Seven commercial banks increase interest rate on deposits, while eight others reduce the rates

Published On: September 18, 2023 08:50 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Sept 18: A number of banks have raised their interest rates for the months of mid-September and mid-October despite the banks being reported to have sufficient loanable funds amid slow demand for loans.

The financial reports unveiled by the banks show that a total of seven commercial banks have increased their interest rates on their fixed deposits effective from Monday. At the revised rates, the banks have offered as high as 11.35 percent interest rate on the individual fixed deposits.

Prime Commercial Bank has raised its interest rate to 11.35 percent per annum from existing 10.5 percent. Nabil Bank, Nepal Investment Mega Bank, Standard Chartered Bank Nepal, Everest Bank, Himalayan Bank and Nepal SBI Bank are among the lists that have raised the interest rates for their depositors.

Likewise, eight commercial banks have announced lower interest rates on the deposits that they will collect in the next month. Out of 20 commercial banks, five including NIC Asia Bank, NMB Bank, Siddhartha Bank, Prabhu Bank and Machhapuchchhre Bank have maintained their interest rates unchanged.  


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