The banks have announced their new interest rates for the month of Magh, with a decrease in fixed deposit rates for both individuals and institutions. Previously, the interest rate was 12.133% for individuals and 10.133% for institutions, but it has now been lowered to 11% and 9%, respectively. The rate for Remittance Fixed Deposits remains at 12%. This change in interest rates will allow banks to reduce their operating costs and base rate, leading to a decrease in loan interest rates in the next quarter.

Interest Rates of Commercial Banks:

Bank NameOn SavingsOn Fixed Deposits
Agricultural Development Bank6.42-8.42%11.00%
Citizens Bank6.42-8.42%11.00%
Civil Bank6.42-9.42%11.00%
Everest Bank6.42-7.25%11.00%
Global IME Bank6.42-8.42%11.00%
Himalayan Bank6.42-8.42%11.00%
Kumari Bank6.42-7.420%11.00%
Laxmi Bank6.42-9.42%11.00%
Machhapuchchhre Bank6.42-9.42%11.00%
Nabil Bank6.42-9.42%11.00%
Nepal Bank6.42-8.42%11.00%
Nepal Investment Mega Bank6.42-8.42%11.00%
Nepal SBI Bank7.80-8.80%8-11%
NIC Asia Bank6.42-9.42%11.42%
NMB Bank Limited6.42-8.42%11.00%
Prabhu Bank6.42-9.42%11.00%
Prime Commercial Bank6.42-9.42%11.00%
Rastriya Banijya Bank6.42-9.42%11.00%
Sanima Bank6.42-9.42%11.00%
Siddhartha Bank6.42-8.42%11.00%
Standard Chartered Bank6.42%10-11%
Sunrise Bank6.42-9.42%11.00%

Interest Rates of Development Banks:

Development banks have also decreased the interest rates on deposits in the month of Magh compared to the previous months. For individual depositors, the fixed deposit interest rate is now 12%, and for institutions, it is 10%. Many development banks such as Mahalaxmi, Kamana Sewa, Lumbini, Shangrila, Muktinath, and Jyoti Bikas Bank are offering these rates. However, some banks such as Karnali Development, Narayani Development, Excel Development, Corporate Development, and Sindhu Bikas Bank have fixed deposit interest rates higher than 12%, usually ranging from 12.21% to 12.50%. In terms of savings interest rates, most development banks offer rates of 7-9%, but a few banks such as Sindu Bikas Bank, Narayani Development, and Karnali Development Banks have higher rates of up to 9.50%. These higher rates are mainly dependent on the type of schemes the banks are providing.

Interest Rates of Finance Companies:

In the month of Magh, finance companies have also lowered the interest rates for deposits. The fixed deposit interest rate for individuals has dropped from 13.10% to 12.10%, and for institutional depositors, it is now 10.10%. The average savings interest rate for most finance companies is 8.50%, however, Nepal Finance Limited is offering a range of 8.35% to 9.50%, Best Finance is providing rates between 8.47% and 10%, and Reliance Finance has also offered interest rates of up to 8% to 9.85%.

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