NBA decided to reduce deposit interest rate to single digit

KATHMANDU: The deposit interest rate has been lowered to single digits by banks. According to Vice President Santosh Koirala, the Nepal Bankers Association meeting on Wednesday morning decided to keep the new deposit interest rates below 10 percent and reduce them to single digits starting on May 1.

He stated that as of May 1, it has been decided to keep the interest rate for individual term deposits at 9 points 99 percent and the interest rate for institutional term deposits at 7 points 99 percent.

Koirala announced that it had been decided to keep savings rates at a minimum of 5 point 4 percent and a maximum of 7 point 4 percent, and to keep the interest rate on call deposits at 50 percent of the lower limit of savings.