Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Commercial banks in Nepal have further reduced their interest rates for the month of Kartik (mid-October to mid-November), signaling continued excess liquidity in the banking sector and sluggish credit demand. According to the published rate sheets of 20 commercial banks, the average maximum interest rate on individual fixed deposits has dropped by 0.2755 percentage points compared to the previous month, Asoj.
In Asoj, the average maximum interest rate for individual fixed deposits stood at 5.376%, which has now declined to 5.1005% for Kartik. The highest fixed deposit rate among all commercial banks currently remains 6%, offered by Global IME Bank.
15 Banks Reduce Individual Fixed Deposit Rates
Out of the 20 commercial banks, 15 have reduced their maximum interest rates on individual fixed deposits for Kartik. These include Agriculture Development Bank, Everest Bank, Himalayan Bank, Laxmi Sunrise, Machhapuchchhre, NIC Asia, Prabhu, Standard Chartered, Nabil, Prime Commercial, Sanima, Nepal SBI, Nepal Investment Mega, NMB, and Citizens Bank.
Meanwhile, five banks—Nepal Bank, Rastriya Banijya Bank, Global IME Bank, Siddhartha Bank, and Kumari Bank—have maintained their rates at the same level as Asoj. None of the commercial banks have increased their interest rates for Kartik.
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