Kathmandu: Commercial banks in Nepal have announced their new interest rates for Kartik (mid-October to mid-November), following regulations that require rates to be set before the end of the previous month. Overall, interest rates have edged lower compared to the previous month.
Among 20 commercial banks, nine have made minor adjustments to their rates, while the rest have kept them unchanged. On standard fixed deposits, banks now offer a minimum of 2.75 percent and a maximum of 2.78 percent. Regulations also cap differences between savings account types at 2 percent, with remittance accounts allowed an additional 1 percent margin. Banks have set rates within these ranges for special and remittance accounts.
For one-year personal fixed deposits, rates range from 3.25 percent to 4.5 percent. The maximum rate for longer-term personal deposits remains 6 percent. Banks are offering lower rates for shorter-term deposits and higher rates for longer-term ones, reflecting standard practice.
Institutional fixed deposits for one year mostly carry a 2.75 percent rate, though Global IME Bank offers the highest at 3.25 percent, with NMB, Laxmi Sunrise, and Machhapuchhre Bank at 3 percent. For institutional deposits over one year, banks offer rates up to 4.5 percent.
This adjustment signals a gradual decline in borrowing costs, while banks continue to balance competitive returns for depositors with market realities. Customers looking to maximize interest should consider both duration and type of account, especially for institutional or longer-term fixed deposits.
People's News Monitoring Service
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