All but two banks reduce interest on deposits
KATHMANDU, Jan. 14 -- Central bank under pressure to further reduce the policy rate
Except NMB and Everest Bank, all commercial banks in the country have reduced the maximum interest rate on deposits. Banks have reduced the interest on savings, which has a share of 26.3 percent, as well as fixed deposits, which has a share of 60.7 percent in their total deposit.
Banks have reduced the interest rate of deposits to decrease costs as they are not able to provide loans despite having more liquidity. Since Shrawan (mid-July to mid-August), banks have been continuously reducing interest on deposits.
NMB has kept interest at 9 percent and Everest at 8 percent. All other banks have reduced the interest rates. Government banks have become more ...
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