Kathmandu, Nov 16: Nepalese commercial banks have published new interest rates for the month of Mangsir (November 16-December 15). According to reports, 13 commercial banks have reduced the interest rate, Machhapuchhre Bank has increased the interest rate and the remaining 6 banks have continued the interest rate of the month of Kartik. All the banks except Machhapuchhre Bank have reduced the interest rate equally on both individual and institutional term deposits.
In the month of Kartik, the maximum interest rate of 9.964 percent on individual fixed accounts has decreased by 0.331 percentage points to 9.632 percent in the month of Mangsir. Regarding institutional fixed deposits, the maximum interest has decreased by 0.3066 percentage points to 7.546 percent.
NIC Asia Bank has reduced the interest rate the most. It has reduced the interest rate by 2.035 percentage points in the month of Mangsir as compared to the month of Kartik and fixed it at a maximum of 8.968 percent in individual fixed deposits and 8.968 percent in institutional fixed deposits.
After NIC Asia, NMB Bank Limited has the highest interest rate reduction. The bank has reduced the interest rate for the month of Mangsir from 1.243 percent to 9.76 percent. The bank was criticized for increasing the interest rate in the month of Kartik. Now, NMB Bank has decided to give 9.76 percent interest on individual fixed deposits and 7.76 percent interest on institutional fixed deposits.
Agricultural Development Bank has reduced the interest rate by 0.248 percent, while Everest, Sanima and Prabhu Bank have reduced the interest rate by 0.224 percent on institutional and individual fixed deposits. Nepal Investment Bank and Rastribya Banijya Bank (RBB) have reduced the interest rate by 0.5 percent.
NABIL Bank has reduced the interest rate by 0.9 percent while Standard Chartered Bank has reduced the interest rate by 0.25 percent. While Global IME and Himalaya Bank reduced the interest rate by 0.4 percent, Nepal SBI Bank reduced the interest rate by 0.097 percent.
Government-owned Nepal Bank, Citizens Bank International, Siddharth Bank, Laxmi Bank, Kumari Bank and Prime Commercial Bank have decided to continue the interest rate for the month of Mangsir.
Interest rates for Mangsir