Commercial Banks Adjust Interest Rates for Falgun, Citizens Bank International Reduced The Most

Mon, Feb 12, 2024 9:37 AM on Interest Rates, Latest,

Numerous commercial banks have recently announced revisions to their interest rate structures, effective from Falgun 01. In a noteworthy shift, all commercial banks have uniformly decreased their interest rates to single digits.

Citizens Bank International Limited (CZBIL) stands out in these adjustments, implementing the most significant reduction in its Fixed Deposit (FD) rates compared to the previous month. CZBIL has substantially lowered its Individual FD rates by 0.9%, with the new rates for Individual FD now standing at 8.25%, and Institutional FD rates at 6.15%. In the same manner, the Agriculture Development Bank (ADBL) has reduced its FD rates by 0.817%.

In contrast to the prevailing trend in the financial sector, Everest Bank, Laxmi Sunrise Bank, Machhapuchchhre Bank, and Himalayan Bank have opted to maintain their existing interest rates. The bank continues to offer Institutional FD rates at 6%, while the rates for Individual FD at NMB Bank remain steady at 8%.

*Note that the provided data reflects the maximum fixed deposit rates offered by banks