Commercial Banks Reduce Fixed Deposit Interest Rates for Asar, 7 Banks Cut Rates

Commercial banks in Nepal have once again reduced the interest rates on personal fixed deposits for the month of Asar. According to the published rate lists of 17 commercial banks, 7 banks have lowered their interest rates, while 10 banks have kept them unchanged.

The banks that have reduced their rates include Laxmi Sunrise Bank, Everest Bank, Himalayan Bank, NIC Asia Bank, NMB Bank, Prime Commercial Bank, and Standard Chartered Bank.

The updated interest rates for Asar are as follows:

• Laxmi Sunrise Bank: 4.00%

• Everest Bank: 3.50%

• Himalayan Bank: 4.00%

• NIC Asia Bank: 4.00%

• NMB Bank: 4.75%

• Prime Commercial Bank: 4.00%

• Standard Chartered Bank: 3.95%

These rates are lower compared to the previous month (Jestha), when some banks, such as Standard Chartered Bank, offered up to 5 percent interest.

Meanwhile, the banks that have kept their interest rates unchanged include Agricultural Development Bank, Global IME Bank, Machhapuchchhre Bank, Nepal Bank, Rastriya Banijya Bank, Sanima Bank, Siddhartha Bank, Prabhu Bank, Citizens Bank, and Nepal Investment Mega Bank. These banks have maintained their previous month’s rates for Asar.

The decline in interest rates is expected to impact depositor returns, while banks are likely adjusting rates due to liquidity conditions and cost management in the financial system.