Commercial banks have announced new deposit interest rates for the month of Magh.
With credit flow shrinking and liquidity piling up, banks that had already been continuously reducing interest rates have lowered them even further for Magh.
Of the commercial banks, 11 have reduced interest rates for Magh, while the remaining 9 will continue with the same rates as in Poush.
Among individual deposit accounts in Magh, Global IME Bank will provide the highest interest rate, while Standard Chartered Bank will offer the lowest.
How much interest will each bank provide?
Global IME Bank will offer the highest interest rate in Magh.
Global IME Bank will provide 5.5% interest to individual depositors, while Nepal Bank will offer 5.1%.
Similarly, Himalayan Bank, Rastriya Banijya Bank, NIC Asia Bank, Nepal Investment Bank, and NMB Bank will maintain a 5% interest rate. Siddhartha Bank, Sanima Bank, Prabhu Bank, and Nabil Bank will provide 4.55%.
Likewise, Laxmi Sunrise Bank, Machhapuchchhre Bank, and Citizens Bank will maintain 4.5%; Kumari Bank will offer 4.43%; and Everest Bank, Agriculture Development Bank, Nepal SBI Bank, and Prime Commercial Bank will offer 4.4%.
The lowest rate has been set by Standard Chartered Bank at 4.36%.
Overall, the average interest rate of banks in Magh stands at 4.68%, compared to 4.83% in Poush.
