Citizens Bank International has launched a “Citizens Freelancer Saving Account” service for people who work as freelancers on the internet. The service was launched on the bank’s 18th anniversary and is in service from Baisakh 07 onwards.
The freelancer saving account allows bank customers to open an account in Nepal and US currencies.
Deposit Marketing Chief at Citizens Bank, Parasbikram Thapa, said that the freelancer account is targeted at freelancers. “According to the 2022 data of the Institute for Integrated Development Studies (IIDS), there are more than 66 thousand freelancers in Nepal, who use various digital platforms,’ he said. ‘Based on that data, we have designed this account for the convenience of those people.”
“According to statistics, the annual income of freelancers varies based on experience and skills. Beginner-level freelancers earn an average of US$2,810 (about Rs. 300,000) annually, mid-level freelancers earn around US$6,395 (about Rs. 650,000), and expert freelancers earn around US$15,322 (about Rs. 155,000) annually,” Thapa said. “On average, regular freelancers earn around Rs. 700,000 annually. Therefore, we have designed this account to provide financial convenience and services to such individuals.” The bank aims to be effective as freelancers can manage their income in both Nepali rupees and US dollars under this account.
Also: Citizens Bank Starts Cash Deposit Machine, Digital Banking
Benefits of Freelancer Saving Account of Citizens Bank
Citizens Bank’s freelancer account comes with an insurance facility of Rs 25000 to Rs 3 lakh. Likewise, the account also provides the highest interest rate for customers.
Likewise, Thapa added that customers will be provided with a 4.5 percent interest rate in a Nepali rupee account and a 3.75 percent interest rate in a US dollar account. The provision is to deduct 5 percent TDS as per government standards, but the bank itself will pay the 5 percent tax on the amount received from abroad.
Customers can open a Freelancer saving account at Citizens Bank with a minimum of Rs 500 in Nepali Rupee account and USD 10 in a US Dollar account. Similarly, the account holder will get an additional benefit of 10 paisa when exchanging dollars.
Customers will also get the facility of recurring deposits. When opening this account, you can deposit a certain percentage of your savings into recurring deposits.
Also, customers with this account get free mobile banking, internet banking, debit card, demat account, account statement, and checkbook services.
In 2022 alone, Nepali ICT professionals imported ICT services worth Rs 67 billion, and many freelancers contributed to that. Citizens Bank’s Freelancer Saving Account is the right step on the right path to encourage freelancers and the country’s digital economy.