How to Buy Nepal Government Bonds & T-Bills: DOMS Investor Portal Guide

Government securities in Nepal are issued by the Government of Nepal through the Public Debt Management Office (PDMO), which operates under the Ministry of Finance from Tripureshwor, Kathmandu. The PDMO was established on Ashad 20, 2075 BS (20 June 2018) and formally inaugurated on Poush 11, 2075 BS (26 December 2018), consolidating debt functions that were previously split between the ministry and Nepal Rastra Bank (NRB). Its work is governed by the Public Debt Management Act, 2079 BS, which came into effect on Kartik 22, 2079 BS (8 November 2022).

The PDMO issues four main instruments: short-term Treasury Bills (T-bills), medium- to long-term Development Bonds, Citizen Savings Bonds (CSB) aimed at ordinary savers, and Foreign Employment Saving Bonds (FESB) aimed at migrant workers and non-resident Nepalis (NRNs). NRB acts as the issuing and paying agent, publishing sale notices and settling interest and principal.

The main channel for individuals is the DOMS Investor Portal at investor.doms.gov.np. DOMS stands for Debt Operation and Management Software, the platform the PDMO uses to run primary issues and record ownership. Through the investor portal, a registered saver can create an account, apply for CSB and FESB primary issues, and view their holdings online. Banks that hold a sales-agent or market-maker licence also use the same system to submit applications on behalf of walk-in customers.

Citizen Savings Bonds are open to Nepali citizens and, in most issues, to non-resident Nepalis. A minor can also hold a bond, applied for on their behalf by a guardian. The core requirement is a valid Nepali citizenship certificate and a Nepali bank account that can be verified during registration.

Foreign Employment Saving Bonds are more narrowly targeted. They are meant for Nepali citizens engaged in foreign employment, those who have returned from foreign employment (typically within the last six months as stated in individual sale notices), and non-resident Nepalis. In several issues, close family members named in the sale notice (such as father, mother, spouse, son or daughter) can also apply in connection with an eligible migrant worker.

Always read the specific sale notice for each issue, because eligibility wording, the residency window and the definition of eligible family members can vary between series. NRB and the PDMO publish a fresh notice for every issue with the exact conditions, opening and closing dates, and issue size.

The savings-bond application is fully online. You start on the investor portal, create an individual account, complete know-your-customer (KYC) details, and then place an application during an open sale window. Applications submitted while a CSB or FESB issue is live are collected by the PDMO and allotted after the window closes.

During registration you choose an account type: "Normal" if you are applying for yourself, or "Minor" if you are applying on behalf of a minor. Most fields are entered in English, but your name in Devanagari must be typed in Nepali Unicode. You will be asked to link a bank account, and the account and uploaded documents are verified before your application is accepted.

If you are not comfortable applying online, you can still buy a savings bond in person through a bank or financial institution that holds a sales-agent licence; the agent enters your application into the same DOMS system. Keep scans of your citizenship or NRN documents and your bank details ready, because they are needed either way.

The minimum application for both Citizen Savings Bonds and Foreign Employment Saving Bonds is Rs 10,000, and larger applications are made in multiples of Rs 10,000. Each issue has a maximum tied to the total issue size, so very large single applications may be scaled down at allotment. Most CSB and FESB issues carry a five-year maturity, though the PDMO can vary tenor and rate from one series to the next.

Interest on savings bonds is generally paid semi-annually (every six months) by NRB into your linked bank account, and the principal is returned at maturity. Coupon rates are fixed at issue and differ between series; recent Citizen Savings Bond issues have carried rates in the range of roughly 6.5 to 11.5 percent, while Foreign Employment Saving Bonds have at times offered higher rates such as 9 to 12.5 percent to encourage remittance-based saving. Treat any specific rate as indicative until you check the current sale notice.

Savings bonds are relatively liquid for a fixed-income product: they can usually be pledged as loan collateral at banks and financial institutions (other than NRB), and they can be traded in the secondary market through licensed market makers and NRB branch offices before maturity, subject to prevailing market prices.

Treasury bills are the government's short-term borrowing tool, issued at a discount and redeemed at face value, with no periodic coupon. Nepal issues T-bills in four standard tenors of 28 days, 91 days, 182 days and 364 days. Unlike savings bonds, T-bills are distributed by auction, locally called "bolakbol," rather than by fixed-price public sale.

The auction runs through NRB's Online Bidding System. Bidders quote the price (yield) at which they are willing to buy in a competitive, multiple-price (American-style) auction. Out of each offered amount, a portion is reserved for non-competitive bids that are allotted at the weighted-average price, which makes it easier for smaller participants to get an allocation without having to guess the market yield.

Direct access to the auction is largely for A, B and C class banks and financial institutions (BFIs) and licensed firms, which is why individual investors typically buy T-bills through a bank or a market maker acting on their behalf, or buy them on the secondary market. If you want short-tenor government exposure as an individual, the practical route is to ask your bank whether it can place a bid for you or sell you a T-bill from its own book.

Before applying, make sure your identity and banking details are in order. For a Citizen Savings Bond you generally need a Nepali citizenship certificate; for a minor, the guardian's citizenship and the minor's birth certificate; and passport-size photographs where a physical form is used. NRNs and migrant workers applying for a Foreign Employment Saving Bond should have their NRN identity or foreign-employment documents as listed in the specific sale notice.

Timing matters, because primary issues are only open for a defined window announced in advance. Watch the PDMO website (pdmo.gov.np), the DOMS Investor Portal and NRB securities notices for upcoming CSB and FESB sales, note the opening and closing dates, and apply before the deadline. Ensure the bank account you link is active and in your own name so verification and interest payments go smoothly.

Finally, match the instrument to your goal. Savings bonds suit savers who want a fixed five-year return with semi-annual income and the option to pledge or sell early; T-bills suit those wanting very short-term, low-risk parking of funds, usually accessed through a bank. As with any investment, confirm the exact rate, tenor and conditions on the live sale notice rather than relying on figures from a past issue.