Commercial banks in Nepal have adjusted their interest rates for the month of Bhadra, with five banks choosing to lower their fixed deposit rates.
Commercial banks have decreased their fixed deposit interest rates for the upcoming month of Bhadra. Starting from Bhadra 1, five commercial banks have reduced interest rates on individual fixed deposits, while the rest have decided to keep their rates unchanged.
Average Interest Rates Go Down
Due to this change, the average interest rate on individual fixed deposits has gone down by 0.04 percentage points. The new average rate is now 4.13 percent, which was 4.17 percent in Shrawan. Similarly, institutional fixed deposit average interest rate also decreased by 0.04 percentage points to reach 3.08 percent. In month of Shrawan, this institutional rate was 3.12 percent.
Which Banks Decreased Their Rates?
The banks that have reduced their interest rates are Nepal Bank, Kumari Bank, Citizens Bank, Standard Chartered Bank, and Siddhartha Bank. Among these, Nepal Bank decreased its individual rate from 4.25 percent to 4.15 percent, and its institutional rate went down from 4.00 percent to 3.50 percent. Kumari Bank reduced its individual rate to 3.76 percent, while keeping institutional rate same at 3.01 percent. Citizens Bank lowered individual rate to 3.85 percent. Standard Chartered Bank reduced its individual rate slightly to 3.80 percent. Siddharth Bank made biggest cut, lowering its individual rate from 4.05 percent to 3.76 percent and institutional rate from 3.25 percent to 3.05 percent.
Many Banks Kept Rates Unchanged
On other hand, remaining fifteen commercial banks have kept their interest rates exactly same. Agricultural Development Bank, Everest Bank, Nepal SBI, Laxmi Sunrise, Global IME, Prime Commercial, Prabhu, Machhapuchchhre, NMB, Himalayan, Nabil, Sanima, Rastriya Banijya, Nepal Investment Mega, and NIC Asia Bank have not made any changes in their interest rates. Prabhu Bank and Nabil Bank continue to offer the highest individual fixed deposit interest rate at 4.55 percent for the month of Bhadra.
AI Disclaimer: This article was originally published on https://bajarkochirfar.com. It has been translated with the help of AI. For the best understanding and accurate facts, we recommend reading the original Nepali version.
