Banking Khabar/ A new interest rate has been implemented in banks from 1st of Bhadra. Commercial banks have further reduced the interest rate on deposits with effect from Bhadra.
According to the interest rate information published by 20 commercial banks, one bank, Prime Commercial, has increased the interest rate on personal term deposits, while 7 banks have kept it constant. Standard Chartered, Nabil, Global IME, Lakshmi Sunrise, Citizens, Machhapuchhre and Kumari have kept the interest rates stable.
12 banks have reduced interest rates. As a result, the average interest rate has also decreased. In the month of Shrawan maximum average interest rate of 20 commercial banks for personal term was 6.73 percent, but in Bhadra it decreased to 6.54 percent.
Banks that have reduced interest rates in Bhadra compared to Shrawan include Agricultural Development, Rastriya Banijya, SBI, Nepal, Sanima, Nepal Investment Mega, Siddharth, Prabhu, NMB, NIC Asia, Himalayan and Everest.
Banks have a policy of slightly higher interest rates on long-term personal term deposits and lower interest rates on short-term term deposits. If the deposit interest rate decreases, the base rate will decrease and the loan interest rate will be relieved.
In Bhadra, the highest interest rate on personal term deposits remained at 7.41 percent which belongs to NMB and NIC Asia Bank. The National Bank has arranged that the difference between the upper limit of individual term deposits and the minimum interest rate of savings should not be more than 5 percent.
Interest rate should be reduced by at least 1 percentage point in institutional term deposits than individual term deposits. Similarly, they can give 1 percentage point more interest on personal remittance periods.
Due to a sufficient amount of investable funds in banks, reduction of the policy rate from 5.5 to 5 percent through the monetary policy of the current fiscal year, reduction of the upper limit of the interest rate corridor from 7 to 6.5 percent, facilitated the banks to reduce the interest rate in Bhadra.
What is the maximum interest rate of different banks for personal terms?
Bank Shrawan Interest Rate Bhadra Interest Rate
Agricultural Development 6.29 6.065
Rastriya Banijya 6.21 6.07
Nepal SBI 6.3 6.25
Lakshmi Sunrise 6.5 6.5
Global IME 6.25 6.25
Kumari 6.71 6.71
Prime 6.5 6.75
Nepal 6.25 5.25
Sanima 6.4 6.2
Citizens 6.75 6.75
Nabil 7 7
Investment Mega 7 6.5
Siddhartha 6.75 6.5
Standard Chartered 7 7
Machhapuchhre 7 7
Prabhu 7 6.1
NMB 7.53 7.41
NIC Asia 7.53 7.41
Himalayan 7.5 7
Everest 6.3 6.1
