Kathmandu-Commercial banks have published new interest rates for the month of Chaitra.

According to the new rates, the maximum average interest rate on individual fixed deposits has slightly declined compared to the month of Falgun.

The average rate, which stood at 4.56 percent in Falgun, has dropped by 0.07 percentage points to 4.49 percent in Chaitra. The overall average declined because six of the 20 operating commercial banks reduced their rates.

The remaining 14 banks have kept their rates unchanged from Falgun. Banks have also reduced the maximum average interest rate on institutional fixed deposits by 0.03 percentage points.

Banks that lowered interest rates this time include Nepal Bank, Standard Chartered Bank, Kumari Bank, Agricultural Development Bank, Prime Commercial Bank, and Global IME Bank.

Nepal Bank cut the rate the most. It reduced the rate on individual fixed deposits from 5.1 percent to 4.5 percent.

Global IME Bank lowered its rate from 4.75 percent to 4.25 percent. Kumari Bank reduced the rate from 4.43 percent to 4.12 percent. Standard Chartered Bank cut the rate from 4.25 percent to 4.11 percent.

Agricultural Development Bank and Prime Commercial Bank both reduced their rates from 4.25 percent to 4.15 percent.

Other banks have not changed their rates. Himalayan Bank, Rastriya Banijya Bank, NIC Asia Bank, and NMB Bank have continued to offer the highest rate of 5 percent on individual fixed deposits.

Prabhu Bank and Nabil Bank have maintained their rate at 4.55 percent. Machhapuchchhre Bank, Citizens Bank, Laxmi Sunrise Bank, Sanima Bank, and Nepal Investment Mega Bank have kept their rate at 4.5 percent.

Nepal SBI Bank, Everest Bank, and Siddhartha Bank will continue to provide interest at the previous rate of 4.25 percent.