. Keep these tips for new bank account holders in mind first.
Verify with them first via customer support.
Check the interest rate they’re paying and the nature of the payment (quarterly, annually, etc.)
Some top banks in Nepal like Global IME Bank offer a variety of bank account types for your personalized experience. Check them out and choose wisely.
Check for Services that Meet Your Need
Check if the bank provides the services that you desire now or in the future as well. These include Debit/Credit Cards, Dollar cards, Mobile Banking, Internet Banking, DEMAT opening, and various other services.
You are going to miss out on things if your bank does not adopt new trends in this ever evolving digital world.
Most Nepali people choose E-com Card offered by Global IME Bank for international transactions in Nepal.
Fees and Charges
Another thing you need to be aware of is their fees and charges for various services.
Note that some Nepali banks do not charge any fees for cards and other services for a certain time period while there are banks that seem to allow free services but charge irrelevant fees in the upcoming years.
Minimum Balance
Many banks allow customers to register new accounts at zero (Rs. 0) balance but some might have the requirement of at least Rs. 1000.
Keeping this in mind might help you in deciding.
Global IME Bank allows new customers to open a new bank account with Zero Balance.
Branches Availability
While a certain amount of money can be withdrawn at cash machines without hassle, sometimes you might want to withdraw a huge amount and in such cases, there’s no alternative of visiting a branch.
Having branches available near you can save a lot of time and resources. Smart! Isn’t it?
Required Documents
Certain documents are required for new account registration. Perform a slight research and be prepared.
Citizenship certificate, photograph, utility bills or rental agreement for address verification, PAN card, etc. might be required.
After you’ve done your necessary research on banks and services, you can open your very first bank account by visiting the nearest branch or by registering online if available.
Check the documents required for Global IME Bank.
Bonus Tips for new Bank Account holders in Nepal
What after you’ve successfully opened a Bank Account?
Now relax, your job is all done?
Nope!
Because of low digital and financial literacy, Nepal is still facing challenges in banking online.
There are certain things you need to get done as soon as you open your bank account to make your banking experience smooth.
Utilize Digital Banking
Mobile Banking: Experience the Cashless Transaction with your fingertips.
Internet Banking: Access your account online anywhere, anytime.
Cash Machines: Now enjoy that “krrrr” sound that ATMs make while withdrawing money.
Secure your Account
With the rapid adoption of online banking, there is a number of scams and frauds increasing in Nepal.
Consider these to minimize possible frauds.
- Strong Password: Create a strong and unique password for your Mobile Banking to keep you and your finances safe.
- Biometrics for security: Banking apps nowadays allow users to set their biometrics such as fingerprints, iris scan, etc. for added security, utilize them.
- Two-factor Authentication (2FA): Add two factor authentication for extra security just like you do for your social media accounts.
- Regularly Monitor your Account: Keep a close eye on your account and activity.
- Do not share: Avoid sharing your credentials with anyone. Also, refrain from entering your card details everywhere asked blindly.
- Report Suspicious Activities: Any suspicious activity must be reported to the bank and you know why.
Financial Planning
Are you expecting me to explain this as well? Just kidding!
Opening a bank account is the first step into your financial management journey. Considering these might help even more.
- Set Financial Goals: Depending on what phase you are in your life, it is crucial to have set financial goals for yourself and your family.
- Budgeting: With “the bank” inside your pocket, you have access to your transaction history and statements, making it easier to manage your finances.
- Save Regularly: Build a saving habit, even small amounts add up over time.
- Invest Wisely: Explore investing options like share market. Don’t underestimate the power of compounding.
If you found these tips for new bank account holders helpful, please leave your comments below or share with who you think might need to give it a read!
