Commercial Banks in Nepal Adjust Interest Rates for Baisakh

Kathmandu. According to the interest rate schedules published by commercial banks for the month of Baisakh, the majority of banks have reduced their interest rates. 

According to the details, the interest rates of 10 banks remain stable. The banks that have kept their interest rates stable include Prime Commercial Bank, Nepal Bank, Global IME Bank, Machhapuchhre Bank, Nepal SBI Bank, Laxmi Sunrise Bank, Sanima Bank, Nepal Investment Mega Bank, Prabhu Bank, and NMB Bank. 

Similarly, 9 banks have reduced their interest rates. These banks include Siddhartha Bank, Everest Bank, Kumari Bank, Standard Chartered Bank, Citizens Bank, Himalayan Bank, Nabil Bank, NIC Asia Bank, and Rastriya Banijya Bank. 

Siddhartha Bank and NIC Asia Bank have lowered their maximum interest rates for both individual and institutional fixed deposits by 0.25 percentage points. While Himalayan Bank reduced rates by 0.50 and 0.25 percentage points respectively, other banks have reduced interest rates on individual deposits. Nabil Bank, however, has only reduced the interest rate on institutional deposits. 

For individual deposits, Citizens Bank reduced rates by 0.35 percent, Rastriya Banijya Bank by 0.25, Everest Bank by 0.20, Kumari Bank by 0.07, and Standard Chartered Bank by 0.01 percentage points, while Nabil Bank reduced institutional rates by 0.54 percentage points. 
The only bank to increase interest rates this time is Agricultural Development Bank. The bank has increased interest rates by 0.03 percentage points across accounts ranging from ordinary savings to institutional fixed deposits.