Kathmandu. KATHMANDU: As many as 20 commercial banks have announced new interest rates for the month of April. The new interest rates announced by the banks have come into effect from today.

The new interest rate of commercial banks for the month of April has come down to below 5 percent on average.

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 an average of 4.4 percent. Out of 20 commercial banks, the interest rates of eight banks have been reduced for the month of April, 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.