Commercial Banks Implement Single-Digit Interest Rates, Effective from Magh 01; PCBL Leads with Significant Reductions

Numerous commercial banks have recently announced revisions to their interest rate structures, effective from Magh 01. In a noteworthy shift, all commercial banks have uniformly decreased their interest rates to single digits.

Prime Commercial Bank Limited (PCBL) stands out in these adjustments, implementing the most significant reduction in its Fixed Deposit (FD) rates compared to the previous month. PCBL has substantially lowered its FD rates by 1.90%, with the new rates for Individual FD now standing at 8.10%, and Institutional FD rates at 6.10%.

In contrast to the prevailing trend in the financial sector, NMB Bank has opted to maintain its existing interest rates. The bank continues to offer Institutional FD rates at 7.00%, while the rates for Individual FD at NMB Bank remain steady at 9.00%.