Jestha Interest Rate Update: Most Banks Lower Rates, NIC Asia Bank and Global IME Bank Oppose the Trend with Increases

In the latest financial update, the majority of commercial banks have disclosed their revised interest rates for the month of Jestha. Notably, the Agricultural Development Bank (ADBL) stands out as it’s yet to publish its rates. Among the revealed rates, a trend of slight decreases in interest rates is observed across the board.

Out of the twenty commercial banks surveyed, nineteen have unveiled their Jestha rates. Among them, nine banks have opted to maintain the same interest rates as the previous month of Baisakh. These banks include Himalayan Bank, Prabhu Bank, Kumari Bank, Machhapuchchhre Bank, Standard Chartered Bank, Nepal Investment Mega Bank, Laxmi Sunrise Bank, Nepal Bank, and Rastriya Banijya Bank.

Conversely, eight banks have decided to lower their interest rates for Jestha, showcasing strategic shifts in their financial positioning. Notably, NIC Asia Bank and Global IME Bank have emerged as outliers by increasing their fixed deposit rates.

NMB Bank and NIC Asia have garnered attention by offering the highest fixed deposit (FD) rates for Jestha. NMB Bank and NIC Asia are offering 7.8% for individual fixed deposits and 6.8% for institutional fixed deposits. 

A closer analysis between the months of Baisakh and Jestha reveals nuanced maneuvers by various banks. Everest Bank and Nabil Bank, for example, have taken the lead in reducing FD rates across both individual and institutional categories. Notably, they have managed to decrease the maximum interest rates on both fronts by 0.50%.