16 banks keep interest rates unchanged for Chaitra

KATHMANDU: Sixteen commercial banks have kept their interest rates on individual fixed deposits unchanged for the month of Chaitra (mid-March to mid-April). Likewise, 17 banks have kept their rates on institutional fixed deposits unchanged for the same month.

An analysis of interest rates published by commercial banks shows the average interest rate on individual fixed deposits for Chaitra has dropped to 5.98%, compared to 6% in Falgun (mid-February to mid-March). Similarly, the average interest rate on institutional fixed deposits has decreased by 0.19 percentage points to 4.3%.

Kumari Bank and Laxmi Sunrise Bank have slightly increased their interest rates for Chaitra. Kumari Bank raised its interest rate on individual fixed deposits to 6.01% from 5.91%, while Laxmi Sunrise Bank increased its rate by 0.25 percentage points to 5.75%. However, while Kumari Bank has also increased its interest rate on institutional fixed deposits by 0.1 percentage points, Laxmi Sunrise Bank has kept its institutional fixed deposit interest rate unchanged at 4.5%.

Nepal Bank Ltd and Himalayan Bank Ltd, however, have reduced their interest rates on individual fixed deposits. Himalayan Bank Ltd lowered its interest rate on individual fixed deposits by 0.75 percentage points to 5.5%, while Nepal Bank Ltd revised its interest rate on individual fixed deposits downward by 0.1 percentage points to 5.5%.