Eps Korea Bachat Khata

Eps Korea Bachat Khata

A foreign currency savings account is a type of investment in a currency other than the dollar. Foreign savings account holders can profit from interest and currency appreciation.

Eps Korea Bachat Khata
2.56 %
Total Interest Rate

Last Updated Date: November 30, 2021

NIC Asia Bank Ltd

NIC Asia bank has established a history in the banking sector by establishing itself on 30 June 2013 as the first type of merger bank between the two commercial banks, NIC Bank and Bank of Asia. Since its inception, it has been operating successfully and has today become one of the largest private sector commercial banks in the country in terms of the capital base, balance sheet size, ATM Locations and the number of the branches. The Bank has 327 branches in Nepal, 102 extension counters, 64 branchless banks and 469 ATMs. The main focus of this bank is meritocracy, transparency, professionalism, team spirit and service excellency. The main vision of this bank is to be one of the most respectable and honorable banks in terms of financial performance. The mission of this bank is to become a leading bank in Nepal by providing complete financial solutions to its customers.

Eps Korea Bachat Khata

REQUIRED DOCUMENTS

For Individual:

  • Citizenship Certificate or Passport
  • 2 PP size photos 
  • Photocopy of the agreement with the employer and / or FCY-Income Letter
  • 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
  • Resolution of Board of Directors regarding opening & conduct of an account

What Is a Foreign Savings Account?

A foreign savings account is more like an investment account than traditional savings accounts for individuals. Foreign savings accounts allow you to invest your money in a currency other than the dollar. A foreign savings account can be opened when you're in a foreign country or by contacting a foreign bank online if it opens accounts that way. The Savings Account is a transactional interest bearing account wherein a deposit is placed with the Bank for an unspecified period of time and the depositor can withdraw or transfer the funds whenever required through different means.

How a Foreign Savings Account Works

Foreign savings accounts may have higher interest rates, which may make them appealing for savers willing to take the risk that the exchange rate will work in their favor. However, if the high-interest rate is coupled with the devaluation of the currency (as often happens with inflation) any gains in interest will be lost in currency exchange. Many foreign savings accounts have higher minimum deposits than traditional savings accounts. This means more of your money is at risk. As well, there are almost always currency exchange fees associated with changing between currencies. Opening a foreign account means you may have to pay them twice—once for converting from the dollar into a foreign currency, and once to convert your money back to dollars. These fees are generally priced as a percentage of the total amount being converted, which means they can take a big cut out of the interest you earned. Be sure to factor in these fees when comparing what the foreign account would yield compared to a domestic account.

Advantages and Disadvantage of a Foreign Savings Account

There are a number of reasons that  might be interested in having a foreign savings account. Those living abroad may find that opening an account in their country of residence makes it easier to access their funds and saves them money on bank and transaction fees. Saving in another currency works best for those with a high tolerance for risk and the willingness to track exchange rates and move fast if necessary. Currency markets are extremely volatile, with values changing between 1% and 3% on average each day. There is the potential for large gains in a foreign savings account, but there is also the potential for large losses.

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