Kathmandu, Jan 14: A dozen banks have lowered their interest rates for the month of Magh. Due to a surge in excess liquidity, banks have reduced interest rates on fixed deposits. Compared to Poush, the average interest rate on individual fixed deposits for Magh has declined by 0.14 percentage points. In Poush, the average rate stood at 4.8 percent.
Banks that have reduced the maximum interest rate on fixed deposits for Magh include Agricultural Development Bank, Everest Bank, Siddhartha Bank, Sanima Bank, Laxmi Sunrise Bank, Himalayan Bank, Machhapuchchhre Bank, Citizens International Bank, Kumari Bank, Nepal SBI Bank, and Standard Chartered Bank.
Among these, Himalayan Bank and Machhapuchchhre Bank have made the largest cuts in interest rates. For Magh, the interest rates on individual fixed deposits are as follows: Agricultural Development Bank at 4.40 percent, Everest Bank at 4.40 percent, Kumari Bank at 4.43 percent, Nepal SBI Bank at 4.40 percent, Laxmi Sunrise Bank at 4.50 percent, Citizens Bank at 4.50 percent, Prabhu Bank at 4.55 percent, Machhapuchchhre Bank at 4.50 percent, Standard Chartered Bank at 4.36 percent, Himalayan Bank at 5 percent, and Sanima Bank at 4.55 percent.
Similarly, in the coming month of Magh, Nepal Bank will offer 5.10 percent interest on individual fixed deposits, Global IME Bank 5.50 percent, Nabil Bank 4.55 percent, Rastriya Banijya Bank 5 percent, NMB Bank 5 percent, Siddhartha Bank 4.55 percent, Nepal Investment Mega Bank 5 percent, and NIC Asia Bank 5 percent.
Meanwhile, Prime Commercial Bank has increased its interest rate on individual fixed deposits for Magh to 4.40 percent. In Poush, it had offered an interest rate of 4.25 percent for individual depositors.
For the month of Magh, four banks have reduced the maximum interest rate on institutional fixed deposits, while the remaining 16 banks have maintained the same maximum rates as in Poush. #nepal #interest #rates
