Commercial Banks Update Interest Rates; Base Rates falling

A total of 14 commercial banks have published their interest rates profile today for the month of Ashwin.

However, many of them have retained their previous rates. Thus, in this article, only the banks who have updated their rates will be mentioned. Furthermore, only those deposit or loan instruments whose rates have changed will be included.

The base rate of Civil Bank Limited has decreased slightly to 9.51% from the previous 9.84%. While it previously provided 5.5% for deposit schemes, savings will now get only 4% interest, and only the Premium Saving Account will get 6%. Individuals who deposit their money in fixed deposits will now get interest payments in the range of 7.75% to 8.75%.

Himalayan Bank Limited has also decreased the interest rates for savings schemes. While it previously provided interest in the range of 2.75% to 4.75%, the new range is now 2 - 4%. Interest for fixed deposits has also dropped. Individuals who deposit their money in the fixed deposit will now get interest payments in the range of 4% to 6% while institutions will get in that range of 3 - 5.5%. Individual depositors previously got interest payments in the range of 6 to 8.25% for fixed deposits and institutions got in the range of 6% to 7%.

Similarly, depositors who previously got interest payments in the range of 3% to 5% depending on the savings scheme at NMB Bank will not only get interest payments in the range of 2.75% to 4.75%. Meanwhile, the higher limit of the interest rate for fixed deposits has increased to 8% from the previous 7.75% at Siddhartha Bank Limited.

Similarly, Mega Bank's interest rates are in the range of 3% to 5% for savings. This range was 3.5% to 5% previously. The base rate of Mega Bank has declined slightly to 8.30% from the previous 8.32%. The base rate has also been reduced by Nepal Investment Bank Limited. Previously maintained at 7.88%, their base rate is now 7.49%. Interestingly, Nepal Investment Bank provides margin loans at a straight 9.99% interest rate.

In contrast, Nabil Bank can give a 9.5% interest on fixed deposits for its longest range of maturity period. The base rate, which was previously maintained at 7.32% is now brought down to 7.19%. Depositors will get interest payments in the range of 2.5% to 4.5% interest rate at Nabil Bank.