Shangrila Development Bank and Garima Bikas Bank Adjust Interest Rates Effective From Today

In response to the recent monetary policy review for the first quarter of fiscal year 80/81 by the Nepal Rastra Bank (NRB), Shangrila Development Bank Limited (SADBL) and Garima Bikas Bank Limited (GBBL) have announced adjustments to their interest rate structures, effective from today i.e. 27th Mangsir.

The NRB's recommendation for a deduction in bank rates has prompted various commercial and development banks to review and revise their interest rates too.

Meanwhile, Shangrila Development Bank has revised its Fixed Deposits (FD) rates, with Institutional FD now offering a rate of 6.5%, while Individual FD stands at 8.5%. This marks a significant reduction from the previous month's rates of 8.60% for Institutional FD and 10.60% for Individual FD, indicating a notable decrease of 2.1%. The bank has also adjusted its general savings rates, which now range between 4.80% and 6.80%.

Similarly, Garima Bikas Bank has adjusted its Fixed Deposits (FD) rates, setting Institutional FD at 7.40% and Individual FD at 9.40%. This represents a decrease from the previous month's rates of 7.75% for Institutional FD and 9.75% for Individual FD, reflecting a decrease of 0.35%. The bank has also modified its general savings rates, which now vary between 4.40% and 6.40%.