Kathmandu: In anticipation of the upcoming Magh month, banks in Nepal have disclosed the public interest rates applicable from the first day of Magh. Most banks have decided to reduce interest rates compared to the previous month, particularly focusing on personal and institutional deposits.

Varied Rates Among Banks: While many banks have adjusted their interest rates downwards, a few have maintained stable rates for personal deposits. Notably, NMB Bank and Everest Bank have set the interest rate at a consistent 9.0% for the Magh month, demonstrating stability in their approach. On the other hand, other banks, including Prabhu Bank and Laxmi Sunrise Bank, have slightly reduced their rates to 8.07% and 8.15%, respectively.

Influence of Liquid Assets: Banks seem to be responsive to the liquidity scenario, as the reduction in interest rates is often seen after an increase in liquid assets. However, notable exceptions include NMB Bank and Everest Bank, which have chosen to maintain their rates despite changes in liquidity.

Averages and Comparisons: An average individual deposit interest rate of 8.12% has been established for Magh, a decline from the 8.96% rate in Poush. This indicates a concerted effort by most banks to offer competitive rates for individual depositors.

Outlook for Magh: As we enter the Magh month, the announced interest rates reflect a dynamic banking environment. The adjustments made by various banks indicate a strategic approach to balance liquidity, attract deposits, and maintain competitiveness in the market. Customers are advised to consider these rates while making financial decisions in the upcoming month.

Bank-wise Details:

1. Prime Bank: 8.1%
2. Agricultural Development Bank: 7.26%
3. Nepal SBI Bank: 8.25%
4. Kumari Bank: 8.11%
5. Siddhartha Bank: 8.1%
6. Machhapuchchhre Bank: 8%
7. Laxmi Sunrise Bank: 8%
8. Prabhu Bank: 8.065%
9. NMB Bank: 8.6%
10. Sanima Bank: 8.15%
11. NIC Asia Bank: 8.065%
12. Rastriya Banijya Bank: 8.07%
13. Nepal Bank: 8%
14. Global IME Bank: 8.1%
15. Nabil Bank: 8.1%
16. Standard Chartered Bank: 8.07%
17. Himalayan Bank: 8.15%
18. Citizens Bank: 9.15%
19. Everest Bank: 8%
20. Nepal Investment Bank: 9%

Stay tuned for more updates on the financial landscape as we delve into the Magh month.