Banks and financial institutions need a Permanent Account Number (PAN) if they have deposits of more than 50 lakhs rupees. The Nepal Rastra Bank issued a directive on Thursday, making PAN mandatory for deposits above 5 million rupees. Nepal Rastra Bank has introduced a system to make it easier for industrialists who have taken loans from banks. The bank has made this arrangement by revising a unified guide 2079.

The Central Bank has amended Unified Directive 2079, allowing authorized banks and financial institutions to require a PAN for deposits exceeding 5 million rupees from any natural person. Previously, banks did not require a PAN regardless of the amount of deposits made by depositors.

Fixed Deposit Tenure and Minimum Deposit Amount in Nepal

Banks in Nepal let you open a fixed deposit account by depositing a minimum amount for a certain period, according to their scheme.

Average minimum deposit: Rs 10,000

Minimum deposit Tenure: 3 months

Maximum deposit tenure: 5 years

With Saral Banking Sewa's Fixed deposit comparison tool, you can compare different Fixed deposit accounts provided by all commercial and national-level development banks in Nepal. You can compare and choose the most suitable option for you. The comparison metrics include minimum deposit, interest rate, deposit tenure, etc. To find the highest interest rate on a fixed deposit account in Nepal, click here.