Kathmandu, March 20
Top 10 Banks in Nepal
Mega Bank Nepal Ltd (MEGA) was awarded ‘The Banker’s Bank of the Year 2019’ recently. It was the first time that the bank received the highly recognized excellence award. Throughout the years, we have seen significant progress in the banks of Nepal. Furthermore, the new features and services from these banks have brought upon a drastic improvement in the way we see transactions and capital. In this article, we are going to discuss the Top 10 Banks in Nepal.
Basically, there are 4 classes of banks in Nepal. These are Central Bank, Commercial Banks (Class A), Development Bank (Class B), Finance Companies (Class C), and Micro-credit Development Banks (Class D).
The Central Bank, Nepal Rastra Bank is in charge of the nation’s monetary policy and supply.
Most certainly, the banking sector is a fast-growing industry in Nepal. The competence among the banks in Nepal has resulted in an increase in the development of the banking sector.
Top 10 Banks in Nepal 2019
Nepal Bank Limited
The first on this list is also the first commercial bank of Nepal. Nepal Bank Ltd was established in 1937 A.D and is a government-owned bank. Its headquarter is in Dharmapath, Kathmandu.
It has a total of 178 branches across the nation which provide services regarding loan and deposits, ATM, and internet banking facilities. Out of these, all 178 branches operate digitally and consist of a total of 2245 staff members. [Data as of Feb 2020]
Most importantly, the bank provides an Annual Interest Rate of 4% on normal savings and has several special savings deposit schemes.
Mega Bank Nepal Ltd (MEGA)
The MEGA bank is quite young as compared to the other banks in Nepal. The bank received its operating license from Nepal Rastra Bank on Shrawan 4, 2067. It is the youngest commercial bank to bag a Bank of the Year in Nepal in just 9 years of its service.
At present, the bank has 111 branches, 29 extension counters and 114 ATMs serving throughout the country. Moreover, the interest rate MEGA bank provides is 5 – 6.5% on several saving deposits.
Standard Chartered Bank Nepal
Standard Chartered Bank Nepal is one of the most prestigious banks in Nepal. It was established in 1987 and is actually a subsidiary of Standard Chartered PLC. The headquarters of the bank is in London, England.
It is one of the pioneers of advanced technological services such as credit cards and ATMs in the country. Today, the ATMs of this bank accept international cards which is a huge relief for foreigners visiting Nepal.
Moreover, the bank has taken its online services to the next level by allowing customers to open an account from home. The bank currently has 21 ATMs, 12 branches and 3 extension counters serving the nation to give excellent banking experience.
Nepal Investment Bank Limited (NIBL)
NIBL was established in 1986 as a joint venture between Nepalese and French companies. However, the Nepalese investors brought all the shares from the French company in 2001. With the international standard of banking, it is one of the most reliable financial institutions of Nepal.
The bank consists of 82 branches, 16 extension counters, and 10 revenue collection counters. The interest rate on saving accounts in NIBL ranges from 0.15 – 5.50% per annum.
Nepal SBI Bank Limited
Nepal SBI Bank Limited is next on the list and is the subsidiary of State Bank of India. It was established in the year 1992 and today has become one of the leading banks in Nepal. The bank has a total of 116 outlets throughout Nepal which include 88 full-fledged branches and 19 extension counters.
Similarly, it provides electronic transaction through 118 ATMs around the country (including 2 Mobile ATMs and 4 CRMs).
The interest rate that Nepal SBI Bank provides on saving deposits ranges from 2 – 5% per annum.
Nabil Bank Limited
The first foreign joint venture bank in Nepal, Nabil Bank, was established in 1984. The first private sector bank in Nepal has branches throughout the nation with headquarters at Durbarmarg, Kathmandu. Moreover, it was one of the top banks in Nepal 2019.
The bank promises to stay customer-focused and go “Together Ahead” to provide professional and result-oriented service. In fact, Nabil Bank provides modern banking solutions through its 93 points of representation. It has 175 ATMs and 112 branches throughout Nepal. The several saving deposit schemes of Nabil bank provide an interest rate from 3.25 – 5.25% p.a.
Everest Bank is a commercial bank of Nepal that came into existence in 1994. It is a joint venture of Punjab National Bank and has its headquarters in Lazimpat, Kathmandu. In fact, it is a leader in online banking services with top-notch and high-quality services.
The bank serves its customers with 95 branches, 123 ATMs, 3 extension counters and 31 Revenue collection counters across the nation. Therefore, it is one of the most efficient and accessible banking service providers in Nepal. The interest rate on saving accounts in Everest Bank ranges from 3.50 – 5.50% p.a.
With the reputation of one of the leading commercial banks of Nepal, Sanima Bank was established in the year 2004. It serves its customers with 79 branches, 72 ATMs, and 2 extension counters.
Above all, the interest rate on saving deposits ranges from 1 – 6.50% paid quarterly.
Global IME Bank Limited
Global IME Bank was established in 2007 with the provision of entire commercial banking services. In fact, its establishment involved the largest capital base at that time.
The bank currently operates 270 branches, 38 extension and revenue collection counters, and 257 ATMs. The interest rates on saving deposits range from 0.75 – 6% p.a.
Prabhu Bank is one of the leading commercial banks in Nepal that came to be in 2006. It has its head office in Babarmahal, Kathmandu. The bank has completed years of the financial journey and currently has a network of 208 branches, 155 ATMs and 46 extension counters across Nepal.
The interest rates that Prabhu Bank provides on saving deposits range from 3.50 – 5.50% per annum.
So, there you go! These are the top banks in Nepal at present providing top-level financial services to the general public. With several branches and ATMs along with online services, these banks have revolutionized the finance industry of Nepal.
Do you think there are enough banking institutes and ATMs in Nepal? Does the interest rate of these banks satisfy you?
Let us know what you think!