Bank interest rates announced: most maintain previous rates, Himalayan Bank reduces
KATHMANDU: Nepal’s banks and financial institutions have announced interest rates for the month of March/April (Chaitra). Most banks and financial institutions have maintained the interest rate as previous for the month of March/April (Chaitra).
Banks that have announced their interest rates have not changed on ordinary savings, but they have worked to support margin lending. Some banks have reduced interest rates on fixed deposits to some extent.
Interest rates were expected to rise recently, citing a lack of liquidity in the money market. Investors say that the stock market, which has been undergoing correction for 35 days due to the rise in interest rates, has been relieved by the interest rate announcement for March/April (Chaitra).
Himalayan Bank has reduced the interest rate for the month of March/April (Chaitra). The bank has slashed the interest rate on fixed deposits from 3.5 percent to 6.5 percent. Other banks are paying an average of 3 to 6 percent interest on such accounts. Himalayan Bank has maintained the December/January (Poush) base rate of 6.83 percent.
Standard Chartered Bank has announced the interest rate for March/April (Chaitra) and will maintain the base rate for December/January (Poush) at 6.07 percent. Even though the interest rate has been fixed at 4.5 percent to 6 percent depending on the time to maturity, the bank has decided to give 2 to 4 percent interest rate on general savings.
Everest Bank is also planning to continue the base rate of 5.52 percent. The bank, which offers interest rates ranging from 2 to 4 percent on ordinary savings, is offering 4.75 percent to 6.75 percent interest on fixed deposits, depending on the maturity time.
Century Bank also maintained its January/February (Magh) base rate of 7.89 percent. It is offering interest rates ranging from 2.75 percent to 4.75 percent on ordinary deposits. Similarly, the bank has continued the condition of paying interest rate from 5.50 to 7.50 on fixed deposits.
SBI Bank has also maintained the base rate of 7.31 percent. The bank will provide 3 percent to 6.5 percent interest rate on institutional loans and 3 to 7 percent interest rate on individual term loans depending on the time period. In general savings, the bank has maintained an interest rate of 2 to 3.16 percent.