A meeting held by Development Bankers Association Nepal on Monday decided to bring down the interest rates of deposits.
The association has decided to cut a maximum of 25 paisa interest, said Bodh Raj Devkota, CEO of Mahalaxmi Bikas Bank. The association is cutting interest rates by 15 paisa for fixed deposits kept for one or more years and by 25 paisa for FD below one year. Similarly, we have decided to cut the interest rates by 15 paisa in saving accounts as well.
Currently, the development banks are providing 11.75 percent interest on fixed deposits. Now the interest has been cut by 0.15 percent point to 11.60 percent in one and more years of deposits. Similarly, the interest rates has been cut by 0.25 percent point to 11.50 percent for less than one year deposit.
Likewise, the banks will provide 6.6 percent to 8.6 percent interest in deposits of saving accounts.
