NBA decides to reduce interest rates to single digits

For the month of Baishakh, the NBA decides to reduce interest rates to single digits

According to the Nepal Bankers Association (NBA), the interest rate on fixed deposits would decrease starting in the following month of Baishakh in 2080. The majority of banks supported decreasing the interest rate, and it was decided to also cut the term interest rate at the Bankers’ Association conference on Wednesday.

NBA, the organization that represents the CEOs of commercial banks, has resolved to reduce interest rates. It has been decided to reduce the interest rate on personal deposits by 10% in light of this. As a result of this action, the interest rate on fixed deposits has now dropped to single digits.

The interest rate for one-year term deposits has dropped from 11% to 9.9% as a result of the NBA’s decision. Additionally, the interest rate for institutional fixed deposits has stayed the same at 7.99%. The interest rate on savings has also been the same, ranging from 5.4 to 7.4 percent.

As of Baishakh 1, 2080, commercial banks have lowered their deposit interest rates. Starting in the month of Baishakh, the base rate will take into account the effect of the decreased interest on deposits.

Since the month of Magh, banks have kept personal interest rates at 11% and business interest rates at 9%. The Nepal Bankers Association reduced the interest rate on savings for the month of Chaitra while maintaining the interest rate on fixed deposits. Prior to the month of Magh, the interest rate on fixed deposits offered by commercial banks was 12.133 percent for individuals and 10.133 percent for institutions.

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