Following NRB’s policy rate cut, 14 out of 20 commercial banks have reduced their maximum deposit rates. Standard Chartered now offers the highest rate, while Prabhu Bank offers the lowest.
Nepal Rastra Bank’s latest Monetary Policy for FY 2082/83 brought down key interest rates: the bank rate was reduced from 6.5% to 6%, the policy rate from 5% to 4.5%, and the deposit collection rate from 3% to 2.75%. In response, commercial banks have begun lowering their interest offerings to align with the revised monetary framework.
Among the 20 commercial banks operating in Nepal, 14 have reduced their maximum deposit interest rates, while 4 banks—Machhapuchchhre, Global IME, NMB, and Siddhartha—have kept their rates unchanged. Interestingly, two banks—Standard Chartered and Himalayan Bank—have slightly increased their deposit rates, going against the broader trend.
As per the latest published interest rates:
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Standard Chartered Bank now offers the highest deposit interest rate among all commercial banks.
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Prabhu Bank offers the lowest deposit interest rate in the market.
These adjustments come in the wake of NRB’s monetary easing strategy aimed at stimulating economic activities by reducing the cost of capital. The reduction in policy and corridor rates has prompted banks to adjust their minimum savings interest rates proportionally.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
