Retail Banking Services

Payroll Management
This is a service provided by the BDFI to various customers/employers who needs to avoid handling of physical cash during payment of salaries to employees. It enables to save manpower and time while disbursement of Salaries to employees. BDFI handles the salary disbursement to respective employees account with the bank.

Interested customers/employers are invited to approach to the Bank, Customer Service Department for the service.

The employers jointly with the bank are required to open accounts for the employees with the Business Development Financial Institution Ltd. After opening accounts the employers forward the particulars of the salaries for the employees with a cheque and or instruct the BDFI to debit employers account with us. Upon credit of proceeds to the accounts employees may withdraw the salary at any time convenient to them in full or part thereof. The employees earn daily interest on saving account balances over NRs. 25000.00.

An employer looking for the service may write to the BDFI for arrangement.

Local Money Transfer with in Nepal
BDFI has its network with Nepal Industrial and Commercial Bank Ltd. to provide banking services throughout the country. Local transfers can be made anywhere in NIC Branches. Local transfers within Nepal take very short time to receive proceeds to the payees account.

Customers need to fill up remittance application form for transfers, with the details of the payee and the account to be debit to make transfers (if applicable). DRAFT & FAX TRANSFER are the popular means of local money transfers.

Standing Instructions
Standing orders enable regular payments to be made from a customer's account into a beneficiary's account. The payments may be made over a fixed or indefinite period of time. While applying for the service; the customer is required to indicate validity for the service.

In the event a customers needs to make a request for standing order facility a written request is obtained from the customer specifying his requirements to transfer funds from his account to another account along with the frequency required. The amount and account number to debit, and the account number and name of the account of the beneficiary should be provided. The signature of the request should tally with signature in the account. The customer may choose any of the frequency for Standing Orders; Daily, weekly, fortnightly, monthly, quarterly, half yearly and or annually. The transaction will be effected on any day except holidays (as per BDFI' operating System) falling on the particular date. If the date falls on a holiday (as per BDFI's operating System) the transaction will take place on the next working with the value date. The requests for the service should be submitted to the BDFI.

Direct Debit
This service enables the customers to pay their utility bills on time regularly without taking the burden of going to the counters of respective utilities. It saves time spent for visiting the respective vendor's counters for payment of the bills and avoids the risk of penalizing for late payments. Customers of vendors are required to become a customer of the bank to apply for the service. Applications for the service are available at the counters of respective vendor and from the BDFI as well.

Bank will make Direct Debit service arrangement with Nepal Telecomm Ltd, etc.

BDFI' customers willing to avail the service need to be registered with the vendor. The vendor will confirm the registration in writing upon submission of the applications duly filled by the customers after confirmation from BDFI.

Customers are advised to accommodate cover for the payments in their accounts on or before due date of the bills. The bills are delivered to the customers as usual.

Stop Payment
Customers may require making stop payments for several reasons. According to customers discretion customer may stop payment of cheques issued before it is presented for payment. In the event of stop payment of cheques customers are required to inform the details of the cheque in writing to the BDFI during transaction hours. BDFI may accept telephonic instruction provided the customer agrees to confirm the message in writing not later than next working day. The written or telephonic instruction for stop payment should provide the cheque number, date, payee, and the amount of the cheque. BDFI takes no responsibility if the particular cheque requested for stop payment is paid before receipt of the instruction.

Issuance Of Balance Confirmation
Balance confirmations are issued for any type of accounts by the Bank. Customers may request for the service in writing to the BDFI. In case the balance confirmation is required for annual external audit purpose, at the request of customers, Balance Confirmation is directly delivered to the assigned auditors.

Monthly Statement
All current accounts are entitled for statement of accounts at the following frequency required by the customers; monthly, Quarterly, Hal- yearly and annually. Statements once in every frequency is provided free of charge.

In practice statements are produced at the request of the customers.

In preventing the statements reaching to the unauthorized person postal delivery is made only at the request and responsibility of the customers. Where postal delivery is arranged, customers are advised to notify the change of address at the earliest.

Payment Guarantees on Cheques
At the request of the customers/accountholders BDFI may endorse/guarantee a cheque good for payment.

In the event the customers request to add guarantee/endorse a cheque good for payment, the balance outstanding in the account should be equal or more than the cheque amount with the commission.

BDFI will only accept cheque for adding payment guarantee at the request of customer in writing or on the personal presentation and verbal request of the account holder. Cheques submitted for adding payment guarantee/endorsement should be drawn properly, the payee, amount in figures and words written should agree, dated and signed by the drawer.

Cheques that are issued in favour of “Cash” or fictitious names will not be accepted for payment guarantee.

On submission of the cheque, BDFI scrutinize the cheque and if in order, adds payment guarantee on the reverse of the cheque stating “good for payment, valid up to ……. . for RS………” The amount on the face of the cheques should agree with amount indicated in the endorsement. Payment guaranteed cheques should be presented for payment on or before the validity date stated in the endorsement.

Letters of Reference
Letters of Reference are issued at the request of the customers. Customers may apply in writing for Letters of Reference indicating the name of beneficiary. It takes few days to deliver the Letters of Reference.

Letters of Reference indicate and certify the duration of the accounts, behaviours and conduct of the deposit or loan account operations, repayment pattern, regularity and overall financial discipline of the customer in the opinion of the bank.

There are different types of Letters of Reference issued by the BDFI. The most common types of Letters of Reference requested and issued are :-

• Letter of Comfort (for specific amount) in any currency.
• Bank References to Embassies /High Commissions for visa purposes.

Credit Information
Credit information are issued at the request of the other banks and Financial institutions to avail detail s of a particular customer and A/c holders of BDFI . The party may apply in writing for Credit Information indicating the name of customer. It takes two or three days to deliver the Credit Information.

Credit Information indicate and certify the duration of the accounts, behaviours and conduct of the deposit or loan account operations, repayment pattern, regularity and overall financial discipline of the customer in the opinion of the bank.

Issueing of Managers Cheques
Customers use personal cheques for settlement of payments. Managers Cheques are issued by banks and are renowned as guaranteed instruments in settlement of local business transactions. Manager Cheques are not usually used for international transaction.

Manager Cheques are issued at the request of the customers after deposit of the cover or to the debit of customers account.

Interested customers may apply to the BDFI for Manager Cheques in case they need. The application should demonstrate the particulars of payee and the amount for the cheque. The application should authorize to debit the amount from the account and to recover the charges for the service. After the issuance of the Managers Cheque, the instrument is delivered to the customer.