Kathmandu. The new interest rate announced by 20 commercial banks has come into effect from today.

All the banks have announced new interest rates for the month of August. The interest rates of eight commercial banks have been reduced for the month of August and one bank has increased.

According to the details made public by the banks, the interest rate on fixed deposits of the remaining 11 commercial banks remains the same. The bank, which had given 5.69 per cent interest rate on personal term deposits in the month of July, will offer an average interest rate of 5.57 per cent in August.

The interest rate of banks on institutional fixed deposits was 4.11 percent in July and 3.96 percent in August.

Standard Chartered, Laxmi Sunrise, Everest, Sanima, Kumari, Siddhartha, Krishi Bikas and Nepal SBI Bank have reduced the maximum interest rate on individual fixed deposits for August. Prabhu Bank has said that compared to the month of July, the bank said in August.