Banking News – Commercial banks in Nepal have announced their new interest rates for Bhadra, with the revised rates coming into effect from Bhadra 1. Five commercial banks have reduced their interest rates on individual fixed deposits for the month.

The average interest rate on individual fixed deposits offered by commercial banks has declined to 4.13 percent in Bhadra, down from 4.17 percent in Shrawan. Similarly, the average interest rate on institutional fixed deposits has also decreased to 3.08 percent, compared to 3.12 percent in Shrawan.

For Bhadra, Agricultural Development Bank has set the interest rate on individual fixed deposits at 4.15 percent, while Everest Bank has fixed the rate at 4.05 percent.

Nepal Bank is offering 4.15 percent, while Kumari Bank has set the rate at 3.76 percent. Nepal SBI Bank has fixed the rate at 4.10 percent, while Laxmi Sunrise Bank and Global IME Bank are offering 4 percent each.

Similarly, Prime Commercial Bank has set its individual fixed deposit rate at 4 percent, Citizens Bank at 3.85 percent, Prabhu Bank at 4.55 percent, and Machhapuchchhre Bank at 4.50 percent.

Likewise, NMB Bank is offering 4.50 percent on individual fixed deposits, while Standard Chartered Bank Nepal has set the rate at 3.80 percent. Himalayan Bank is offering 4 percent, Siddhartha Bank 3.76 percent, Nabil Bank 4.55 percent, and Sanima Bank 4.50 percent.

Rastriya Banijya Bank has maintained an individual fixed deposit rate of 4 percent, while Nepal Investment Mega Bank is offering 4.50 percent and NIC Asia Bank 4 percent.

The latest reduction indicates a continued downward trend in deposit interest rates, with both individual and institutional fixed deposit rates declining compared with the previous month.