Eight Banks Slash Interest Rates, Here’s How Much Each Offers

Kathmandu. Commercial banks have announced new interest rates for the month of Shrawan, effective from today.

According to public data, the trend of declining interest rates among banks has not stopped in Shrawan. Compared to Ashar, the average interest rate for both individuals and institutions has decreased in Shrawan.

Out of 20 commercial banks, some have reduced their interest rates for Shrawan. Rastriya Banijya Bank has reduced its interest rate the most, by 0.75% for individuals and 1% for institutions.

Global IME Bank has reduced its interest rate by 0.5% for individuals and 0.25% for institutions, while NMB Bank has reduced its interest rate by 0.25% for individuals and 0.5% for institutions.

Citizens Bank International has reduced its interest rate by 0.15% for individuals and 0.5% for institutions. Agricultural Development Bank has reduced its interest rate by 0.03% for institutions, while Kumari Bank and Standard Chartered Bank have reduced their interest rates by 0.06% and 0.1% respectively for individuals.

However, most commercial banks have maintained their interest rates from Ashar. Twelve banks, including Nabil, Prabhu, Nepal Investment, Sanima, Machhapuchchhre, Nepal SBI, Everest, Siddharth, Himalayan, Laxmi Sunrise, NIC Asia, and Prime Commercial, have not changed their interest rates for both individuals and institutions.

Nepal Bank Limited has increased its institutional interest rate from 3% to 4% for periods of four years or more.

According to the new rates, Nabil Bank and Prabhu Bank will offer the highest interest rate of 4.55% for individuals in Shrawan. On the other hand, Kumari Bank and Standard Chartered Bank will offer the lowest interest rate of 3.85% for individuals.

Nepal Bank will offer the highest interest rate of 4% for institutions, while Prabhu, Agricultural Development, Nepal SBI, Prime Commercial, Global IME, and Standard Chartered will offer the lowest interest rate of 2.75% for institutions.