Prime Bank Reduced the Interest Rate after the National Bank Prepared to Take Action

Kathmandu, Prime Bank, Which has set the highest interest rate, has decided to reduce the interest rate by correcting the decision overnight, as announced yesterday, Sunday, effective from October 1st. The regulator Nepal Rastra Bank has revised the interest rate published yesterday within 24 hour after preparing to take action against the prime bank increasing over the rate of interest.

According to national sources, Prime Bank had decided to give the highest interest rate to all other banks. The regulator body Nepal Rastra Bank was prepared to take action on that decision, Soon after, The bank reduce the interest rate.
According to the direction, when the interest rate could not be increased by more than 10 percent of the average interest rate published by the banks category of the information notice list, Prime Bank violated the direction and published interest rate. Although the bank increased the interest rate on term deposits, it increased the interest rate on savings accounts against the rules.

The bank has decided to give interest up to 11.054 percent for individuals and 9.054 percent for institutions in the new revised interest rate. It is said that the bank has a total of 14 types of saving accounts.

Yesterday, the public interest rate was set at 11.38 percent on individual deposits.

On the other hand, even the Nepal Bankers Association has become dissatisfied with Prime Bank’s decision. Prime Bank has change the interest rate overnight after all round criticism and regulatory action.