Commercial Banks lessen interest rate for an upcoming month

A meeting of the Nepal Bankers’ Association, an umbrella organisation of commercial banks Wednesday decided to decrease interest for the month of Magh (15 Jan-12 Feb, 2023).

The decision was made to reduce interest rate by 1.13 per cent for the month of Magh.

The current interest rate for personal fixed deposit and institutional fixed deposit is 12.13 per cent and 9.13 per cent respectively. Likewise, the interest rate paid to remittance fixed deposit account is 15.33 per cent.

However, the commercial banks have determined 11 per cent interest towards personal fixed deposit, 9 per cent interest towards institutional fixed deposit and 12 per cent towards remittance fixed deposit account for the month of Magh.