KATHMANDU, July 17: Majority of commercial banks have lowered their interest rates on deposits by an average of 0.14 percent per annum for the next one month starting from Tuesday.
According to the information released by the banks, they are reducing the interest rates to 6.73 percent from 6.87 percent on average. With excessive liquidity, banks have reduced their interest rates on deposit to lower their operating costs.
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A total of 13 out of 20 commercial banks have announced plans to reduce the interest rates. Himalayan Bank has reduced its interest rates by the largest proportion of 0.75 percent to 7.5 percent per annum. The interest rate on fixed deposits offered by the state-owned Rastriya Banijya Bank is the lowest of 6.21 percent per annum.
Five banks including Nabil Bank, Standard Chartered Bank, Nepal Investment Mega Bank, Nepal SBI Bank and Laxmi Sunrise Bank have left their interest rates unchanged. Everest Bank and Agriculture Development Bank have increased their interest rates on deposits.
