KATHMANDU, Oct 17: The commercial banks have reduced the interest rate on deposits for the month of mid-October to mid-November (Kartik). The maximum interest rate on personal term deposits of 20 commercial banks has decreased by an average of 0.21 percentage points in mid-September to mid-October (Ashoj) compared to Kartik.
In the month of Ashoj, the average interest rate on the maximum personal term of these commercial banks was 6.39 percent. However, it decreased to 6.18 percent in Kartik. In Bhadra, the average interest rate on maximum personal term deposits was 6.50 percent.
Revised interest rate corridor system introduced
According to a public notice, Sanima bank has increased its maximum interest rate on personal term deposits in Kartik compared to Ashoj. Similarly, 10 banks have reduced their interest rates while nine banks have kept their interest rates unchanged.
The banks reducing the interest rate on personal term deposits include Agricultural Development Bank Limited, Rastriya Banijya Bank, Lakmi Sunrise Bank, Prime Commercial Bank, Citizens Bank, Nabil Bank, Siddhartha Bank, Standard Chartered Bank, NIC Asia and Himalayan Bank.
Similarly, Global IME, Kumari Bank, SBI Bank, Nepal Bank Limited, Nepal Investment Mega Bank Limited, Machhapuchchhre Bank Limited, Everest Bank Limited, NMB Bank and Prabhu Bank have kept their interest rates constant.
