Which Bank Is Best In Nepal | Best Bank in Nepal 2023

 

When it comes to managing your finances, choosing the right bank is crucial. In Nepal, a country rich in culture and tradition, the banking sector plays a pivotal role in supporting economic growth and empowering individuals and businesses alike. With several banking options available, it's essential to make an informed decision that aligns with your financial goals and needs. In this blog, we'll explore some of the best bank in Nepal, highlighting their key features, services, and benefits to help you make the right choice.

Types of Bank In Nepal

In Nepal, there are several types of banks that cater to the diverse financial needs of individuals, businesses, and the overall economy. Let's explore the different types of banks found in Nepal:

a. Central Bank:

The central bank of Nepal is the Nepal Rastra Bank (NRB). It serves as the country's monetary authority and is responsible for formulating and implementing monetary policies to achieve macroeconomic stability. The NRB regulates and supervises the banking industry to ensure a stable and secure financial system.

b. Commercial Banks:

Commercial banks are the most common type of banks in Nepal. They provide a wide range of financial services to individuals, businesses, and government entities. These services include savings and current accounts, loans, credit cards, remittances, foreign exchange services, and various other banking products. Commercial banks play a crucial role in promoting economic growth by facilitating financial transactions and supporting businesses with their capital requirements.

c. Development Banks:

Development banks in Nepal focus on providing financial assistance and support to specific sectors like agriculture, industry, tourism, and infrastructure development. Their primary objective is to promote economic development and contribute to the country's overall growth by financing projects and initiatives that can have a significant impact on the nation's progress.

d. Microfinance Banks:

Microfinance banks in Nepal serve the needs of low-income individuals, particularly those in rural and underserved areas. These banks offer small loans, savings accounts, and other financial services tailored to the needs of micro-entrepreneurs, farmers, and self-employed individuals. Microfinance institutions play a vital role in fostering financial inclusion and empowering marginalized communities by providing them access to formal financial services.

e. Co-operative Banks:

Co-operative banks in Nepal operate on a cooperative basis, meaning they are owned and governed by their members who are also their customers. These banks serve the financial needs of their members by providing various banking and financial services. Co-operative banks have a significant presence in rural areas, supporting local communities and promoting financial inclusivity.

f. Agriculture Development Banks:

Agriculture Development Banks (ADBs) are specialized institutions that primarily cater to the agricultural sector. They provide financial assistance and support to farmers and agribusinesses, offering loans for agricultural purposes, modernization of farming practices, and other related activities. ADBs contribute significantly to the growth and development of the agricultural sector in Nepal, which is a crucial component of the country's economy.

16 Best Bank In Nepal 2023

let check out the list of best bank in Nepal. All these listed bank are well popular and financially strong banks in Nepal

1. Nabil Bank (est. 1984)

Nabil Bank is the largest commercial bank in Nepal in terms of total assets, deposits, and loans. It was established in 1984 and has since grown to become one of the most successful banks in the country. Nabil Bank offers a wide range of banking products and services, including savings accounts, loans, investment products, and insurance. It has a strong presence in both urban and rural areas of Nepal. Nabil Bank is a leading financial institution in Nepal. It is committed to providing its customers with the best possible banking experience, and it is a strong supporter of the Nepali economy.

2. NIC Asia Bank (est. 1991)

NIC Asia Bank is one of the largest commercial banks in Nepal. It was established in 1991 and has since grown to become one of the most successful banks in the country. NIC Asia Bank offers a wide range of banking products and services, including savings accounts, loans, investment products, and insurance. It has a strong presence in both urban and rural areas of Nepal. If you are looking for a bank that can offer you a wide range of banking products and services, a strong presence in both urban and rural areas of Nepal, a commitment to providing the best possible customer service, and a strong support for the Nepali economy, then NIC Asia Bank is a great option for you.

3. Everest Bank (est. 1995)

Ranked third on the list of best bank in Nepal is Everest Bank Limited, founded in 1994. Notably, it enjoys a significant partnership, with Punjab National Bank of India holding a minimum 20% stake. This collaboration grants the bank access to an extensive network of over 10,000 branches and ATMs spanning across both Nepal and India.

Everest Bank Limited is a frontrunner in the realm of online banking, leveraging advanced technology to deliver top-notch and seamless banking experiences to its customers. Its commitment to utilizing innovative solutions ensures the provision of high-quality services.

4. Global IME Bank (est. 1994)

Global IME Bank is the third largest commercial bank in Nepal in terms of total assets. It was established in 1994 and has since grown to become one of the most successful banks in the country. Global IME Bank offers a wide range of banking products and services, including savings accounts, loans, investment products, and insurance. Global IME Bank is also a strong supporter of the Nepali economy. It invests in the country's infrastructure and businesses, and it helps to create jobs.

5. Rastriya Banijya Bank (est. 1937)

Rastriya Banijya Bank Limited (RBBL), fully owned by the Government of Nepal, holds the position of being the most reliable bank in the country. Established on 23 January 1966 under the special statute "Rastriya Banijya Bank Act, 2021," the bank boasts an extensive network of over 263 fully-fledged branches nationwide, serving the largest customer base in Nepal.

One of the bank's notable strengths lies in providing high-quality services tailored to meet the unique requirements of its customers. These services encompass a range of convenient options such as SMS banking, internet banking, utility payments, FCY transactions, and more. The bank is dedicated to ensuring a seamless banking experience for its valued clientele through these customizable and innovative features.

6. Nepal Investment Bank (est. 1986)

Nepal Investment Bank (NIBL) was established in 1986 as a joint venture between Nepalese and French partners. It is one of the leading commercial banks in Nepal. With around 50% stake from Nepali investors, the bank is one of the most reliable financial institutions in Nepal. It facilitates modern facilities which are on par with international standards.

7. Standard Chartered Bank Nepal (est. 1987)

Standard Chartered Bank Nepal (SCB Nepal) was established in 1987 as a joint venture between Standard Chartered Bank and the Nepali government. It is the only international bank currently operating in Nepal. Over the years, Standard Chartered Bank Nepal has played a vital role in contributing to Nepal's economic growth and development. Its strong presence and dedication to excellence have earned it a significant position in the local banking landscape.

8. Himalayan Bank (est. 1992)

Himalayan Bank Limited (HBL) was established in 1992 in a joint venture between Habib Bank Limited of Pakistan and a group of prominent Nepali businessmen. It is one of the leading commercial banks in Nepal. Himalayan Bank Limited holds a very reliable and trustworthy reputation in the commercial bank market of Nepal. Overall, Himalayan Bank is a great option for people looking for a bank with a wide range of products and services, a strong presence in both urban and rural areas, and a commitment to providing excellent customer service.

9. Nepal SBI Bank

nstitution in Nepal. It is a joint venture between the State Bank of India (SBI), one of India's largest and most reputable banks, and the Government of Nepal. The bank's establishment dates back to 1992 when it was formed as a subsidiary of SBI, with the Nepalese government holding a minority stake. The bank is renowned for its efficient online banking services, enabling customers to conduct transactions and access their accounts conveniently through digital platforms.

Over the years, Nepal SBI Bank has played a vital role in contributing to Nepal's economic growth and development, serving as a key player in the country's banking sector. Its strong ties to the State Bank of India and commitment to delivering quality services have solidified its position as a trusted and leading bank in Nepal.

10. Siddhartha Bank (est. 1996)

Siddhartha Bank Limited (SBL) was established in 1996 as a public limited company. Over the years, the bank has earned a strong reputation in the country's financial sector and has become a trusted name among customers. With a focus on adopting modern technology and innovative practices, Siddhartha Bank is known for its efficient and user-friendly online banking services. This approach enables customers to carry out transactions, manage accounts, and access various banking facilities conveniently through digital platforms.

11. Laxmi Bank (est. 1997)

Laxmi Bank Limited (LBL) was established in 1997 as the 16th commercial bank in Nepal. LBL offers a wide range of banking products and services, including savings accounts, loans, investment products, and insurance. Laxmi Bank is also known for its innovative products and services. For example, it was the first bank in Nepal to offer a mobile banking app. LBL is also a strong supporter of the Nepali economy. It has invested in a number of projects, including the construction of a new airport in Kathmandu.

12. Citizens Bank International (est. 2007)

Citizens Bank International Limited (CBIL) was established in 2007 as the 20th commercial bank in Nepal. CBIL has contributed significantly to Nepal's economic growth and development by supporting various businesses, industries, and individuals with their financial needs. Its dedication to professionalism and customer-centric approach has made it one of the leading and reliable banks in Nepal.

13. Sanima Bank (est. 2012)

Sanima Bank Limited (SBL) is a commercial bank in Nepal. It was established in 2012 as a result of the merger of Sanima Bank Limited and Nepal Bank Limited. SBL is one of the largest commercial banks in Nepal, with a network of over 1,000 branches and ATMs across the country.

14. NMB Bank (est. 2008)

NMB Bank, established in 1995, is a leading banking institution in Nepal renowned for its exceptional financial services. In recognition of its high-quality offerings, the Nepal Rastra Bank bestowed upon it the prestigious status of an 'A' class financial company in 2008. Notably, NMB Bank achieved a remarkable milestone by being the first institution to upgrade from 'C' class to 'A' class in the nation's history.

The bank's commitment to excellence extends beyond general banking services to encompass specialized areas like merchant banking. In this capacity, it undertakes vital activities such as underwriting, managing initial public offerings (IPOs), facilitating company registrations, and issuing shares, debentures, and other negotiable instruments. NMB Bank's dedication to providing top-notch financial solutions has solidified its position as a respected and prominent player in the Nepalese banking landscape.

15. Prabhu Bank (est. 2016)

Prabhu Bank (PB) is a commercial bank in Nepal. It was established in 2016 as a result of the merger of Prabhu Bank Limited and United Commercial Bank Limited. PB is one of the largest commercial banks in Nepal, with a network of over 1,000 branches and ATMs across the country.
PB offers a wide range of banking products and services, including savings accounts, loans, investment products, and insurance. The bank also has a strong presence in the corporate and institutional banking segments.

16. Krishi Vikas Bank (est. 1993)

Krishi Vikas Bank (KVB) is a specialized bank in Nepal that provides financial services to the agricultural sector. It was established in 1993 by the Government of Nepal and the Asian Development Bank. If you are a farmer or a rural dweller in Nepal, then KVB is a great option for you. The bank offers a wide range of banking products and services to help you grow your business and improve your livelihood.

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Conclusion

To determine the best bank in Nepal, individuals should consider factors such as the range of services offered, accessibility of branches and ATMs, online banking facilities, customer service, interest rates, fees, and their own personal banking needs.

It is essential for prospective customers to conduct their research and compare the services and features offered by different banks to find the one that aligns best with their requirements and preferences. Consulting with financial advisors or reading reviews and ratings from existing customers can also be helpful in making an informed decision about the best bank to suit individual needs in Nepal.