KATHMANDU, Dec 16: Commercial banks have announced new interest rates for the month of Paush (mid-December to mid-January).
Eighteen banks have reduced interest rates compared to Mangsir (mid-November to mid-December), while two have maintained constant rates. Prabhu Bank and Sanima Bank have retained the same interest rates as in Mangsir (mid-November to mid-December).
Revised interest rate corridor system introduced
The average interest rate of commercial banks has decreased by 0.62 percentage points to 8.99 percent compared to Mangsir, where the average interest rate was 9.91 percent.
Himalayan Bank has recorded the most significant reduction in interest rates. The bank's maximum interest rate on personal term deposits was 10.603 percent in Mangsir, and it has decreased by 2 percentage points to 8.603 percent in Paush.
Similarly, Citizens Bank has lowered the deposit interest rate by 1.35 percentage points. Everest Bank, Global IME Bank, Lakshmi Sunrise Bank, Machhapuchhre Bank, and Nepal SBI Bank have all reduced interest rates by 1 percentage point.
Depositors will receive the highest interest when keeping their money in Prime Commercial Bank.
