Commercial Banks’ Average Interest Rate Declines in Chaitra

Commercial banks in Nepal have published new interest rates for the month of Chaitra 2082. According to the published data, the maximum average interest rate of banks has decreased compared to the month of Falgun. The maximum average interest rate on individual fixed deposits, which was 4.56 percent in Falgun, has dropped to 4.49 percent in Chaitra, showing a decline of 0.07 percentage points. Out of the 20 commercial banks currently operating in Nepal, six banks have reduced their interest rates, leading to the decline in the overall average rate, while the remaining 14 banks have maintained the same rates as in Falgun. Similarly, the maximum average interest rate on institutional fixed deposits has decreased by 0.03 percentage points. Nepal Bank has reduced the interest rate the most for Chaitra, lowering the maximum rate on individual fixed deposits by 0.6 percentage points. Likewise, Standard Chartered Bank, Kumari Bank, Agriculture Development Bank, Prime Commercial Bank, and Global IME Bank have also reduced their interest rates for the month.