Kathmandu. Most of the banks have reduced interest rates for July. According to the information published today, most of the banks have reduced the maximum interest rate on personal fixed deposits for July.
According to the information received from 17 commercial banks so far, 10 have reduced the interest rate and five have kept it stable. Two commercial banks have increased interest rates.
Nepal Bank has reduced the interest rate on personal term deposits to 5.40 percent, Krishi Bikas Bank 5.40 percent, Laxmi Sunrise Bank 5.50 percent, Prabhu Bank 4.25 percent, Citizens Bank 5.50 percent, Everest Bank 6.25 percent, Kumari Bank 5.41 percent, Prime Bank 6 percent, Rastriya Banijya Bank 5.50 percent and Nepal SBI Bank 5.35 percent. Nepal Bank had reduced the interest rate on personal term deposits to 5.45 percent, Krishi Bikas Bank to 5.45 percent, Laxmi Sunrise Bank to 5.75 percent, Prabhu Bank to 6.10 percent, Citizens Bank to 5.65 percent, Everest Bank to 6.55 percent, Kumari Bank to 5.71 percent, Prime Bank to 6.25 percent, Rastriya Banijya Bank to 6 percent and Nepal SBI Bank to 5.50 percent.
Similarly, Himalayan Bank has increased the maximum interest rate on personal term deposits to 6 percent and Sanima to 6.50 percent in July. Himalayan Bank had fixed 5.50 percent and 6.33 percent interest rates in June.
Machhapuchchhre Bank, Siddhartha Bank, Global IME Bank, NMB Bank and Standard Chartered Bank have fixed the interest rates on personal fixed deposits in July. Machhapuchchhre Bank had offered 6 per cent interest, Siddhartha Bank 5.75 per cent, Global IME Bank 6 per cent, NMB Bank 6 per cent and Standard Chartered Bank 6.25 per cent. Now these banks will pay the same interest rate in July.
Similarly, according to the information received so far from seven national level development banks, all of them have reduced the maximum interest rate on personal fixed deposits. Garima Bikas Bank has reduced interest rate to 6.11 percent, Jyoti Bikas Bank to 6.11 percent, Muktinath Bikas Bank to 6.25 percent, Kamna Sewa Bikas Bank to 6.15 percent, Lumbini Bikas Bank to 6.11 percent, Mahalaxmi Bikas Bank to 6.11 percent and Shangri-La Development Bank to 6.11 percent. Mahalaxmi Bikas Bank and Shangri-La Development Bank had fixed 6.15 per cent and 6.25 per cent respectively on individual term deposits.
According to the regulatory provision, the interest rate on remittance fixed deposits is 1 percent more than the maximum interest rate on individual fixed deposits and 1 percent less for institutional fixed deposits.
