Banks Raise Interest Rates for Ashad

Commercial Banks have updated the interest rates profile for the month of Ashad. The update will be effective from tomorrow, i.e. Ashad 01.

The interest rates on savings have not changed for Rastriya Banijya Bank. The bank will give annual interest payments in the range of 3-5% on savings, which is also the interest rates range for Nepal Credit and Commerce Bank, with the most savings products generating interest payments in the upper limit of that range. Fixed deposits will yield 5.5-7.1% for individuals and 5-6.5% for institutions. Thus, this hasn't changed from last month either.

Individual fixed depositors will yield in the range of 7-8%, just like in the previous month. In contrast, institutions will yield 7.5-8%, compared to 6.-8% in the previous month.

Similarly, the normal savings account will only yield 2.5% at Standard Chartered Bank. This figure was even lower last month, i.e. at 2%. Individual fixed depositors will yield in the range of 4.5-7%, compared to last month's range of 4.5-6%. The base rate of the commercial bank as of Chaitra last year is 5.33%.

NMB Bank Limited will give interest payment in the range of 3.6-5.6% p.a in Ashad. This is an increment, given that the range was 2-4% in the previous month. Individuals will get interest payments in the range of 6.5-7.8 p.a. on fixed deposits, compared to Jestha's rate of 5-7%. By now, it is apparent that banks have started to raise their interest rates, an indicator that they are achieving a greater balance in liquidity scenario compared to the worst days of the pandemic.

Machhapuchchhre Bank Limited will now pay 3.1-4% on savings compared to Jestha's rate range of 2-4%. Most savings schemes will yield the lower limit of the range, i.e. 3.1%. Individual fixed depositors will yield 7.51%, compared to last month's range of 7%. The industry giant Nabil Bank itself has increased its interest rate profile. Savings schemes will now yield 2.51-4.51%. This range was 1.51-3.51% for Jestha.

This article performed data sampling on a randomly selected list of commercial banks. The individual interest rate updates can be found on the company profile of each commercial bank on our portal.