Banks is not going to cut back rates of interest in November – Online Khabar

29 October, Kathmandu. In the month of November, business banks are going to maintain the deposit rate of interest fixed. Sunil KC, Vice President of the Bankers’ Association, mentioned that the assembly of the Bankers’ Association held on Tuesday morning concluded that there is no such thing as a want to extend or lower the rates of interest because the financial indicators are steady.

‘The principal financial indicators are in the identical place as earlier than. Inflation is on the similar place as earlier than,’ he mentioned, ‘based on the goal taken by the primary quarter overview of financial coverage, the rate of interest may be elevated or decreased in January. Now it’s a matter of retaining it as it’s.’ Apart from that, no formal settlement has been made, he mentioned.

Until August, the rate of interest was 11.03 % on particular person time period deposits, 9.03 % on institutional time period deposits and minimal 6.03 to most 9.03 % to eight.03 % on financial savings.

In October, the rate of interest of non-public time period deposits has elevated by 10 % and has reached 12.133 % and financial savings has reached a minimal of seven.133 and a most of 9.133 %.

The National Bank has organized to pay 1 proportion level extra curiosity on remittance deposits than abnormal deposits. Some banks are giving rate of interest as much as 15.13 % on remittance interval.

He mentioned that even in October, the banks have agreed to publish the rate of interest on financial savings primarily based on 12.133 % for private time period as per the directions of the National Bank and the utmost of 5 proportion factors of particular person time period shouldn’t be exceeded.

Another banker mentioned that the banks haven’t mentioned decreasing the rate of interest because the liquidity has not but reached a snug degree with the banks.