Sanima Bank raises interest rate on savings accounts to 8%

Published On: April 25, 2017 10:23 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, April 25: Sanima Bank Ltd has increased its interest on deposits to 8 percent. Issuing a statement, the commercial bank said that it had raised the interest rates on all saving accounts by 3 percentage points with an objective to provide maximum interest rates to its customers.

Earlier, the bank was offering interest rate of 5 percent on saving accounts -- one of the highest rates among the commercial banks.  “Sanima Bank has increased its interest rate on all saving products. Now existing and new saving account holders will get interest rate of up to 8 percent per annum,” reads the statement.

According to the bank, the new rates will come into effect from Sunday. With the credit crunch grappling the bank and financial institutions, the interest rates are going upward. While BFIs have been raising the fixed deposit rates, very few have raised their interest rates on savings that accounts for majority of deposit base.

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