Majority of commercial banks lower interest rates for Kartik

Commercial banks have announced new interest rates for the month of Kartik (mid-October to mid-November), with most banks lowering their rates. Nabil Bank has reduced its rates, offering 6.25% interest on fixed deposits for individuals and 5.25% for institutions. In Ashoj (mid-September to mid-October), the rates were 6.75% and 5.75%, respectively. For savings accounts, Nabil has set the interest rate between 3% and 5%.

Rastriya Banijya Bank (RBB) has also adjusted its rates, providing 5.80% for individuals and 5% for institutions on fixed deposits, compared to 6% and 5% in Ashoj. The bank will offer between 3% and 3.10% for savings accounts.

NIC Asia Bank has announced reduced rates, with 6.99% for individuals and 5.99% for institutions on fixed deposits, down from 7.18% and 6.18% in Ashoj. Savings account interest will range from 3.27% to 5.27%.

Global IME Bank has retained its previous month’s rates. It continues to offer 6.25% for individuals and 5.25% for institutions on fixed deposits. Savings account holders will earn between 3% and 3.50%, while the Global Remit Savings account provides 4.50%.

Prabhu Bank has announced a fixed deposit rate of 6.10% for individuals and 5.10% for institutions, unchanged from Ashoj. Savings accounts will earn between 3% and 6%.

Nepal Investment Mega Bank has kept its fixed deposit rates at 6.50% for individuals and 5.25% for institutions, the same as in Ashoj.

Everest Bank has also maintained its rates, offering 6% for individuals and 5% for institutions on fixed deposits. Savings accounts will earn 3.05%.

The Agricultural Development Bank has lowered its fixed deposit rate to 5.75% for individuals and kept the rate for institutions at 4.25%. In Ashoj, the rates were 6.0722% and 4.25%, respectively.

Sanima Bank now offers 6.15% for individuals and 4.30% for institutions on fixed deposits, compared to 5.90% and 4.30% in Ashoj. Savings account rates are set between 3.04% and 5.04%.

Siddhartha Bank has reduced its fixed deposit rates to 6% for individuals and 5% for institutions, down from 6.50% and 5.50% in Ashoj. Savings accounts will earn between 3% and 4.25%, with the base rate dropping from 7.93% to 7.74%.

NMB Bank has kept its interest rates unchanged from Ashoj, continuing to offer 6.50% for individuals and 5.50% for institutions on fixed deposits. Savings accounts will earn between 3.02% and 4.52%.

Kumari Bank has not changed its rates, maintaining 6.01% for individuals and 5.01% for institutions on fixed deposits. Savings accounts offer an interest rate of 4.51%.

Citizens Bank has reduced its fixed deposit rates to 5.75% for individuals and 4.50% for institutions, compared to 6.15% and 5% in Ashoj.

Laxmi Sunrise Bank has also announced new rates effective from Kartik 1. After five months, the bank has reduced its fixed deposit rates to 6% for individuals and 5% for institutions, compared to 6.50% and 5.50% previously. Savings accounts will earn between 3% and 4.5%.

Most banks have opted to lower their interest rates for Kartik, with only a few maintaining last month’s figures. This adjustment reflects the broader trend of declining interest rates in Nepal’s financial sector.