NIC Asia slashes savings interest rate to 5% on all schemes except one; Fixed deposits rate also reduced to 10.50%

NIC Asia Bank has decreased its interest rates on both the savings as well as fixed deposits by a huge margin.

Previously, the interest rate on 8% on the saving accounts and in case of the Fixed Deposts the bank had been providing 11% interest rates. However, the interest rate in all the saving accounts have been reduced to 5% except on New Premium Savings account which provides interest rate of 7%. 

 The bank which was leading in the race of increasing the interest rate has put a leash on its high interest rates and lowered it after the agreement was made between the banks under the mediation of Banker’s Association.