Kathmandu. The average interest rate of 20 commercial banks has fallen below 5 percent.

As of mid-April, the interest rate of the bank was 4.49 percent. The bank’s interest rate fell by 0.094 percentage points to 4.4 percent in a month.

Out of 20 banks, the interest rates of eight banks have been reduced while the interest rates of the remaining 12 banks have remained stable.

In March, the interest rate of four banks was 5 percent. NMB Bank has decided to pay 5 percent interest on the new interest rate effective from April 14. The interest rates of the rest of the banks have fallen below that.

Himalayan Bank, NIC Asia Bank, Rastriya Banijya Bank and NMB Bank have provided up to 5 percent interest rate on individual fixed deposits. The rest were below 5 percent.

Currently, banks except NMB Bank have reduced the interest rate below 5 percent.

Similarly, Standard Chartered Bank, Kumari Bank, Everest Bank, Siddhartha Bank, Citizens Bank, Himalayan Bank, Rastriya Banijya Bank and NIC Asia Bank have reduced the interest rate effective from April 1.