After Commercial Banks Decision to Reduce the Interest Rates, Development Banks Also Reduces the Interest Rates for the Month of Magh
Fri, Jan 13, 2023 10:41 AM on Latest, Interest Rates,
After Commercial Bank's Decision to Lower Interest Rates, Development banks have also decided to reduce interest rates for the month of magh.
The Development Bankers Association, the governing body for development banks, resolved during its meeting to lower the interest rate on deposits in Magh compared to Poush.
According to Pradyuman Pokharel, president of the association, "National level development banks have chosen to cut the interest rate of 0.85 percent in Magh and retain a maximum of 12 percent for individuals, 10 percent for institutions, and 13 percent for remittances in Magh."
The national-level development banks kept the interest rate at 12.85 percent for individuals, 10.85 percent for institutions, and 13.85 percent for remittances till the month of Poush.
On the other hand, the interest rate on fixed deposits of commercial banks would be lower starting in the upcoming month of Magh, according to the Nepal Bankers Association. Commercial Bank fixed deposit interest rates are currently 12.133 percent for individuals and 10.133 percent for institutions. The Bankers Association has consented to lower the interest rate from Magh to 11% for individuals and 9% interest rates for the institutions.
