Committee of Nepal Bankers Association has Decided to Decrease Fixed Deposits Interest Rates For the Month of Magh

The interest rate on fixed deposits would be lower starting in the upcoming month of Magh, according to the Nepal Bankers Association. In the Bankers' Association meeting held on Wednesday, the majority of banks expressed their support for lowering the interest rate, and a decision was made to also lower the term interest rate.

Bank fixed deposit interest rates are currently 12.133 percent for individuals and 10.133 percent for institutions. The Bankers Association has consented to lower the interest rate from Magh to 11% for individuals and 9% interest rates for the institutions. 

By lowering the interest rate on deposits, banks will be able to operate on lower cost and lower their base rate. As a result, starting with the following quarter, the loan interest rate will also reduce.

Banks in Ashoj maintained interest rates on term deposits at 12.133 percent for individuals, 10.133 percent for institutions, and 13.133 percent for remittances. Some banks have offered remittance interest rates as high as 15%. The same interest rates have been fixed until the month of poush, and after four months the interest rates have finally changed.