Commercial Banks Update Interest Rates For The Month of Ashad; SCB Reduces Its Fixed Deposit Rates

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

Most commercial banks provided a 5.40%-7.40% interest rate p.a. for depositors on savings in Ashad. Meanwhile, individuals get a maximum interest payment of 9.99% p.a. on fixed deposits (FD). On the other hand, for institutions, it is a 7.99% interest payment p.a. on fixed deposits.

With the exception of Standard Chartered Bank (SCB), all banks' fixed deposit rates remain unchanged. For institutional FDs, SCB has cut its rates to 6.99%, while for individual FDs, the rate is currently 8.99%. The saving rate stands at 6.35% while the base rate is at 9.35%. In a comparable way, Rastriya Banijya Bank's base rate stands at 8.44% as of Baisakh end which is the lowest among all 21 commercial banks.

Conversely, Machhapuchchhre Bank Limited (MBL) has the highest average quarterly base rate ending Baisakh 2080 among all commercial banks, with a rate of 11.13%. However, the normal savings account at MBL offers a yield of 5.40%-7.40%. On the other hand, Nepal SBI Bank Limited provides a slightly higher interest rate for its all savings account at 6.80%. While MBL has a higher base interest rate, the savings account with Nepal SBI Bank Limited offers a better return on normal savings.