Interest Rates on Saving Deposits Stable for the Month of Jestha To Encourage Depositers

The Banks have decided to not revise the interest rates on saving deposits.

As per one of the CEO's of commercial bank, a decision to keep interest rates on personal and institutional deposits stable was reached.

The decision has been taken by the banks to encourage depositors.

Earlier, The Chief Executive Officers of commercial banks' umbrella group, NBA had lowered interest rates that has been in effect since Baisakh.

Based on the previous decision, a reduction in the interest rate on personal deposits by 10% had been set.

Similarly, following the earlier development, the interest rate on fixed deposits had decreased to single digit.

For commercial banks, the interest rate of one-year fixed deposits had been revised to 9.9 percent from 11.

Meanwhile, the interest rate of institutional fixed deposits for Baisakh had remained at 7.99 percent. Similarly, the interest rate on savings for the month had been reduced at 5.4 from 7.4 percent.

As a consequence of the action, a major discouragement had been seen in depositors. Therefore, the current decision of the Nepal Bankers' Association to keep interest rates stable has come in wake of the previous impact.