- Nature of Savings Account:
The
scheme is supposed to facilitate easy and regular withdrawal of
funds as and when required and simultaneously earning of income
on the balance that is kept in the account. Any person having
a savings account is allowed to deposit money and withdraw to
the extent of balance freely from his/her account. Individual
banks however put a restriction on number of withdrawals and amount
for each transaction in saving account, which are ten withdrawals
per month and Rs. 100 thousand per day for NSBL.
Saving account is an interest bearing account. The interest is
paid on minimum daily balance basis. The advantage of Savings
account is that an individual can utilize the bank account for
various payments while the balance in the account earns interest.
The scheme is designed to encourage small savings . The interest
in saving account is paid on quarterly basis.
- Who can open Saving Account?
Savings accounts are allowed to be opened only by individuals
singly or jointly. Other than individuals, any organization or
body of persons (e.g. society etc.) can open a savings account
if they are a charitable organization and are exempt from income
tax on their income.
- Introducer for Prospective Customer:
It is essential that an existing account holder should introduce
the prospective customer. It is preferable that introducer should
come to the bank for introduction. However in case it is not possible
for the introducer to come to the bank, it is very important that
signature of the introducer should be verified with utmost care
and if possible the introduction may be confirmed with the introducer
on telephone/ in writing. However, depending on the situation,
the branches/ extension counters may open the saving account without
getting any introduction from an existing account holder, which
will be judiciously exercised by the branch manager/ officer in-charge.
Reasons for doing so should be clearly recorded by the concerned
official.
- The Documents Required for Opening of Saving Account:
| For Individual |
| For Nepali citizens: |
Citizenship certificates (WHICH CERTIFY THE DETAILED ADDRESS). |
| For Indian Nationals: |
Registration certificates as Indian National issued by Embassy
of India, Kathmandu/ Passport. |
| For other foreign nationals: |
Copy of passport having entry stamp and valid visa. |
| TWO COPIES OF RECENT PHOTOGRAPH should
be obtained. |
For Non-profit Making Organization:
Articles and memorandum of association, certificate of registration,
name list of directors, identification of the directors, board
minute for opening account, delegation of authority for account
operation, etc.
