Kathmandu. Commercial banks have announced new interest rates for the month of March. According to the public data, most of the banks have reduced the interest rate compared to the month of January.

The average interest rate of individual fixed deposits of banks decreased by 0.1155 percentage points to 4.569 percent in February from 4.6845 percent in February. Similarly, the maximum average rate of institutional fixed deposits decreased by 0.0515 percentage points in the review period.

In the month of March, 9 commercial banks have reduced the maximum interest rate of personal fixed deposits. Global IME Bank Ltd has reduced the share by 0.75 percent to 4.75 percent from 5.5 percent. At the same time, 11 banks have continued the interest rate for the month of January.

Nepal Bank has announced a maximum interest rate of 5.1 percent on individual fixed deposits. Standard Chartered Bank, Agricultural Development Bank, Prime Commercial Bank, Nepal SBI Bank, Everest Bank and Siddhartha Bank are the lowest interest rates. These banks will offer a maximum interest rate of 4.25 percent.

The interest rate on institutional fixed deposits has been fixed at 4 percent. Himalayan Bank, Rastriya Banijya Bank, NIC Asia Bank, NMB Bank and NMB Bank will provide interest at this rate.