Commercial Banks Adjust Interest Rates for Mangsir, NIC Asia Reduced The Most

Commercial banks in Nepal have recently disclosed their updated interest rate structures for the month of Mangsir, effective from Mangsir 01. For savings accounts, most banks are offering annual interest rates ranging from approximately 4.6% to 6.6%, while individual customers can earn a maximum interest rate of 10.6% per annum on fixed deposits (FDs). Institutions, on the other hand, can secure a competitive interest rate of 8.6% per annum on their fixed deposits.

Standard Chartered Bank (SCB) stands out with the lowest interest rates, offering 4.00-5.05% on general savings, 5.25% on institutional FDs, and 8.97% on individual FDs.

Among the 20 commercial banks currently in operation, 13 have reduced their interest rates for Mangsir. Notably, NIC Asia Bank leads in interest rate reductions, with a decrease of 2.04% in Mangsir compared to Kartik. The bank now offers 4.585-6.585% on general savings, 6.968% on institutional FDs, and 8.968% on individual FDs.

Following NIC Asia Bank, NMB Bank Limited has made the most significant reduction, with a decrease of 1.24% in Mangsir compared to Kartik.

While six commercial banks maintain consistent interest rates from Kartik to Mangsir, Machhapuchchhre Bank has increased its interest rates during this period.