In association with
Logo Logo Logo

Nepal Rastra Bank restrains interest rate hike: November’s interest rate will be revised


KATHMANDU:- NRB has issued instructions to control the interest rate hike by banks and financial institutions. The commercial banks have announced to pay maximum interest of 11.67 percent on deposits and the NRB has issued a directive not to allow the interest rate to increase extraordinarily.
As per the directive issued by the central bank on Tuesday, banks and financial institutions will be able to change the interest rate on any deposit at a maximum of 10 percent in the rate published last month. Similarly, the directive states that the maximum interest rate to be provided on institutional term deposits (including bids) should be at least one percentage point lower than the maximum interest rate on term deposits to the public.
NRB has instructed to amend the interest rate for the month of October if it is not in accordance with the said arrangement and make it public through its website by October 19 and publish it in the daily newspaper by October 19.
As per the NRB directive, the bank will now be able to fix the new interest rate for this October by increasing the interest rate by a maximum of 10 percent as compared to last September. Sunrise Bank had paid a maximum of 10.7 percent interest on the deposit for the month of September. As per the NRB directive, Sunrise Bank will now be able to pay interest on term deposits up to a maximum of 11.07 percent in November.
Many banks and financial institutions had raised interest rates by double digits on the first day of the first quarter of the current fiscal year, citing lack of liquidity as a problem.

For Indian tourists travelling by land:- 72 hours (-ve) C-19 report, CCMC form and Antigen Test at entry point

For Indian tourists travelling by land:- 72 hours (-ve) C-19 report, CCMC form and Antigen Test at entry point

Comment here !
Related News

N24 Correspondent, KATHMANDU:- Five people have died when a bus left for Jajarkot from Nepalgunj met with an accident. According

N24 Correspondent, KATHMANDU:- The Non-Resident Nepali Association (NRNA) has filed a case against the Ministry of Foreign Affairs of the

KATHMANDU:- The Nepali Congress has given a full shape to the publicity committee for the 14th general convention of the

CHITWAN:- The closed-door session of the ongoing 10th National Congress of the CPN (UML) has given responsibility to party chairman