Commercial Banks Lower Interest Rates Further in Asoj: Here is the Detailed Breakdown
Commercial banks in Nepal have further reduced deposit interest rates for the month of Asoj. The average individual fixed deposit rate dropped to 4.0895%, while the institutional fixed deposit rate settled at 3.0665%. Everest Bank recorded the largest cut.
KATHMANDU — Commercial banks in Nepal have once again reduced deposit interest rates for the month of Asoj. According to the updated interest rate schedules published by 20 commercial banks, average deposit rates have declined further compared to the previous month of Bhadra.
For Asoj, the average interest rate on individual fixed deposits fell from 4.136% to 4.0895%. Similarly, the average rate on institutional fixed deposits decreased by 0.0145%, dropping from 3.081% to 3.0665%.
Key interest rate adjustments made by major banks include:
- Everest Bank: Implemented the steepest reduction, cutting its individual fixed deposit rate by 0.55% to 3.5% and its institutional rate by 0.25% to 3.25%.
- Nabil Bank: Lowered its individual fixed deposit rate by 0.3% while keeping its institutional rate unchanged.
- Citizens Bank: Reduced its individual fixed deposit rate by 0.25%.
- Standard Chartered Bank and Kumari Bank: Trimmed their individual fixed deposit rates by 0.05% and 0.03%, respectively.
- Sanima Bank: Raised its institutional fixed deposit rate by 0.21%, while maintaining its individual rate at the previous level.