Logos of banks/File Photo for Representation
KATHMANDU: In a recent development, 14 commercial banks have implemented changes to their deposit interest rates for the month of August/September.
Among the banks making adjustments are NIC Asia Bank, Prabhu Bank, Nepal SBI, Rastriya Banijya Bank, Kumari Bank, Laxmi Sunrise Bank, Sanima Bank, Nepal Bank Krishi Bikash Bank, Siddhartha Bank, Citizens Bank, Global IME Bank, and Everest Bank.
These banks have opted to increase interest rates across both fixed and ordinary savings accounts.
However, there are exceptions to this trend. The NMB Bank, Prime Bank, and Standard Chartered Bank have decided to reduce their existing interest rates.
Banking insiders reveal that last month, a staggering sum of up to Rs 43 billion was transferred from one bank to another, prompted by the allure of higher interest rates offered by select commercial banks.
A closer look reveals that among the 14 commercial banks, nine have taken the step to raise their interest rates.
Specifically, Citizens Bank, Global IME Bank, Krishi Bikash Bank, Everest Bank, Sanima Bank, Kumari Bank, Prabhu Bank, Rastriya Banijya Bank, and Nepal Bank have all enacted increases in both fixed and ordinary savings account interest rates.
These aforementioned banks have now set their interest rates within a range of 8.99 percent to 10.1 percent for the term spanning July to August.
Subsequently, for the period of August to September, these same banks have established interest rates that fluctuate between 9.51 percent and 10.896 percent.
Furthermore, certain banks like Sanima Bank, Krishi Bikash Bank, Everest Bank, and Laxmi Sunrise Bank have chosen to maintain their previous interest rate thresholds for both lower and upper limits on fixed deposits.