about NRN foreign Currency ccount

  • Home
  • about NRN foreign Currency ccount

About NRN Foreign Currency Account

1. What Is NRN Foreign Currency Account?
The account of NRN which is opened for different foreign currency in any commercial bank of Nepal is NRN Foreign Currency Account. This type of account can be opened in US Dollar, Euro, Pound Sterling, Australian Dollar, Canadian Dollar, Japanese Yen and Chinese Yuan.
2. What is the minimum deposit and minimum duration for NRN Foreign Currency Account?
The minimum amount for NRN Foreign Currency Account is USD 5000 (varies with bank) or its equivalent in other currencies and minimum duration is 1 year.
3. What eligibility criteria/ documents are required to open the NRN Foreign Currency Account?

The eligibility criteria/ documents of NRN Foreign Currency Account are enlisted below:
Eligibility Criteria:
• Nepalese nationals residing, working and earning in abroad.
• Nepalese nationals residing, working and earning in Nepal in terms of foreign currency.
• Eligible NGOs /INGOs to operate FCY Account as per the directives of NRB.
• Minimum balance USD 10 or respective currencies (Varies according to Bank)

Required Documents:
For personal accounts:
• Citizenship Certificate or Passport
• 2 PP size photos
• Photocopy of the agreement with the employer and / or FCY-Income Letter

For Sole Proprietorship:
• Registration Certificate
• Citizenship Certificated Proprietor
• 2 PP size photos
• Tax Certificate

For Partnership Account:
• Partnership Deed
• Firm Registration Certificate
• Citizenship Certificate of Partners
• 2 PP size photos of partners
• Tax Certificate

For Limited Company Account:
• Registration Certificate
• Tax Certificate
• Memorandum & Articles of Association
• Name, Address of directors & Office Bearers of the Limited Company with copy Citizenship Certificate
• Name & Signatures of the Persons Authorized to Operate an account
• Operation Commencement Certificate (for Public Ltd. Co.)
• Resolution of Board of Directors regarding opening & conduct of an account

For Club, Society & Association:
• Registration Certificate
• List of Office Bearers
• Resolution Regarding Opening & Conduct of Account
• Name & Signature of the persons authorized to operate the account
1. What Is NRN Foreign Currency Account?
The account of NRN which is opened for different foreign currency in any commercial bank of Nepal is NRN Foreign Currency Account. This type of account can be opened in US Dollar, Euro, Pound Sterling, Australian Dollar, Canadian Dollar, Japanese Yen and Chinese Yuan.
4. What are benefits of NRN Foreign Currency Account?
There benefits of NRN Foreign Currency Account are mentioned below:

• Interest rate of 5% or above (Varies according to Bank).
• Hassle-free repatriation of principal and interest without any charge.
• Waiver on Card charges, Internet banking facility and mobile banking facility (Varies according to Bank).
• Special concessions on conversion of FCY deposit into NPR, as per your need and convenience (Varies according to Bank).
• Be privileged to carry Premium VISA international card with 24 hours services (Varies according to Bank).
• As the account is opened in foreign currency, there is no exchange rate fluctuation risk.
5. How NRNA is working to solve the issue of liquidity in Nepal?
NRNA is coordinating with Government of Nepal for policy amendment in favor of NRNs as well it is motivating the Nepalese Diaspora to open Foreign Currency Account in Nepal to solve the issue of liquidity in Nepal.
6. List of Banks
The list of Banks are enlisted below:
S.No Banks View
1 Citizen Bank International View
2 Everest Bank Limited View
3 Global IME Bank View
4 Kumari Bank Limited View
5 Laxmi Bank View
6 Machhapuchhare Bank View
7 Mega Bank Limited View
8 Nepal Bank Limited View
9 Sanima Bank View
10 Standard Chartered Bank View
11 Sunrise Bank View
***Please email us if you want to list your bank at info@nrna.org