NIC Asia Bank Limited reduces interest rates on savings; Call deposits can only get 0.75% interest
Sun, Sep 13, 2020 10:16 AM on Latest, Interest Rates,
NIC Asia Bank Limited has updated the interest rate profile for its deposit product. The update will be effective from 1st Ashwin, 2077.
Savings will get interest payments in the range of 1.5% to 3.5%. It previously provided interest in the range of 2% to 4% for its various deposit schemes.
The base rate of NIC Asia Bank as of Shrawan 2077 is 7.23%.
The amended unified directive for banks and financial institutions recently published by Nepal Rastra Bank has also reduced the interest rate for call deposits.
As of now, the minimum interest rate for savings was set as the interest rate for call deposits. However, the new unified directive has now set the call deposit interest rate as 50% of the minimum rate on savings.
This means that NIC Asia Bank Limited can only provide lesser than 0.75% as interest payment for call deposits.
