Remittance Savings

A Remittance Savings account is a special Nepali rupee savings account designed for Nepali citizens working abroad on foreign employment and their immediate family members back home, so that money sent home through formal banking/remittance channels lands directly in a dedicated bank account. Only funds verified as having arrived through a remittance channel (e.g. SWIFT, money transfer control number/CRN, or a partner remit company) may be credited, and no charge is applied on inward remittance. These accounts are typically zero-balance / no-minimum-balance, often pay a higher interest rate than ordinary savings (commonly around 1% p.a. above the normal savings rate), and—because they are ASBA-enabled—they are the only account type that qualifies a migrant worker for the 10% IPO quota reserved by the Government of Nepal for foreign-employment Nepalis (effective Nov 2022). Many banks bundle them with free cheque book, free statements, debit card, mobile/internet banking, DEMAT/MeroShare and sometimes free insurance cover.