KATHMANDU, April 13: Most banks have kept their interest rates unaltered for the month of Baishakh. Starting from tomorrow, the first day of Baisakh, the majority of the banks are set to apply this decision.
On Sunday, all 20 commercial banks published the interest rates that will come into effect from the Nepali New Year 2082 BS. According to the published rates, three banks have reduced the maximum interest rate on individual fixed deposits, while 16 banks have continued with the same rates as in the month of Chaitra (mid-March to mid-April).
For the month of Baisakh, Nepal Bank, Sanima Bank, and Kumari Bank have reduced their interest rates. Nepal Bank has set an interest rate of 5.15 percent for individual deposits and 4 percent for institutional deposits. In Chaitra, the bank offered 5.5 percent for individual deposits and 5.15 percent for institutions deposits.
Similarly, Kumari Bank had offered 6.01 percent for individual deposits and 5.01 percent for institutional deposits in Chaitra, while Sanima Bank had offered 6.05 percent for individual deposits and 4.30 percent for institutional deposits. However, for Baisakh, Kumari Bank has set 5.92 percent for individual deposits and 4.92 percent for institutional deposits, while Sanima Bank has set 5.95 percent for individual deposits and 4.20 percent for institutional deposits.
Revised interest rate corridor system introduced
For the month of Baisakh, Everest Bank is the only one that has increased its interest rates on individual fixed deposits. The new rate for individual deposits has been set at 6.61 percent, up from 6 percent in Chaitra. For institutional deposits, Everest Bank will offer 5.61 percent in Baisakh, compared to 5 percent the preceding month.
Other than this, most banks have continued with the interest rates from the previous month. For the month of Baisakh, NMB Bank and NIC Asia Bank will offer 6.60 percent for individual deposits and 5.60 percent for institutional deposits respectively.
Similarly, Nepal Investment Mega Bank Limited (NIMB) has set an interest rate of 6.50 percent for individual deposits and 5.10 percent for institutional deposits. Prime Commercial Bank has set 6.25 percent for individual deposits and 3.50 percent for institutional deposits. Standard Chartered has set 6.25 percent for individual deposits and 3.25 percent for institutional deposits. Prabhu Bank has set 6.10 percent for individual deposits and 5 percent for institutional deposits.
On the other hand, Global IME, Machhapuchhre, Siddhartha, and Rastriya Banijya Bank have set interest rates of 6-6 percent for individual fixed deposits. However, for institutional deposits they have set rates of 4.4 percent, 4 percent, 5 percent, and 3 percent respectively.
Similarly, for the month of Baisakh, Himalayan Bank and Nepal SBI Bank have set interest rates of 5.5 percent for individual fixed deposits. However, for institutional deposits, they have set rates of 4.5 percent and 4 percent respectively.
Likewise, Laxmi, Sunrise, and Nabil Banks have also set equal interest rates of 5.75 percent for individual deposits. For institutional deposits, these banks have set rates of 4.50 percent and 4.05 percent respectively.
For the month of Baisakh, Prabhu Bank will offer 6.10 percent interest on individual fixed deposits and 5 percent on institutional deposits. Citizens Bank will offer 5.65 percent on individual deposits and 4 percent on institutional deposits. Similarly, Agriculture Development Bank will offer 5.51 percent interest on individual deposits and 3.25 percent on institutional deposits.
