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How To Choose The Correct Bank Account Type

The Correct Bank Account Type: What is the first thing that comes to your mind when you think of opening a bank account? I guess the first thing you will be typing on google is, how to choose the correct bank account type that meets your requirements?

The world is globalizing faster than ever. Every now and then new banks are born and existing banks are coming up with new schemes. Having said that, you have lots of options to choose the correct bank account type that fits your requirements.

Bank accounts are divided into 4 categories such as Savings, Current, Fixed deposit and Recurring deposit account. Depending on your occupation, not all bank accounts might fit into your category. So it’s a wise decision to research a bit before you open any bank account.

To make your research easier we have details out the correct bank account type for each individual as per their occupation.

Choosing the Correct Bank Account Type

Business Person

If you are a business person and looking toward opening a new bank account anytime soon. You should opt for a current account.

Why should a business person choose Current Account?

A business requires a steady flow of transactions to function a business smoothly. There is continuous in-flow and out-flow of cash in any business on a daily basis.

Current bank account gives a business person the facility to make payment and receipt on a daily basis at any given time of a day. Compared to other bank accounts, current bank accounts allow faster transfer, credit and debit options.

On top of that, Current account also provides benefits like overdraft or loan facility to the current account holders for business operations.

Bank Account For Salaried Person

This part of the article might relate to many readers because the majority of the people who work in Nepal are salaried peoples. And you might be one of them.

If you are a salaried person I am sure you already have an account that is given to you by your company known as Payroll Plus Account.

Payroll Plus Account is a corporate salary account program for employees of an institute, organization and companies. This type of account gives lots of benefits to companies.

But if you look from an individual point of view. The benefits are limited. Receiving your salary and withdrawal is the only thing you can do with that account. If you want to use the advanced options you will have to transfer your account to either current or saving.

So as a salaried individual if you are looking for a correct bank account type to save your hard earned money. A Saving Bank account is the best option for you.

As we all know, a savings bank account is a type of account which is opened by people to save a part of their income. Therefore, it is the most appropriate account for salaried individuals.

Best Bank Account For Students

Saving is a habit that every individual should get into. And most banks in Nepal have an option that gives students an option to open a bank account.

Banks like Everest Bank, Mega Bank and Global IME give students an option to open a Students Saving account, where the students can make small savings and get a high rate of interest in return.

The minimum balance to open a Student Saving account is NPR100. Other facilities include Cheque Book, Online/SMS banking service and statement on demand.

Bank Account For Firm or Business

Firm and business requires a specific type of bank account to operate the organisation. Larger the firm, higher the complexity in handling the transactions.

Compared to any individual or entrepreneur, firm and businesses deal with huge transactions on a daily basis. That’s the reason big firms and companies have a dedicated accounts department to handle the transactions.

When it comes to accounting for big firms and businesses, Standard Chartered is doing a great job by providing a “Business Plus Account.”

Business Plus Account is a unique deposit account exclusively designed for firms and businesses. The services included in this scheme are financial advice and solutions, free credit card for business banking, free worldwide banking, short term loan, demand loan, term loan and bank guarantees.

Business Plus accounts give customers unlimited service which we won’t be able to cover in this article. If we try to cover each and every feature of a Business Plus account, the article will get way too long.  You can find the complete detail here.

Best Bank Account for Housewife or Woman

“Every woman deserves financial freedom.” This is a slogan from NIC ASIA bank. I loved it!

For all those who are a housewife or a woman in general you too have the right to choose the correct bank account types.

Mostly all the banks have a specific scheme solely dedicated for women. Speaking in general, every house wife looks toward saving. And yes, a savings account is the best option for a housewife and woman. But, the question is what type of saving account?

Each bank has different schemes with its own unique features. Now if you look into NIC ASIA, they have ‘New Premium Super Chamatkarik Nari Bachat Khata’, a bank account that is solely dedicated to earning women. Whereas Laxmi bank has a ‘SuperWoman Saving’ account.

Even if you are not a working woman you can still visit any bank and open a saving bank account. There is no discrimination between male and female in term of opening a bank account. You will get the same treatment and same service like everybody else.

NRN (Non-Resident Nepalese)

We have covered up bank account types of Individual residing in Nepal. Now let’s cross the border. So, How to choose the correct bank account type if you are a NRN?

It doesn’t matter if you are a NRN or a pure citizen of Nepal. Every bank gives its customers equal facilities and service with a bit of alter term and conditions.

Before we could point out the exact bank account for any NRN. It’s important to know why you want to open an account in Nepal. Is it for a business purpose? Is it for personal saving? Is it for family maintenance? Etc, etc.

Literally every bank allows any NRN to open a bank account in Nepal. But again the question boils down to one thing. Why do you want to open a bank account?

If you are looking to save your money you can go for a savings account. If you are investing on a business that you are part of, you can open a current account.

Here is a list of banks where you can open any type of account as a NRN.

  • Nabil Bank Ltd.
  • Rastriya Banijya Bank Ltd.
  • Nepal Investment Bank Ltd.
  • Standard Chartered Bank Nepal Ltd.
  • Himalayan Bank Ltd.
  • Sanima Bank Ltd.
  • Everest Bank Ltd.
  • Laxmi Bank Ltd.
  • Siddhartha Bank Ltd.
  • Prabhu Bank Ltd.

Conclusion

Here you go! It doesn’t matter what your profession is, where you are around the globe, what you do for a living. It’s always a wise move to do a bit of research before opening any account in any bank.

Like I have mentioned above, each bank has its own unique features, service, terms and conditions. If you could afford , you can try consulting a financial expert.

The takeaway of this article is, no matter who you are or from which part of the country you are. You always have the option to choose the correct bank types that fit your requirements.

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