KATHMANDU

The interest rate for the month of Magh has been reduced by NIC Asia Bank. The bank has reduced the interest rate for Magh compared to the month of Poush. The reduced interest rate will be effective from Magh 1.

In addition, NIC Asia Bank will provide a maximum of 8.065% interest on term deposits in Magh and 6.065% interest on institutional term deposits.

Previously, the bank had been providing 8.67% on personal deposits and 6.67% on institutional deposits. However, the bank has not made any changes to the loan interest rate, despite reducing the interest rate on term deposits in Magh.

In recent times, banks have been lowering the interest rate on deposits after the interest on loans in the banking system decreased significantly. Now, NIC Asia and other banks are also preparing to lower the interest on deposits.