Ashad 2081 Interest Rate Update: Commercial Banks Reduce Interest Rates

Fri, Jun 14, 2024 10:56 AM

Commercial banks have announced new interest rates for the month of Ashar, showing a slight decrease compared to the rates in Jestha.

In Jestha, the average maximum interest rate on personal term deposits among 20 commercial banks was 6.99%, which has decreased to 6.87% in Ashar. The average interest rate for such deposits has dropped by 0.12 percentage points. Similarly, the maximum interest rate on institutional term deposits has decreased by 0.129 percentage points.

11 Banks Reduce Interest Rates

Out of the 20 commercial banks that released new interest rates, 11 have reduced their rates. Among these, Global IME Bank has made the most significant reduction, lowering its rate by 1 percentage point. The bank's maximum interest rate on personal term deposits fell from 7.5% in Jestha to 6.5% in Ashar. Likewise, the maximum interest rate on institutional term deposits dropped by 1 percentage point to 5.5%.

3 Banks Increase Interest Rates

Compared to Jestha, 3 banks have increased their interest rates in Ashar. These banks are Nabil Bank, Machhapuchhre Bank, and Himalayan Bank. Himalayan Bank has raised its rate the most, by 0.75 percentage points, now offering a maximum interest rate of 8.25% on personal term deposits.

The Agricultural Development Bank continues to offer the lowest interest rates, providing 5.661% on personal term deposits and 4.01% on institutional deposits, unchanged from the rates in Jestha.

Interest Rates of Commercial Banks in Nepal (Ashad 2081)


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