Development Banks Decides to Reduce the Interest Rate on Fixed Deposits & Savings for the Month of Chaitra

The development banks have 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 for the month of Chaitra.

Currently, interest rates on fixed deposits at development banks are 11.75 percent for individuals. The interest rate for fixed deposits longer than a year will now be 11.60 percent, down 0.15 percentage points. The interest rate for term deposits less than a year has also been determined to be decreased by 0.25 percentage points to 11.50 percent. On the other hand, savings account interest will be reduced by 0.15 percentage points to 6.6% to 8.6%.

Also, the interest rate on fixed deposits of commercial banks have kept unchanged for the month of Chaitra, however, Nepal Bankers Association (NBA) has decided to lower the interest rate on savings.