Commercial banks have set public interest rates for the month of Kartik. Out of the 18 commercial banks, 13 have reduced interest rates.

When the interest rates were reduced by 13 commercial banks, the Chairman of the Nepal Bankers’ Association, the Chief Executive Officer of the Bank and Financial Institutions Federation (CBFIN), who is also the Chairman, said that NMB Bank had increased the interest rate. The bank has increased the interest rate to 11 percent by increasing it by 1.03 percent. Previously, in the month of Ashoj, NMB Bank’s interest rate was 9.99 percent.

If the personal deposit is for a period of 3 to 6 months, the interest rate is 9.99 percent, and for a period of more than 9 months to 1 year, the interest rate is determined at 10.5 percent. Similarly, for a personal deposit period of 1 to 2 years, the interest rate is 11.003 percent; for a period of 2 to 10 years, the interest rate is 10 percent; and for a deposit period of more than 10 years, the interest rate is also 10 percent.

Commercial banks, under the name of mutual agreements, have been determining different interest rates for a long time, and with the end of the “interest rate cartel” from Saun, banks have been determining different interest rates.