In the month of Chaitra, four banks were offering a maximum interest rate of 5 percent. However, for Baishakh, three banks reduced their interest rate, as a result, the maximum interest rate of 19 banks has come down to 5 percent. During Chaitra, Himalayan Bank, Rastriya Banijya Bank, NIC Asia Bank and NMB Bank have been offering up to 5 percent interest rate on FDs. Among them, Himalayan Bank, Rastriya Banijya Bank and NIC Asia Bank have reduced the interest rate to below 5 percent while NMB Bank has continued the interest rate for the month of Baishakh.
During the review period, the average interest rate of 20 commercial banks decreased by 0.094 percentage points. The average interest rate on individual FDs was 4.494 percent in Chaitra. It has fallen to 4.4 percentage points for Baishakh. The average interest rate has come down as 7 banks have reduced the interest rate. For Baishakh, Standard Chartered Bank, Kumari Bank, Everest Bank, Siddhartha Bank, Citizens International Bank, Himalayan Bank, Rastriya Banijya Bank and NIC Asia Bank have reduced their interest rates.
Meanwhile, the maximum average interest rate of institutional fixed deposits has decreased by 0.063 percentage points. The average of the maximum interest rate of such FDs has come down to 3.2295 percentage points for the month of Baishakh from 3.2925 percentage points in Chaitra.
What is the maximum interest rate of the banks?
