New Interest Rates for Chaitra: 17 Banks Stay Tight, 3 Lower Rates

Commercial banks have announced new interest rates for Chaitra (March 14-April 13), which will be effective from tomorrow.

Out of 20 banks, 17 have kept the same rates as last month, while Himalayan Bank, Laxmi Sunrise Bank and Nepal Bank have slightly reduced them.

The average interest rate on fixed deposits is now 5.93%, slightly down from 6.01% in Falgun. NIC Asia Bank is offering the highest rate of 6.6%, while Laxmi Sunrise and Nepal SBI Bank have the lowest at 5.5%.

Six banks are offering less than 6% on fixed deposits, and 13 banks have set a 3% interest rate for savings accounts. Others are offering slightly more, between 3.01% and 3.1%.

Last month, some banks had increased interest rates, but since liquidity hasn’t changed, most have kept rates stable, and three banks have even lowered them.