Development Banks Decides To Reduce Interest Rate On Fixed Deposits & Savings for the Month of Baishakh

The Development Bankers Association, an association of Development Bank Chief Executive Officers, have also resolved to lower the interest rate during its meeting. The members of the committee have resolved to lower the deposit interest rate by 1%.

The interest rate on personal term deposits will now be 10.6 percent instead of 11.6 percent, according to development banks. In a similar vein, institutional term deposit interest rates have been lowered to 8.60 percent. Additionally, it was decided to cut the savings interest rate by 0.60 percentage points. The reduced interest rate will be applicable from 1st Baisakh, 2080.

In the month of Chaitra, the development banks made the decision to lower interest rates by 15 paise for term savings of one year or longer and by 25 paise for term deposits of less than one year.

On the other hand, NBA have also decided to lower interest rates for commercial banks. In light of this, it has been agreed to lower the interest rate on personal deposits by 10%, where the interest rate of one-year term deposits has decreased from 11 percent to 9.9 percent.