Kathmandu. Commercial banks have announced the interest rates applicable for September. Among the commercial banks, 10 have reduced the maximum interest rate on individual fixed deposits while 9 have kept it stable. One commercial bank has increased the interest rate.
They have reduced the interest rate on fixed deposits, Kumari Bank, Everest Bank, NIC Asia Bank, Prime Commercial Bank, Nepal Bank, Laxmi Sunrise Bank, Citizens Bank, Agricultural Development Bank and Himalayan Bank.
Similarly, Nepal SBI Bank has fixed the maximum interest rate on fixed deposits 5.18 percent, Kumari Bank 4.81 percent, Everest Bank 5.25 percent, NIC Asia Bank 6 percent, Prime Commercial Bank 5.5 percent, Nepal Bank 5.25 percent, Laxmi Sunrise Bank 4.75 percent, Citizens Bank 5.25 percent, Agriculture Development Bank 5.05 percent and Himalayan Bank 4.25 percent. The maximum interest rate on fixed deposits in August was 5.25 per cent, 5.01 per cent, 5.01 per cent, Everest Bank 5.75 per cent, NIC Asia Bank 6.25 per cent, Prime Commercial Bank 6 per cent, Nepal Bank 5.40 per cent, Laxmi Sunrise Bank 5 per cent, Citizens Bank 5.50 per cent, Agriculture Development Bank 5.40 per cent and Himalayan Bank 6 per cent.
Similarly, Siddhartha Bank, Rastriya Banijya Bank, NMB Bank, Nepal Investment Mega Bank, Nabil Bank, Machhapuchchhre Bank, Sanima Bank, Prabhu Bank and Global IME Bank are among the banks that have extended the interest rate on this month. Likewise, Siddhartha Bank Bank has fixed interest rate at 5.5 per cent, Rastriya Banijya Bank 5.5 per cent, NMB Bank 6 per cent, Nepal Investment Mega Bank at 5.25 per cent, Nabil Bank at 5.5 per cent, Machhapuchchhre Bank at 6 per cent, Sanima Bank at 6.25 per cent, Prabhu Bank at 5.35 per cent and Global IME Bank at 6 per cent. The same interest rates will continue in September.
Standard Chartered Bank has increased the maximum interest rate on individual fixed deposits in September. The bank has increased the interest rate from 5.13 percent in August to 5.18 percent in September.
As per the provision set by Nepal Rastra Bank, banks have to increase the interest rate on individual fixed deposits by a maximum of 1 percent to remittance fixed deposits and by 1 percent to reduce the interest rate on institutional fixed deposits.
