Banks and Financial Institutions Update Interest Rates After 6 Months; What Has Changed?

Many financial institutions have changed their interest rates for the month of Ashoj. 

For Commercial Banks:

Interest rates on fixed deposits have gone up by an average of 10% at all commercial banks. As a result, they came up with the maximum interest rates of 12.13 percent for individual term deposits, 10.13 percent for institutional deposits, and 13.13 percent for remittances.

Some commercial banks have set interest rates of 12.03 percent for individual term deposits up to three months, 10.03 percent for institutional deposits, and 13.03 percent for remittances. Likewise, most commercial banks provided a 7.13% interest rate p.a. for depositors on savings in Ashoj. 

Apart from this, some banks are also offering saving rates of 9.13%, where as Nabil Bank has declared to provide general saving rates of 10.13%. In the same vein, Mega Bank's Mega Matribhumi Savings Account has also declared to provide the interest rate of 10.13%. 

Check out the commercial banks with the lowest and highest interest rates.

• NMB Bank - Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Normal Savings - 9.13% (maximum)
• Civil Bank – Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Savings 9.13% (maximum)
• Prime – Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Savings 9.13% (maximum)
• Nabil – Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Savings – 10.13% (maximum)
• Century – Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Savings- 7.13% (maximum)
• NCC Bank – Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Savings- 7.13% (maximum)
• Nepal SBI Bank – Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, savings – 7.13% (maximum)
• Laxmi Bank – Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Savings – 7.13% (maximum)
• Siddhartha Bank – Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Savings –9.13% (maximum)
• Sanima Bank – Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Savings –9.13%(maximum)
• Prabhu Bank – Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Normal savings – 10.13 (maximum), Prabhu Unnati Muddati FD Interest– 12.03%
• Rastriya Baniya Bank – Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Savings – 7.13% (maximum)
• Mega Bank – Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Mega Matribhumi Savings Account – 10.13%, Normal Savings – 7.63%,
• Sunrise Bank Limited – Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Savings – 7.13% (maximum)
• Standard Chartered Bank Nepal Limited - Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Savings – 7.13% (maximum)
• Himalayan Bank Limited- Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Savings – 7.13% (maximum)
• Machhapuchchhre Bank Limited - Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Savings – 7.13%
• Bank of Kathmandu Limited – Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Savings – 13-9.13%
• Nepal Bank Limited -  Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Savings – 7.13% (maximum)
• Global IME Bank Limited- Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Savings – 7.13% (maximum)
• Nepal Investment Bank Limited - Individual Term Deposits – 12.13%, Institutional Term Deposits – 10.13%, Savings – 7.13%

For Development Banks:

Development Banks had also raised the interest rates on deposits in Ashoj compared to the previous months.

Development banks have increased the interest rates for individual depositors on fixed deposits to 13% and the same for institutional is 11%. Nonetheless, Sindhu Bikas Bank provides 13.30% on fixed deposits for individuals and 11.30% for institutions. 

While, most of the development banks are providing saving interest rates of 8%, Mahalaxmi Bikas Bank has offered to provide a savings rate of 10%.

For Finance Companies:

Finance Companies had also raised the interest rates on deposits in Ashoj. The interest rate for individuals on fixed deposits has been changed to 13.20%. This rate was 11.20% for institutional depositors.

The average savings rates for most of the finance companies are 8.50%, whereas Goodwill Finance Company Limited is providing a savings rate of 10%-11% and ICFC Finance Limited has also offered to provide the highest interest up to 9.50%