NIC Asia Notice Regarding Accounts Inactive for Ten Years or with No Claims
27th November 2025, Kathmandu
NIC Asia Bank Limited has issued a public notice concerning deposit accounts that have remained inactive for ten years or longer or accounts for which no claims have been made.
NIC Asia Notice
This notice is a mandatory regulatory requirement based on directives issued by Nepal Rastra Bank (NRB) and the prevailing financial law.
Regulatory Basis and Account Activation Request
The bank’s action is strictly governed by the financial legislation in Nepal, specifically addressing the management of dormant and unclaimed funds to ensure transparency and compliance.
Legal Mandate: The notice is issued in compliance with Section 112 of the Bank and Financial Institution Act, 2073, and Clause 3(4) of the Integrated Directive 2081 (Directive No. 16/081) issued by Nepal Rastra Bank. These legal provisions outline the precise process and timeline for handling funds in accounts that show no activity or are unclaimed.
Call to Customers: NIC Asia Bank is urging all affected customers who hold deposit accounts that have been inactive for the past ten years or more to take immediate action. Customers are required to activate their accounts by initiating a transaction or contacting the bank, or to claim their existing balances in accordance with the regulations.
Treatment of Unclaimed and Zero-Balance Accounts
The notice clarifies the different procedures that the bank will follow depending on the duration of account inactivity and the existing balance.
1. Accounts Inactive for 20 Years
Fund Transfer to NRB: Any funds remaining in accounts that have remained unclaimed for up to 20 years will be transferred and deposited into the Banking Development Fund maintained by Nepal Rastra Bank. This measure, stipulated by the same directive, is intended to safeguard these long-dormant funds under the central bank’s custody for national development purposes and to simplify the bank’s long-term liability management.
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2. Accounts Inactive for 10 Years with Zero Balance
Account Closure: Accounts that have maintained a zero balance and have recorded no transactions for ten years and subsequently remain inactive will be formally closed by the bank. This action is taken in accordance with Clause 3(3) of the Integrated Directive 2081. The closure process helps the bank clean up its ledger and eliminate administrative overhead associated with maintaining truly dormant and empty accounts.
Customer Action and Bank Information Channels
To assist affected customers in complying with this regulatory requirement, the bank has provided clear channels for information and communication.
Information Availability: Customers can access detailed information regarding the affected accounts directly on the bank’s official website: www.nicasiabank.com. This is the primary and most comprehensive source of data provided by the bank.
Contact Point: For further inquiries or personalized assistance, customers are advised to contact their nearest branch of NIC Asia Bank. Branch staff are equipped to verify account status, guide the activation process, or assist with balance claims.
Customer Service: The bank has also listed its contact details for general inquiries, including phone numbers, a fax number, and toll-free lines for both NTC (1660-01-77771) and Ncell (1810-21-77771) users.
NIC Asia Bank’s adherence to these directives highlights the stringent regulatory environment governing banking operations in Nepal, ensuring that unclaimed or dormant assets are handled transparently and in line with national banking laws. The bank, which is an ISO 9001 Certified Bank, maintains a commitment to compliance and quality service, as reflected in its motto, The Banker, The Friend, “Good for You, Ours Too.”
For More: NIC Asia Notice
