Kathmandu. Banks have further reduced interest rates for the month of January.
Most of the banks and financial institutions (BFIs) have issued information on the interest rates applicable for the month of January today. According to the information received so far, 7 commercial banks have reduced the interest rate on individual fixed deposits while 6 have kept it stable. One has raised interest rates.
The banks that have reduced the interest rate on personal fixed deposits are Kumari, Everest Bank, SBI, Standard Chartered, Citizens Bank, Laxmi Sunrise and Siddhartha. The rate for the month of January has been reduced to 4.23 per cent, Everest Bank 4.40 per cent, SBI 4.40 per cent, Standard Chartered 4.36 per cent, Citizens 4.50 per cent, Laxmi Sunrise 4.50 per cent and Siddhartha Bank 4.55 per cent.
In January, Kumari Bank had fixed interest rate of 4.33 per cent, Everest Bank 4.75 per cent, SBI 4.55 per cent, Standard Chartered 4.60 per cent, Citizens 4.75 per cent, Laxmi Sunrise 4.75 per cent and Siddhartha Bank 5.0 per cent.
Similarly, Nepal Bank, Prabhu Bank, Nepal Investment Mega, NIC Asia Bank, NMB Bank and Rastriya Banijya Bank are among the commercial banks that will offer maximum interest rates on fixed deposits. In the review period, Nepal Bank Bank has fixed interest rate of 5.10 per cent, Prabhu Bank 4.55 per cent, Nepal Investment Mega 5.0 per cent, NIC Asia Bank 5.0 per cent, NMB 5.0 per cent and Rastriya Banijya Bank 5.0 per cent. These banks have continued this interest in January as well.
Similarly, Prime Bank has increased the interest rate on personal fixed deposits to 4.40 percent. The bank had offered 4.25 percent interest in the last fiscal year.
On the other hand, most of the national level development banks have reduced the interest rate on personal fixed deposits to 5.43 percent for the month of January. Most of the national level development banks had given 5.55 percent interest in January.
