•      Tue Feb 27 2024

Commercial banks adjust interest rates for Falgun

Kathmandu, Feb 12: The commercial banks of Nepal have announced revisions to their interest rate structures, effective from Falgun 01, 2080 BS. All the commercial banks have uniformly decreased their interest rates to single digits.

However, Citizen Bank International Limited stands out in these adjustments, implementing the most significant reduction in its Fixed Deposit (FD) rates compared to the previous month. Citizen has substantially lowered its individual FD rates by 0.9%, with the new rates for individual FD now standing at 8.25%, and institutional FD rates at 6.15%. In the same manner, the Agriculture Development Bank has reduced its FD rates by 0.817%.

In contrast to the prevailing trend in the financial sector, Everest Bank, Laxmi Sunrise Bank, Machhapuchchhre Bank, and Himalayan Bank have opted to maintain their existing interest rates. The bank continues to offer Institutional FD rates at 6%, while the rates for Individual FD at NMB Bank remain steady at 8%.