Most Banks Alter Their Interest Rates; Individuals Deposit Interest Rates Increased By 3 Digits After the Decimal Point

Most banks alter their interest rates and individuals deposit interest rates increased by 3 Digits after the decimal point, making it 12.133 percent. 

On Ashoj 1, all banks reported an interest rate of 12.13 percent for fixed deposits, but some banks used a clever strategy and published the interest rate with three digits after the decimal point, keeping the interest rate at 12.133 percent. As a result, there was a small increase in the interest rate on institutional deposits.

The deposits in other banks started to flow out as the interest rates altered. For the past few days, there has been a disagreement among the bankers. The bank that published the interest rate with three digits after the decimal point was given time to adjust the interest rate.

However, the said banks did not adjust the interest rates, and other banks have also started advertising interest rates with three digits added after the decimal. As a result, more than half of the banks published new interest rates on Wednesday.

On Wednesday, banks like Standard Chartered, Prabhu, Laxmi, Mega, and Civil also revised their interest rates and published new interest rates, keeping the rate to three digits after the decimal point.

According to a Rastra Bank official, the harmful competition has ended as a result of certain banks' recent interest rate revisions, which brought them into in line with those of other competitor banks.