Open Remittance Saving Account And Demat Account – Online Easy method

Introduction:

Remittance Saving Account

A remittance savings account is a type of bank account that is designed specifically for receiving and sending remittances. Remittances are funds that are sent from one country or region to another, typically by immigrants or migrant workers who are sending money back to their home countries.

Remittance savings accounts allow individuals to receive remittances from abroad and keep the funds in a safe and secure account. These accounts often come with lower fees for receiving and sending money compared to other types of accounts. They may also offer features like free or low-cost international money transfers, higher interest rates, and access to financial services such as loans and insurance.

Demat Account

A Demat account, short for “dematerialized account,” is an electronic account used to hold and trade securities such as stocks, bonds, and mutual funds. It is a type of account that enables investors to buy, sell and hold securities in an electronic form, instead of physical certificates.

With a Demat account, investors can trade in securities without the need for physical certificates or paperwork. This makes transactions faster, easier, and more secure. The Demat account is linked to the investor’s bank account, which facilitates the easy transfer of funds for buying and selling securities.

When security is bought or sold, it is credited or debited from the investor’s demat account. This provides a convenient way to track and manage investments in one place and reduces the risk of loss or damage to physical securities.

The procedure for opening a remittance saving account online:

The process of opening a remittance bank account online can vary depending on the bank. However, here are some general steps you can follow:

Research online remittance banks: Look for banks that offer remittance services online. You can search online or check with local banks to see if they offer online remittance services. Here are some of the banks that offer video KYC for account verification.

1. NIC Asia Bank
2. Nabil Bank
3. Global IME Bank
4. Prime Bank

Choose a bank and gather the necessary information: Once you have identified a bank that offers online remittance services, visit their website and gather information about the required documents and information needed to open an account. This may include personal information such as your name, address, and contact information, as well as identification documents like your passport or national ID. Here are the details of the required information and documents.

1. your personal information: name, address, date of birth
2. your family information: father’s name, mother’s name, grandfather’s name, grandmother’s name, spouse’s name(if married), father-in-law’s name.
3. contact details: mobile number, email ID
4. documents details: citizenship, passport, work permit paper, residency card, visa approved status

Fill out the application form: Most banks have an online application form that you need to fill out. Make sure to fill in all required fields accurately and completely.

Provide necessary documents: Depending on the bank’s requirements, you may need to upload or email copies of your identification documents and other supporting documents.

Wait for approval: After submitting your application and documents, the bank will review your application and either approve or reject it. The approval process may take several days, so be patient.

Fund your account: Once your account is approved, you will need to fund it before you can start using the remittance service. This can typically be done by transferring funds from another bank account or using a credit or debit card.

Start sending money: Once your account is funded, you can start using the remittance service to send money to your intended recipient. Follow the bank’s instructions for sending money online.

Here I have guided you to opening a remittance saving account online at Nabil bank. Go through the link given below.

OPEN REMITTANCE SAVING ACCOUNT -NABIL BANK

You will see the interface as shown below:

1. Click on “Apply online”. Then click on”open online account.”
2. Scroll down and click on “APPLY” on the Nabil premium remittance saving account section as shown below:

3. Click “NO”.

4. Fill in the details as shown below. Enter your full name, date of birth, email id, country code, and mobile number. Then click on the box of terms and conditions as shown below.

5. After that you will get an OTP code in your message box as shown below. Enter the OTP code and click “proceed”.

6. Click on “proceed to account opening form”.

7. Enter the personal details, identification details and family details as shown below. For an remittance saving account, you must enter passport details in the identification details section. Click on “Continue”.

8. Fill in the details in Address and employment section as shown below. Then click “Continue”.

9. In the account and declaration section, select the account services as per your needs. In the upload documents section, you have to upload PP size photo, a copy of passport details, citizenship, work permit or salary certificate and residency permit as shown below. In the declaration section, choose “easy access to my savings” in the purpose of the account box. Then select “foreign employment (self)” in the source of fund section. Review your form once and then click “submit application”.

10. After clicking “submit application“, your application is successfully sent and you will see your request number as shown below. The Bank will send you an email within 3 days of submission.

11. After 2 to 3 days you will get your account number in the email id you provide as shown below.

12. When you get your account number, the bank will send you an email inviting you to a video call with the bank’s representatives for account verification. In the video call, you will be asked for your details, address, etc. You will have to show an original passport and sign on a blank paper and your thumbprint and photo will be recorded by the bank’s representatives.

14. After a few days you will get an email regarding your account activation as shown below.

Now, your remittance saving account opening is successfully completed. After completing your remittance saving account, you can proceed with the Demat account opening application. you can apply online for a Demat account opening in Nabil bank Limited.

Procedure for Demat account online

In order to open a Demat account online, you will have to make ready the following details:

1. photo carrying citizenship
2. thumbprint
3. signature
4. other details as above
5. Residency card /visa card
6. Salary certificate/work permit

You can follow the following steps to open a demat account in Nabil Bank.

1. Click the link alongside Nabil Bank online Demat Account
2. You will see the interface as shown below. Click open A/C.

Step 2: Fill in the boxes as shown below. Choose “Foreign employment” as the account type.

Step 3: Fill in the address details as shown below. Choose the same as temporary details in the permanent details section.

Step 4: Fill in the details in the “Family Details” section as shown below. You have to enter your grandfather’s name, father’s name and mother’s name.

Step 5: In this section, you have to enter the occupation details you are doing in foreign countries. Follow the sample given below.

Step 6: Enter your bank account details. select your bank account type, and enter your bank account number, bank name and bank branch. See the sample shown below.

Step 7: If you want to add a nominee click on the “YES” tab else click on the “NO” tab as shown below. Then click on “NEXT”.

Step 8: In this section, you have to enter your location map. you can choose either hand-drawn or Google Maps. Then you have to enter your professional valid signature and your thumbprint as well.

Step 9: In this section, you have to attach your documents like citizenship front and back, and your photo carrying citizenship clicked with the back camera. You can see the examples photo below.

Step 10: After attaching the documents, you will be forwarded the following sections where you have to agree with the terms and conditions. Then click submit as shown below.

Step 11: When you click on submit, your application process comes to an end. You will get your application reference number which will be forwarded to the payment section. You have to pay Nrs.200 using E-SEWA or Khalti as your wish. To be clear follow the picture below.

After submitting all these, you will get your demat account number and meroshare details automatically in your email account within a week of the account application.

Also read: A detailed beginners guide to invest in Nepal stock exchange.

FAQ`S