Kathmandu. Commercial banks have reduced the interest rates on an average in August compared to the month of July.

The new interest rate that will come into effect from today has come down on average. The interest rate on individual fixed deposits of banks has decreased by 0.0315 percent on an average.

The bank’s interest rate was 4.16 percent in mid-July. The average for August is 4.13 percent. There is more liquidity in the banking system. The demand for loans is low.

Compared to July, 5 banks have reduced interest rates in August. They are Nepal Bank, Citizens Bank, Standard Chartered, Kumari Bank and Siddhartha Bank. Siddhartha Shetty has reduced the interest rate on personal fixed deposits by 0.29 percentage points. The new interest rate is 3.76 percent.

Similarly, Citizens Bank has reduced the interest rate by 0.1 percentage points to 3.85 percent, Standard Chartered Bank by 0.05 percentage points to 3.8 percent and Kumari Bank by 0.09 percent to 3.76 percent.

The interest rates of the remaining 15 banks have continued in July. Nabil Bank and Prabhu Bank have announced to pay the highest interest rate of 4.55 percent in August. Kumari and Siddhartha have the lowest percentage of 3.76 percent.