Commercial Banks Lower Interest Rates for Nepali Month of Chaitra

Kathmandu. Commercial banks have reduced interest rates for the month of Chaitra. The maximum average interest rate for personal fixed deposits at commercial banks, which was 4.56 percent in the month of Falgun, has been reduced to 4.49 percent for Chaitra.

The average interest rate has thus decreased by 0.07 percentage points. Among the 20 commercial banks currently in operation, 6 banks have reduced their interest rates, while 14 banks have maintained the rates from the month of Falgun.

The maximum average interest rate for institutional fixed deposits also decreased by 0.03 percentage points in Chaitra. Nepal Bank Limited is the bank that reduced the interest rate the most for the month of Chaitra. This bank reduced the maximum interest rate for personal fixed deposits by 0.6 percentage points.

Similarly, Agriculture Development Bank Limited, Standard Chartered Bank Nepal, Kumari Bank Limited, Prime Commercial Bank Limited, and Global IME Bank Limited have also reduced interest rates for the month of Chaitra. For the month of Chaitra, Agriculture Development Bank has set the personal fixed deposit interest rate at 4.15 percent. In the month of Falgun, this fixed deposit interest rate was 4.25 percent. Standard Chartered Bank has set the interest rate at 4.11 percent for the month of Chaitra. For the month of Falgun, this bank's interest rate was 4.25 percent.

Nepal Bank has set the personal fixed deposit rate at 4.5 percent for the month of Chaitra, which was 5.1 percent in the month of Falgun. Similarly, Kumari Bank has set the interest rate at 4.12 percent for the month of Chaitra. In the month of Falgun, this interest rate was 4.43 percent. Global IME Bank has set the interest rate at 4.25 percent for the month of Chaitra.

In the month of Falgun, this bank's interest rate was 4.75 percent. Prime Bank has announced an interest rate of 4.15 percent for the month of Chaitra. In the month of Falgun, this interest rate was 4.25 percent. Nepal SBI Bank has announced an interest rate of 4.25 percent for the month of Chaitra. This bank also offered the same rate for personal fixed deposits in the month of Falgun.

Similarly, Everest Bank's rate for the month of Chaitra is 4.25 percent, and Siddhartha Bank's is 4.25 percent. These banks also had the same interest rate in the month of Falgun. Furthermore, Machhapuchhre Bank, Citizens Bank, Laxmi Sunrise Bank, Sanima Bank, and Nepal Investment Mega Bank have set their interest rates at 4.5 percent for the month of Chaitra.

These banks had also set the same interest rate for personal fixed deposits in the month of Falgun. Moreover, Prabhu Bank and Nabil Bank have set the interest rate at 4.55 percent for the month of Chaitra. In the month of Falgun, the interest rate for these two banks was also at the same level. Himalayan Bank, Rastriya Banijya Bank, NIC Asia Bank, and NMB Bank have set the interest rate for personal fixed deposits at 5 percent for the month of Chaitra. In the month of Falgun, the interest rate for personal fixed deposits at these banks was also 5 percent. –News Agency Nepal