For the month of Magh, twenty commercial banks are set to provide a maximum average interest rate of 4.6845 percent on individual fixed deposits. The maximum average interest rate declined by 0.1495 percent point compared to 4.834 percent point of the month of Poush.
Out of twenty commercial banks, eleven commercial banks including Himalayan Bank, Siddhartha Bank, Sanima Bank, Laxmi Sunrise Bank, Machhapuchchhre Bank, Citizens Internatioaal Bank, Kumari Bank, Everest Bank, Agriculture Development Bank, Nepal SBI Bank and Standard Chartered Bank cut down interest rate on individual fixed deposits.
Among them, Himalayan Bank and Machhapuchchhre Bank cut the interest rates by maximum point of 0.5 percent.
Meanwhile, only Prime Commercial Bank has increased the individual fixed deposit interest rate for the month of Magh. The bank raised the interest rate by 0.15 percent point to 4.4.
Similarly, the average maximum interest rate on institutional fixed deposit declined by 0.0625 percent point.
For the month of Magh, four commercial banks cut down the interest rates while sixteen banks have kept their rates intact.
