Baisakh Interest Rate Update: 13 Commercial Banks Cut Rates, NMB and Everest Stand Apart with Increases

In the latest financial update, twenty commercial banks have unveiled their revised interest rates for the month of Baisakh. Among them, a significant shift has been observed, with 13 banks opting to decrease their interest rates, while notable exceptions include NMB Bank (NMB) and Everest Bank (EBL), which have chosen to raise theirs. Interestingly, five banks have decided to maintain their interest rates at the same level as the previous month of Chaitra.

NMB Bank has particularly caught attention by offering the highest fixed deposit (FD) rate of 7.97% for individual fixed deposits in the month of Baisakh. This marks a notable increase from the 7% rate seen in the preceding month. Similarly, the average interest rate for institutional fixed deposits has experienced an uptick from 6% to 6.97% during the same period.

A detailed comparison between Baisakh and Chaitra months reveals strategic maneuvers by various banks. NIC Asia Bank, for instance, leads in reducing FD rates across the board. The bank has managed to decrease the maximum interest rate on individual fixed deposits by 0.80% and has implemented a 0.85% reduction in the maximum interest rate on institutional fixed deposits.

While some banks have maintained consistency in their interest rates for institutional fixed deposits, including Citizens Bank International, Rastriya Banijya Bank, and Prabhu Bank, they have chosen to decrease rates for individual fixed deposits by 0.25%, 0.45%, and 0.50%, respectively.

However, amidst these changes, the Agricultural Development Bank stands out with the lowest interest rates, offering a maximum of 5.661% on individual fixed deposits and 4.01% on institutional fixed deposits.