Premium Savings Account

Premium Savings Account

Premium Saving Account is a deposit scheme designed to cater the saving needs of individuals. The main concept behind the Premium Savings Account is to accommodate the individuals who have deposits in higher volume for saving and expect high interest with all the banking facility.

Premium Savings Account
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.

Premium Savings Account

REQUIRED DOCUMENTS

Documents Required for Premium Saving Account

  1. Personal Account Opening Form
  2. Identification documents such as Citizenship Certificate /Valid Passport issued by Government of Nepal
  3. Birth Certificate (in case of Minors) along with legal identification documents of the parents/guardians who will operate the account
  4. Two recent Passport (PP) size photographs of the account holder
  5. Legal Identification documents along with PP size photograph of the Nominee
  6. Duly filled KYC form
  7. Any other documents specified by banks


What is a Premium Bank Account?

Premium savings accounts are specialized savings accounts that offer improved and enhanced banking features and customized services. These types of accounts are best suited for people that have an extreme paucity of time, need premium services or require relaxed and customized norms.As cash deposits and withdrawals of Rs 10 lakh or more in a bank account in a financial year are required to be reported to the tax authorities, you need to be careful if you are exceeding the prescribed threshold. This limit is Rs 50 lakh and more in case of current accounts.These accounts reward you for meeting high minimum balance requirements and/or for relationship banking having multiple accounts with the same financial services provider, like checking or savings accounts, credit cards, loans or investments. Sometimes premium checking and savings accounts are packaged together.

What are the benefits and drawbacks of premium bank accounts?

Premium bank accounts offer some advantages that you might find valuable. Certain benefits are available for free or at a discount with a premium bank account, while they might cost a fee  or be inaccessible with a basic checking or savings account.Common perks of a premium bank account include:

Lower or waived fees:

 Premium bank accounts typically waive some or all fees for out-of-network ATM use, and some waive or discount fees on cashier’s checks, money orders, wire transfers, investment accounts and more. Some premium accounts also waive fees on foreign exchange rate adjustments on ATM withdrawals outside the U.S.

Higher limits: 

Many premium accounts offer higher limits on deposits and transfers. You might also have higher limits on daily purchases and ATM withdrawals.

Discounted loan rates: 

Personal loans, home loans and lines of credit could come at a better rate than you’d get with a basic account.

Free financial advice: 

Some premium accounts offer complimentary financial guidance or investing advice.

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