Kathmandu. The new interest rates have been implemented by commercial banks from today.

Out of the 20 commercial banks in operation, eight banks have further reduced the interest rate on fixed deposits for the month of May while the remaining 12 commercial banks have kept the interest rate unchanged.

According to the new rate, the average interest rate has come down from 4.4 percent to 4.34 percent. Among the banks, NMB Bank has set the highest interest rate of 4.8 percent.

NIC Asia Bank, Himalayan Bank Ltd and Nepal Bank Ltd have already cut rates by 0.25 per cent each. Similarly, Standard Chartered Bank slashed the interest rate by 0.1 per cent, Kumari Bank by 0.09 per cent and Citizens Bank by 0.05 per cent.

However, the remaining banks like Prabhu Bank, Nabil Bank, Global IME Bank, Machhapuchchhre Bank, Laxmi Sunrise Bank, Sanima Bank, Nepal Investment Mega Bank, Nepal SBI Bank, Agricultural Development Bank, Prime Commercial Bank and Everest Bank have kept their interest rates unchanged.