NIC Asia Bank’s decision to reduce interest rates  from 15th of January

What are the changed rates ?

Kathmandu: NIC Asia Bank has decided to reduce the interest rate from the coming mid of January, 2024 A.D. The bank has decided to reduce the interest rate by publishing the new rate on 10th of January.

According to the published information, the bank has significantly reduced the interest rate for the month of mid of Jan/ mid of February ,2024 A.D. It has been decided to reduce the maximum interest rate of personal deposits of the bank, which was 8.67 percent in the month of January to 8.065 percent from the month of February. The bank has reduced its interest rate by 0.605 percentage points.

Similarly, it has decided to reduce the maximum interest rate of the bank on institutional deposits to 6.065 percent. This interest rate was 6.67 percent in the month of mid Dec2023/mid of Jan, 2024 A.D).

Banks have been reducing interest rates for the last 3 months. Bank deposits are increasing daily. However, loan investment has not increased compared to deposits.