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Banks Keep Interest Rates Unchanged for Chaitra, Finance Companies Raise Theirs

Commercial Banks and Development Banks have kept interest rates unchanged for the month of Chaitra while Finance Companies have increased their rates.

Commercial Banks had raised their interest rates for the month of Falgun after keeping their interest rate profile unchanged in Magh.

Most commercial banks provided a 6.03% interest rate p.a. for depositors on savings in Falgun. Meanwhile, individuals got a maximum interest payment of 11.03% p.a. on fixed deposits. On the other hand, institutions got a 10.03% interest payment p.a. on fixed deposits.

Development Banks had also raised the interest rates on deposits in Falgun compared to the previous months. Regional level development banks had increased the interest rates on fixed deposits to 11.65% and national level development banks to 11.55%. This was the rate for individual depositors. The rate for institutional depositors was less by one percentage point. Nonetheless, Sindhu Bikas Bank had provided 11.81% on fixed deposits for individuals and 10.81% for institutions. It seems that these rates haven’t been altered for Chaitra.

Finance Companies had also raised the interest rates on deposits in Falgun. The highest interest rate for individuals on fixed deposits was 11.71%. This rate was 10.71% for institutional depositors. For the month of Chaitra, however, finance companies have raised the maximum interest on fixed deposits to 12.25% for individuals. Nonetheless, most finance companies have 12.15% as the highest rate. Meanwhile, the highest rate on fixed deposits for institutions is 11.25%.

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