KATHMANDU: Most commercial banks have reduced interest rates on personal fixed deposits for the month of Poush in the current fiscal year, while some have also cut rates on institutional deposits.
According to banking data, the average interest rate on personal fixed deposits for 20 commercial banks fell by 0.27 percentage points compared to Mangsir, while the average rate on institutional deposits decreased by 0.21 percentage points.
For Poush, 14 banks reduced rates on personal deposits, and seven banks lowered rates on institutional deposits. In Mangsir, the average interest rate on personal deposits was 5.03 percent and on institutional deposits 3.58 percent. Following the cuts, the averages for Poush are 4.76 percent for personal deposits and 3.37 percent for institutional deposits.
Himalayan Bank led the reductions, cutting personal deposit rates by 1.50 percent and institutional rates by 1.45 percent. Other banks lowering personal deposit rates include Rastriya Banijya, Global IME, and Prime by 0.50 percent, Prabhu by 0.40 percent, and Everest, Nepal SBI, Laxmi Sunrise, and Sanima by 0.25 percent. Kumari Bank reduced rates by 0.38 percent, Nabil by 0.20 percent, and Nepal Bank and Agricultural Development Bank by 0.15 percent. Standard Chartered Bank also cut personal deposit rates by 0.10 percent for Poush.
On the institutional side, Everest, Kumari, Nepal SBI, Laxmi Sunrise, Global IME, Himalayan, and Nabil Bank reduced rates compared to Mangsir.
However, several banks maintained their rates unchanged for Poush. Machhapuchhre, NMB, Citizens, Siddhartha, NIMB, and NIC Asia Bank kept both personal and institutional fixed deposit rates stable.
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