Kathmandu. The new interest rate of commercial banks is coming into effect from today. The new interest rate announced by the banks has come into effect from July 1. Most of the banks have reduced the interest rates on fixed deposits in July. The average interest rate has decreased by 0.204 percent.

The bank’s average interest rate on fixed deposits was 5.902 per cent in June. It has come down to 5.697 percent in July. Of the 20 commercial banks in operation, 14 banks have reduced the interest rates on fixed deposits.

According to the interest rates published by the banks, the interest rates of four banks have remained stable and the interest rates of two banks have increased. Standard Chartered bank has increased the interest rate by 6.26 percent and Himalayan Bank by 6 percent. Standard Chartered is the highest interest payer so far.

Similarly, Machhapuchhre Bank, Global IME Bank, Siddhartha Bank and NMB Bank have kept interest rates stable. Machhapuchhre Bank, Global IME Bank and NMB Bank have 6.6 per cent interest rates and Siddhartha Bank 5.75 per cent. Prabhu Bank has reduced the highest interest rate by 1.85 percentage points. The interest rate on personal fixed deposits will be 4.25 per cent in July as against a maximum of 6.1 per cent in July. The new interest rate will come into effect from July 1.

Nepal Rastra Bank (NRB) in its monetary policy for the next fiscal year has increased the bank rate as the upper limit of the interest rate corridor. Reduced from 5 percent to 6 percent. 0 percent and the deposit collection rate as the lower limit of the interest rate corridor is 3. Reduced from 0 percent to 2. 75 percent has been fixed. The policy rate has been reduced from 5.0 percent to 4.5 percent.