Banks' Interest Rate Changes in Magh: Who Has Increased or Decreased?
As the month of Magh begins, commercial banks in Nepal have published their interest rate notifications, outlining the rates effective from Magh 1. Out of the 20 commercial banks currently in operation, 17 have chosen to maintain their fixed deposit interest rates unchanged. However, there have been notable adjustments by a few banks that merit attention.
Reductions in Interest Rates
Two prominent banks have decided to lower their fixed deposit interest rates for Magh:
- Nepal SBI Bank: This bank has reduced the maximum interest rate on personal term deposits from 6% to 5.5%. This change might influence depositors looking for higher returns on their savings.
- Agriculture Development Bank: The interest rate on personal term deposits has been decreased from 5.57% to 5.51%. While the reduction is slight, it reflects the bank's strategy to adjust its deposit offerings.
Increase in Interest Rates
In contrast, Laxmi Sunrise Bank has taken a different approach by increasing its maximum interest rate on personal term deposit accounts. The new rate is 5.75%, up from 5.50%. This increment could attract depositors seeking competitive returns in the market.
| Bank | Interest (Magh) | Interest (Push) | Difference |
|---|---|---|---|
| Rastriya Banijya Bank | 6.00% | 6.00% | 0.00 |
| Standard Chartered Bank | 6.25% | 6.25% | 0.00 |
| Nabil Bank | 5.75% | 5.75% | 0.00 |
| Laxmi Sunrise Bank | 5.50% | 5.75% | 0.25 |
| Kumari Bank | 5.91% | 5.91% | 0.00 |
| Machhapuchhre Bank | 6.00% | 6.00% | 0.00 |
| Global IME Bank | 5.75% | 5.75% | 0.00 |
| Citizen Bank | 5.65% | 5.65% | 0.00 |
| Agriculture Development Bank | 5.51% | 5.57% | 0.06 |
| Prime Commercial Bank | 6.25% | 6.25% | 0.00 |
| NMB Bank | 6.60% | 6.60% | 0.00 |
| NIC Asia Bank | 6.60% | 6.60% | 0.00 |
| Nepal Investment Mega Bank | 6.50% | 6.50% | 0.00 |
| Sanima Bank | 6.05% | 6.05% | 0.00 |
| Everest Bank | 6.00% | 6.00% | 0.00 |
| Siddhartha Bank | 6.00% | 6.00% | 0.00 |
| Nepal SBI Bank | 5.50% | 6.00% | 0.50 |
| Nepal Bank | 5.60% | 5.60% | 0.00 |
| Prabhu Bank | 6.10% | 6.10% | 0.00 |
| Himalayan Bank | 6.25% | 6.25% | 0.00 |
