NRN NRNA

Following are the procedures and the documents for the account opening:-

• There are two types of FCY accounts,
  • NRN FCY Savings Account
  • NRN Fixed Deposit Account
• NRN/NRNA can open up either saving or both the accounts i.e. saving and fixed. But saving account is mandatory for those who open up a Fixed deposit account.
• The required information in the form must be filled up clearly. In addition, Passport size photo must be attached in the required box and signature in every pages of the account opening form.
• The scanned copies of passport, account opening form and NRN/NRNA card must be uploaded.
• The account number will be forwarded to the concerned person via email. Therefore, email address is mandatory for the FCY account opening.
• Cash deposits in these FCY accounts are not permitted. Only through the banking channels (SWIFT TRANSFER), the amount has to be deposited in these accounts. Only the internet banking facilities will be provided to the account holders to view the statements of the accounts.
• To open up these accounts, the NRN/NRNA members must deposit minimum amount of 1000 USD or equivalent to 1000 USD if opened in other FCY currencies.
• USD, EURO, Japanese Yen, Pound Sterling and Australian Dollar, account can be opened.
• The following are the interest rates for the FCY accounts:

  Currency	Interest Rates
  	(Saving Account)	(Fixed Deposit)
  (USD)	5.75% p.a.	7.25% p.a.
  (EUR)	4.00% p.a.	5.50% p.a.
  (GBP)	4.75% p.a.	6.25% p.a.
  (AUD)	5.10% p.a.	6.60% p.a.
  (JPY)	2.40% p.a.	3.90% p.a.

• The minimum tenure for the NRN fixed deposit is of one year.
• The repatriation of the interest earned from the accounts will be repatriated to the bank account of the sender remittance amount sent country only. The amount of these accounts can be spend in Nepal or transfer to the NPR account as requested from the account holders.
• Interest earned from the amount deposited in the Fixed deposit and saving accounts will be deposited on a quarterly basis in the saving accounts of the account holders and the interest tax will be imposed as per the Nepalese tax laws.
• In case of the principal of fixed deposit, it should be returned only after the expiry of the payment period. But if the tenure of fixed deposit is more than one year, it can be returned by doing premature after the completion of one year as per the desire of depositor.
• Above mentioned terms and conditions may vary time to time as per the guidelines of the central bank of Nepal.