Falling Base Rates: Bank of Kathmandu and Shree Investment Finance Company update interest rates effective from Mangsir 01
Thu, Nov 12, 2020 12:04 PM on Latest, Interest Rates,
Bank of Kathmandu Limited (BOKL) has updated its interest rates profile. The update is effective from 1st Mangsir.
The interest rates on deposit schemes have remained the same. Like before, savings will get interest payments in the range of 2% to 3.5%. Meanwhile, individuals who put their money in fixed deposits will get interest payments in the range of 5.25% to 7.25% depending on the period of maturity. For institutions, the range is 4.5% to 6.5%.
However, the base rate has declined. The base rate as of Ashwin's end is 7.7%. Previously, the bank used the base rate as of Bhadra's end, which was 7.87%. Thus, this has also decreased the interest rate on loans against shares, which can reach up to 5% higher than the base rate.
Similarly, Shree Investment Finance Company Limited (SIFC) has also updated its interest rates profile. The update is also effective from 1st Mangsir.
The finance company will provide interest in the range of 4.5% to 6.5% for savings. Meanwhile, individuals who put their money in fixed deposits will get interest payments in the range of 7.5% to 8.75% depending on the period of maturity. For institutions, the range is 7% to 7.25%.
The base rate maintained as of Ashwin's end is 10.32% for the company. Thus, loan against shares will be provided at up to 5% higher than the base rate.
