PressAdda
Kathmandu. Commercial banks operating in Nepal have published new fixed deposit interest rates for the upcoming month of Magh. According to the data, compared to Poush, the deposit interest rates of banks have seen a slight decline in Magh. The average personal fixed deposit interest rate of commercial banks, which was 4.86 percent in Poush, has decreased to 4.68 percent for Magh. Similarly, the average institutional interest rate has dropped from 3.45 percent in Poush to 3.38 percent in Magh. Overall, the average interest rate has declined by 0.15 percent for personal deposits and 0.06 percent for institutional deposits.
Personal Fixed Deposit Interest Rates
According to the data, most banks have reduced their fixed deposit interest rates, while some have kept them unchanged. Among personal deposits, Himalayan Bank and Machhapuchhre Bank have reduced their rates the most, by 0.50 percentage points. Likewise, Siddhartha Bank cut rates by 0.45 percent, Everest Bank by 0.35 percent, and Laxmi Sunrise Bank and Citizens Bank by 0.25 percent.
Amidst the trend of declining rates, Prime Bank has increased its personal deposit interest rate by 0.15 percent, reaching 4.40 percent. However, for Magh, Nepal Bank (5.10%), Global IME Bank (5.50%), Nabil Bank (4.55%), Rastriya Banijya Bank (5%), NIMB (5%), and NIC Asia Bank (5%) have kept their personal deposit interest rates unchanged.
Institutional Fixed Deposit Interest Rates
On the institutional deposit side, Everest Bank has reduced its interest rate the most, by 0.50 percent, setting it at 3.50 percent. Laxmi Sunrise, Himalayan, and Siddhartha Bank have also cut institutional rates by 0.25 percent. Most other banks, however, have not made any changes to their institutional deposit rates.
In Magh, Global IME Bank’s personal deposit interest rate is the highest at 5.50 percent, while Standard Chartered Bank’s is the lowest at 4.36 percent.
