KATHMANDU: Commercial banks operating in Nepal have announced new term deposit interest rates for the month of Magh, showing a slight decline compared to the previous month of Poush.
According to the data, the average individual term deposit rate decreased from 4.86 percent in Poush to 4.68 percent in Magh. Similarly, the average institutional rate dropped from 3.45 percent to 3.38 percent. Overall, individual rates fell by 0.15 percent, while institutional rates declined by 0.06 percent.
Individual term deposit rates
Most banks have reduced term deposit rates, while some have kept them unchanged. Himalayan Bank and Machhapuchhre Bank cut rates by the highest 0.50 percent. Siddhartha Bank reduced rates by 0.45 percent, Everest Bank by 0.35 percent, and Laxmi Sunrise and Citizens Bank by 0.25 percent.
Amid the general decline, Prime Bank increased its individual term deposit rate by 0.15 percent to 4.40 percent.
For Magh, Nepal Bank (5.10%), Global IME Bank (5.50%), Nabil Bank (4.55%), Rastriya Banijya Bank (5%), NIB Bank (5%), and NIC Asia Bank (5%) have kept rates unchanged.
Institutional term deposit rates
For institutional deposits, Everest Bank reduced its rate the most by 0.50 percent to 3.50 percent. Laxmi Sunrise, Himalayan, and Siddhartha Bank also cut institutional rates by 0.25 percent. Most other banks made no changes to institutional rates.
In Magh, Global IME Bank offers the highest individual term deposit rate at 5.50 percent, while Standard Chartered Bank offers the lowest at 4.36 percent.
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