Nepal Rastra Bank (NRB) has introduced updated provisions regarding bank account operation, account closure, and service charges through its Unified Directive 2082 for commercial, development, and finance banks.
According to the directive, banks and financial institutions are not allowed to charge customers for several basic banking services. These include opening a bank account, closing an account, issuing cheque books (including "Good for Payment" cheques), processing cheque stop-payment requests, providing balance certificates, depositing remittance funds into customer accounts, issuing account statements, and offering e-banking services.
However, if a customer requests more than one account statement within a specific period, banks may charge a reasonable service fee for additional copies.
The directive also states that banks cannot charge any fee to reactivate a dormant or inactive account.
In addition, financial institutions are prohibited from deducting money from customer accounts simply because the balance falls below the minimum required amount. Customers who maintain the minimum balance must continue to receive the applicable interest as specified by the bank.
NRB has further instructed banks to clearly inform customers of all applicable service charges before collecting any fees. The central bank also clarified that banks cannot charge annual renewal fees on debit cards issued in Nepali currency until the card's validity period expires.
The new provisions are aimed at strengthening customer protection, improving transparency and ensuring fair banking practices across Nepal's banking sector.
Published by Nepal Rastra Bank on 2083-3-23
View More by Nepal Rastra Bank
