Multiple Bank Accounts Closure Request by Mahalaxmi Bank

16th March 2026, Kathmandu

Mahalaxmi Development Bank Limited has issued a formal notification requiring all customers holding multiple savings accounts of the same type in domestic currency to consolidate their holdings.

Multiple Bank Accounts Closure

This directive, dated 2 Chaitra 2082, aligns with the Nepal Rastra Bank (NRB) Unification Directive 081/082, which mandates stricter controls on account duplication to improve financial transparency and operational efficiency across the banking sector.

Regulatory Compliance: The NRB Directive

The initiative is rooted in Clause 45 of the NRB Unification Directive, which prohibits individuals from maintaining multiple savings accounts of the same category within the same institution, unless specific exceptions are granted. The primary objectives of this regulation include:

• Preventing the misuse of multiple accounts for unauthorized financial activities.
• Reducing the operational burden on banks by eliminating dormant or redundant account records.
• Streamlining the Anti-Money Laundering (AML) and Know Your Customer (KYC) monitoring processes.

Action Required for Account Holders

Customers who currently maintain more than one savings account in domestic currency are urged to visit their nearest Mahalaxmi Development Bank branch immediately. The bank staff is prepared to assist in the consolidation process, ensuring that all funds are moved to a single primary account and that all redundant accounts are formally closed.

Benefits of Account Consolidation

While the move is a regulatory requirement, it offers several practical advantages for the account holder:

Financial Management: Managing a single account reduces the risk of oversight regarding transaction history and account balances.

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Cost Efficiency: Many banks charge annual maintenance fees or service charges for each account. Consolidating holdings can eliminate these redundant expenses.

Enhanced Security: Fewer accounts mean a smaller digital footprint, reducing the risk of unauthorized access or cyber fraud.

Simplified KYC: Maintaining one account ensures that your compliance documentation is always up-to-date and easily managed.

How to Proceed with Account Closure

To ensure a smooth transition, the bank has outlined a simple procedure:

• Visit your home branch or any convenient branch of Mahalaxmi Development Bank.
• Present your identification documents (Citizenship card or valid ID) and your account passbook or debit card.
• Request a consolidation of your extra savings accounts into your primary account.
• Obtain a formal confirmation from bank officials once the closure process is completed.

A Commitment to Responsible Banking

Mahalaxmi Development Bank emphasizes that this initiative is a vital step toward fostering a more disciplined and transparent financial environment. By adhering to these guidelines, customers help the bank remain in full compliance with central bank directives while simultaneously optimizing their own personal banking experience.

If you are unsure whether you hold multiple accounts, it is advisable to contact the bank’s customer support or visit your branch to verify your account status. Failure to comply with these central bank regulations could lead to administrative hurdles in future banking transactions.

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