As per the published notices, the average interest rates on individual fixed deposits decline to 5.20 percent in Kartik compared to 5.46 percent of Aswin. The average interest rates on individual fixed deposits declined by 0.26 percent point during the period.
Out of 20 commercial banks, fourteen have cut their interest rates, two have raised and the remaining six maintained the same interest rate on individual fixed deposits.
Meanwhile, the average maximum interest rate on institutional fixed deposit declined by 0.22 percent point.
For the month of Kartik, Machhapuchchhre Bank and NMB Bank cut the interest rates with highest point. The banks cut the interest rate by 1 percent.
