16th October 2025, Kathmandu
The Nabil Premium Remittance Savings Account is a highly specialized and beneficial financial product offered by Nabil Bank, specifically tailored to meet the unique needs of Nepalese citizens engaged in foreign employment and their families back home.
Nabil Premium Remittance Savings Account
By offering competitive interest rates, insurance protection, and numerous fee waivers, this account plays a crucial role in encouraging migrant workers to utilize formal banking channels for sending remittances, thereby contributing to both their personal financial security and the economic stability of Nepal.
This comprehensive guide, requested in the form of an SEO article over 600 words, breaks down the significance, features, benefits, and insurance coverage associated with this premium offering.
Elevated Interest Rate: Maximizing Your Savings
One of the most significant attractions of the Nabil Premium Remittance Savings Account is its highly favorable interest rate. As of the latest available data, the account offers an impressive annual interest rate of 5.77%. This rate is substantially higher than the rates offered on general savings accounts, reflecting the bank’s initiative to reward migrant workers for channeling their hard-earned money through the formal system.
- Competitive Returns: The 5.77% interest rate ensures that the money remitted to Nepal grows at a healthy pace, helping to build a substantial savings cushion for the future.
- Zero Minimum Deposit: With a Nil minimum deposit requirement, the account is highly accessible. This feature removes a major barrier for new account holders, allowing them to start saving immediately upon opening the account, regardless of the initial remittance amount.
Security and Stability: The Benefits of Formal Channels
The Nabil Premium Remittance Savings Account is a key government and banking sector initiative designed to steer money away from informal and illegal methods like hundi or hawala. Utilizing a formal channel like this account provides multiple layers of security and economic benefit.
- Guaranteed Safety: Formal banking channels guarantee the safe and prompt transfer of funds. Unlike informal channels that are unregulated and carry a high risk of loss or fraud, a bank account ensures that the money is secure and legally tracked.
- Legal Compliance and Financial History: Using formal channels builds a legitimate financial history for the migrant worker, which is crucial for future credit access, loans (such as home or business loans in Nepal), and other financial services.
- Contribution to National Economy: Every remittance channeled formally supports Nepal’s Balance of Payments (BOP) and increases the country’s foreign exchange reserves. This stability is vital for the national economy, enabling the government to fund essential imports and key development projects. This shift from informal to formal flows is a core policy objective of the Nepal Rastra Bank (NRB).
Exclusive Features and Cost-Saving Benefits
The account is packed with features designed to reduce transaction costs and increase convenience for the account holder and their family in Nepal. These perks translate into substantial savings on banking fees.
- Reduced Remittance Costs: Account holders enjoy a 50% discount on SWIFT transfers and demand drafts. This directly reduces the cost of future international financial transfers, encouraging frequent and affordable remittance.
- Digital Banking Accessibility: The account promotes financial inclusion through digitalization. It provides free subscription fees for the first year on the NPR Debit Card and the NPR Credit Card. Furthermore, the mobile banking service, nBank (Mobile Banking), is free for the first year, and nBank Web (Internet Banking) offers free access. These digital tools allow the family in Nepal to manage the funds, pay bills, and make purchases securely and conveniently from home.
- Convenience Services: Essential banking services such as a Cheque Book, Balance Certificate, and Account Statement are readily available, providing the necessary documentation for all financial dealings. A Locker Facility is also available, ensuring the safety of valuable documents and belongings.
Comprehensive Insurance Coverage: Nabil Care Protection
A standout feature of the Nabil Premium Remittance Savings Account is the mandatory inclusion of the Nabil Care insurance package, which offers vital financial protection against unforeseen health crises. This coverage provides peace of mind to the worker abroad and their family.
- Critical Illness Coverage: The policy provides a lump sum of Rs. 300,000 upon the diagnosis of any of the 13 covered critical illnesses.
- Term Life Insurance: An additional Term Life Insurance of Rs. 75,000 is provided in case of death due to any cause (excluding suicide), bringing the total potential coverage to Rs. 375,000 in case of death caused by a covered illness.
The 13 Critical Illnesses typically covered under this package (and similar bank-provided insurance in Nepal) often include:
- Major Cancers
- Strokes
- First Heart Attack (Myocardial Infarction)
- Serious Coronary Artery Disease (requiring surgery)
- Kidney Failure (End Stage Renal Failure)
- Heart Valve Surgery
- Primary Pulmonary Arterial Hypertension
- Major Organ Transplant
- Surgery to Aorta
- Multiple Sclerosis
- Coma
- Total Blindness
- Paralysis
This insurance offers a crucial financial lifeline, helping to cover massive medical expenses that could otherwise deplete the family’s entire savings, demonstrating the bank’s commitment to the well-being of the migrant community.
Eligibility: Who Can Benefit?
The target group for this product is broadly defined to maximize its positive impact on the community:
- Current and Future Migrant Workers: All Nepalese citizens who are currently in foreign employment or those who have secured a valid work permit from the Government of Nepal (GoN) and are preparing for their departure are eligible.
- Family Recipients: Family members of Nepalese citizens with valid work permits are also eligible to open or receive funds into this account, provided they receive remittances through formal banking channels, making it a comprehensive tool for household finance.
The Nabil Premium Remittance Savings Account serves as more than just a place to deposit money; it is a dedicated financial ecosystem designed to secure the savings, simplify the banking process, and safeguard the health of Nepal’s globally-working population. Its combination of a high-interest rate, low fees, and critical insurance coverage makes it an invaluable product for the segment of the population whose remittances are the backbone of the national economy.
For More: Nabil Premium Remittance Savings Account