5 Days After its Own Update, Shangrila Development Bank Further Reduces Interest Rates

Shangrila Development Bank Limited (SADBL) has unveiled a new interest rates profile just five days after its previous update was meant to be in effect.

In the previous interest rates profile effective from Poush 01, the bank had given interest rates in the range of 4% to 5.5% for savings. In the new update effective from Poush 06, the range is 3.5%-5.5%.

Furthermore, interest rates in fixed deposits have plunged. While individuals got interest payments in the range of 8-9.75%, they will now only get in the range of 6.5-7.5%. It seems that institutions aren't spared either. The previous range of 7-9.75% has now been slashed down to 5.5-6.5%.

As of now, the bank used the base rate of 9.02% maintained as of Kartik end. Now, the base rate as of Mangsir end will be used, which is way lower than the previous base rate. Now, the base rate is 8.87%. Since loan schemes are tied to the base rates, interest rates on loan products have gone down as well. Share loans can be taken at rates up to 4.5% higher than the base rate.

Interest Rates Update