Nabil Bank offering 9% interest rate on fixed deposits; updates interest rates on SME loans, mortgage loans, and retail home loans

Nabil Bank has updated its interest rates on individual fixed deposits, small and medium enterprise (SME) loans, mortgage loans, and retail home loans.

The bank claims that the "festive offers" are intended to help all Nepalese to either earn higher interest rates on Fixed Deposits or reduce their borrowing costs and minimize economic pains inflicted by the coronavirus pandemic.

Nabil Bank is providing a 9% p.a. interest on individual fixed deposits for the tenure of 13 months to 24 months. One-year FDs can be opened at 8.5% p.a. Similarly, FDs with maturity period from 2 to 5 years yield a 9.25% interest while FDs with maturity period longer than 5 years give 9.50% interest p.a. These rates are a bit higher than what most banks now provide on fixed deposits. 

Furthermore, Nabil Bank is offering 7.49% p.a. interest in retail home loans and 7.99% on mortgage loans. SME loans of up to Rs. 1 Crore will be provided at an interest of 7.49% p.a. In contrast, SME loans above Rs. 1 Crore have an interest rate of 7.99% p.a.

The above lending rates will remain unchanged for a year.