सिंहदरबार संवाददाता
Kathmandu. Commercial banks have made public the interest rates for the month of Falgun. In Falgun, most banks have kept the interest rates of the month of Magh unchanged. The average interest rate of banks’ individual term deposits for the month of Falgun has been fixed at 6 percent, while it was 5.98 percent in the month of Poush.
According to the new interest rate announced to be effective from Falgun 1, 18 banks have continued the interest rates of the month of Magh, while 2 banks, Global IME Bank, have increased them by 0.25 percentage points, while Laxmi Sunrise Bank has reduced them by 0.25 percentage points.
Since the month of Shrawan, banks had made arrangements to reduce or increase interest rates as needed, leaving the polite agreement regarding interest rates. Nepal Rastra Bank has made it mandatory for banks and financial institutions to publish the interest rate for the coming month by the middle of every month. Banks have the facility to increase or decrease the interest rate of the previous month by up to 10 percent by setting a new interest rate every month.
Currently, there is a provision that institutional deposits can be given only one percent lower interest than individual deposits. Through the semi-annual review of monetary policy, the Nepal Rastra Bank had given the facility of giving only 1 percent lower interest rate to institutional depositors instead of the old provision of giving 2 percent lower interest. This has benefited insurance companies.
The Nepal Rastra Bank has imposed a rule that the difference between the upper limit of individual term deposits and the minimum interest rate on savings cannot exceed 5 percent. Therefore, as the maximum interest rate on individual term deposits decreases, the interest rates on savings and call deposits will continue to decrease. As the interest rates on all types of deposits accepted by banks decrease, the interest rates on loans will also have to decrease.
These are the interest rates for the month of Falgun
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