In the most recent financial update, twenty commercial banks have announced revisions to their interest rates for the month of Baisakh. Interestingly, a majority of these banks, totaling 13, have opted to decrease their interest rates. However, notable exceptions to this trend include NMB Bank (NMB) and Everest Bank (EBL), which have instead chosen to raise their interest rates. Additionally, five banks have maintained their interest rates at the same level as the previous month of Chaitra.
NMB Bank has attracted attention by offering the highest fixed deposit (FD) rate of 7.97% for individual fixed deposits in Baisakh, marking a significant increase from the 7% rate observed in the preceding month. Similarly, the average interest rate for institutional fixed deposits has seen an uptick from 6% to 6.97% during the same period.
A closer examination of the comparison between Baisakh and Chaitra months reveals strategic shifts among various banks. Notably, NIC Asia Bank has taken the lead in reducing FD rates across the board. The bank has successfully decreased the maximum interest rate on individual fixed deposits by 0.80% and implemented a 0.85% reduction in the maximum interest rate on institutional fixed deposits.
While some banks have maintained consistency in their interest rates for institutional fixed deposits, such as Citizens Bank International, Rastriya Banijya Bank, and Prabhu Bank, they have chosen to decrease rates for individual fixed deposits by 0.25%, 0.45%, and 0.50%, respectively.
Amidst these fluctuations, the Agricultural Development Bank stands out with the lowest interest rates, offering a maximum of 5.661% on individual fixed deposits and 4.01% on institutional fixed deposits.