Kathmandu. Commercial banks have announced the new interest rates applicable for the month of March. According to the public rate, the maximum average interest rate of individual term deposits has decreased slightly compared to February. The maximum average interest rate of individual term deposits which was 4.56 percent in February has decreased to 4.49 percent in March. Along with this, the average rate has decreased by 0.07 percentage points.

Out of the 20 commercial banks operating in Nepal, 6 banks have reduced the interest rate and the overall average rate has decreased.  The remaining 14 banks have continued the rate of February. The maximum average interest rate for institutional term deposits has also been reduced by 0.03 percentage points.

Nepal Bank is the bank that has reduced the interest rate the most for Chait. The bank has reduced the maximum interest rate of personal term deposits by 0.6 percentage points. Similarly, Standard Chartered Bank, Kumari Bank, Krishi Bikas Bank, Prime Commercial Bank and Global IME Bank have also reduced the interest rates for the month of March.