Commercial Banks Update Interest Rates; What Has Changed?
Fri, Mar 12, 2021 12:01 PM on Interest Rates, Latest,
Commercial Banks have started to unveil their updated interest rates profile for the month of Chaitra.
It is seen that Himalayan Bank Limited has reduced its interest rates on fixed deposits. In the previous interest rates profile, individuals got anywhere from 4% to 7% on fixed deposits. Now, the highest rate is 6.5%. While the previous range was 3% to 7% for institutions, fixed deposit schemes will yield anywhere from 3% to 6% now, depending on the period of maturity.
The bank maintains the base rate as of Poush, which is 6.83%.
Similarly, Standard Chartered Bank Nepal Limited (SCB) has also unveiled an updated profile but the fundamentals haven't changed. Like before, savings schemes will yield annual returns in the range of 2% to 4%. Individuals who submit their capital to fixed deposits will get anywhere from 4.5% to 6% depending on the period of maturity, while institutions will get in the range of 3% to 5.25%.
The bank maintains the base rate as of Poush, which is 6.07%.
Everest Bank Limited has also unveiled an updated profile but the fundamentals haven't changed.
Like before, savings schemes will yield annual returns in the range of 2% to 4%. Individuals who submit their capital to fixed deposits will get anywhere from 4.75% to 6.75% depending on the period of maturity, while institutions will get in the range of 5% to 7%.
The bank maintains the average base rate of Kartik, Mangsir, and Poush, which is 6.52%. Margin loans will be given at rates from 2.75% to 5% higher than the base rate.
Nepal SBI Bank Limited (SBI) has also unveiled its updated interest rates profile. Like before, savings schemes will yield annual returns in the range of 2% to 3.16%. Individuals who submit their capital to fixed deposits will get anywhere from 3% to 7% depending on the period of maturity, while institutions will get in the range of 3% to 6.5%.
Margin loans will be given at rates up to 5% higher than the base rate. The bank now maintains the base rate as of Magh, which is 7.31%.
