- Interest Rate: As per published
- Minimum Balance: 1000
- Interest Payment: Quaterly
FOREIGN EMPLOYMENT IPO SAVING ACCOUNT is a product especially designed in line with the recent sixth amendment in Dhitopatra Niskasan Tatha Baadfaad Directives 2079 (dated 2079-07-17) issued by Securities Board of Nepal, which states that all public organizations should reserve 10% of its total Initial Public Offering (IPO) to Nepalese citizens gone abroad for foreign employment. The Nepalese citizens gone abroad for foreign employment must have employment approval from concerned government authority.
In this account, it is imperative to uphold a minimum balance of NPR 50,000.00 within the initial six months of account commencement. Nevertheless, the said amount shall be allocated exclusively for Initial Public Offering (IPO) applications and remains non-withdrawable until the account undergoes permanent closure.
Furthermore, if the deposit is held for six months or more after share application, branch can issue a counter cheque for customer to withdraw any excess amount which is not eligible for Reserved Foreign Remittance IPO. Amount can be withdrawn from any branch by a counter cheque without any applicable charge.
Eligibility:
- Individual above 18 years
- Individual in abroad for foreign employment
- One should send fifty thousand and above amount thru remit from the country they are employed within last six months timeframe for IPO application eligibility.
Document Require:
- As per operational manual/ AML& CFT manual and policy/NRB directives.
- Visa copy/temprorary residence copy
- Foreign employment permission letter
Features:
- Free ABBS Facility-Can be revised by Management
- Free Account Statement
- Free C-ASBA facility (Apply fee applicable)
- Free DEMAT account
- Free Mero Share Registration
- Access to Mobile banking & Internet Banking (View Only)
For more information, you can contact us at our Call Center 01-5970179
