Commercial banks revise their interest rates from today

Published On: September 18, 2023 01:30 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Sept 18: Effective today, seven commercial banks have opted to decrease their deposit interest rates, while eight others have chosen to raise them. Four banks, however, have maintained their existing interest rates.

Under the new interest rate structure, fixed deposits for the month of Asoj (mid-September to mid-October) now offer returns of up to 11.36 percent for individual investors. Prime Commercial Bank, for instance, is offering a competitive 11.36 percent interest rate.

Meanwhile, Nabil Bank has increased its interest rate to 11.05 percent, marking a notable increase of 0.56 percent compared to the Bhadra rates (mid-August to mid-September). Himalayan Bank has also followed suit with a 1.06 percent interest rate hike, now also offering 11.05 percent. NIC Asia has maintained its interest rate at 11.05 percent. In contrast, Prabhu Bank, NMB Bank, Machhapuchhre Bank, and Siddhartha Bank have opted to keep their interest rates unchanged during this period.

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