Commercial Banks Keep Interest Rate Stable for Magh, Development Banks and Finance Companies Raise Slightly

Banks and Financial Institutions have unveiled the interest rates profile for the month of Magh.

Commercial banks have kept their interest rate profile unchanged. The maximum interest rate on fixed deposits provided by commercial banks is 10.05%, with Standard Chartered Bank as an exception. SCB has only 9.5% as its maximum interest rate on fixed deposits.

In contrast, institutions will be paid a maximum of 9.05% on fixed deposits. 

It is to be noted that most banks had maintained a maximum rate of 10.05% already in the month of Mangsir and Poush.

Meanwhile, development banks have kept 10.35% as the maximum interest rate on fixed deposits (individuals) for the month of Magh. In the previous month of Poush, the maximum rate was 10.25%. In the month of Magh, institutions will get interest payment of not more than 9.35% p.a. In the previous month of Poush, the maximum rate was 9.25% for institutions.

In contrast, the interest rate on fixed deposits given by finance companies is capped at 10.65% for individuals. In the month of Magh, institutions will get interest payment of not more than 9.65% p.a. In the previous month of Poush, the maximum rate was 10.35% for individuals and 9.35% for institutions.