New Interest Rates Announced: Major Banks Reduce Rates

Several banks, including Nabil Bank, Nepal Investment Mega Bank, Prabhu Bank, Kumari Bank, Nepal SBI Bank, and Agricultural Development Bank, have announced new interest rates effective from Asoj 1. These rates apply to fixed deposits, regular savings, and remittance accounts.

Key Points:

• Nabil Bank:

  • Reduced interest rates after four months.

  • Fixed deposit rates: 6.75% for individuals, 5.75% for institutions, and 7.75% for remittance accounts.

  • Base rate decreased to 7.42%.

• Nepal Investment Mega Bank:

  • Maintained stable interest rates.

  • Fixed deposit rates: 6.50% for individuals, 5.50% for institutions, and 7.50% for remittance accounts.

• Prabhu Bank:

  • Maintained stable interest rates.

  • Fixed deposit rates: 6.10% for individuals, 5.10% for institutions, and 7.10% for remittance accounts.

• Kumari Bank:

  • Reduced interest rates.

  • Fixed deposit rates: 6.01% for individuals, 5.01% for institutions.

  • Regular savings account rate: 4.51%.

• Nepal SBI Bank:

  • Reduced interest rates.

  • Fixed deposit rates: 6% for individuals, 5% for institutions.

  • Regular savings account rate: Minimum 4.35% to a maximum of 6%.

• Agricultural Development Bank:

  • Reduced interest rates.

  • Fixed deposit rates: 6.0722% for individuals, 4.25% for institutions.

  • Regular savings account rate: Minimum 3% to a maximum of 4.76%, and 7.0722% for remittance accounts.

Conclusion:

These revisions have been made according to the banks' financial conditions, monetary policies, and the current market situation, with many banks opting to reduce their interest rates. This could potentially affect credit flow and the amount deposited in savings accounts.