Kathmandu, Aug 17: Nepal’s private sector commercial banks have published new interest rates for the Nepali month of Bhadra (beginning from August 17), showing a further decline compared to Shrawan. The average interest rates – saving and credit – of banks continue to follow a downward trend.
In Shrawan, banks were offering a maximum average of 5.69% interest on individual fixed deposits, but for Bhadra this has dropped to 5.57%. Likewise, the maximum average interest rate on institutional fixed deposits has fallen from 4.11% in Shrawan to 3.96% in Bhadra.
Compared to Shrawan, out of 20 commercial banks, 8 have reduced their interest rates for Bhadra, while one bank has increased them. Standard Chartered Bank, Laxmi Sunrise Bank, Everest Bank, Sanima Bank, Kumari Bank, Siddhartha Bank, Agricultural Development Bank, and Nepal SBI Bank have all lowered their maximum rates for individual fixed deposits, while Prabhu Bank has increased its rate.
Standard Chartered Bank, which had been offering up to 6.26% interest on individual fixed deposits in Shrawan, has reduced it to 5.13% in Bhadra — a decrease of 1.13 percentage points. Meanwhile, Prabhu Bank, which previously offered the lowest rate on such deposits, has raised its maximum rate by 1.1 percentage points to 5.35%.
For individual fixed deposits in Bhadra, NIC Asia Bank is offering the highest interest rate, up to 6.25%, continuing its Shrawan rate. The lowest maximum rate is being offered by Laxmi Sunrise Bank at 5%.
In the case of institutional fixed deposits, 7 commercial banks have reduced their maximum rates, while none have increased them. On average, interest rates for this category have fallen by 0.15 percentage points. #interest #banks
