Kathmandu. Most commercial banks have announced new interest rates. Out of 27 commercial banks, the maximum interest rate of 13 commercial banks is 10.05 percent.

After the central bank issued a new directive on interest rate hike for banks and financial institutions on Sunday, most of the commercial banks have announced new interest rates to be implemented from November. In the new interest rate announced by the banks, it was directed to increase the interest rate by 10 percent on the average of the maximum interest rate and the average of the minimum interest rate as per the interest rate directive of the National Bank.

Last month, most commercial banks had published interest rates on term deposits of 9.36 percent. Citizen Bank International had published an interest rate of 8.8 percent last month. Similarly, Standard Chartered Bank had the lowest interest rate of 7.75 percent on term deposit for November. Similarly, Nepal Bank had published 8.36 percent, Krishi Vikas Bank 8.85 percent, Prabhu Bank 8.57 percent and Sunrise Bank 9.06 percent.

 The maximum interest rate on term deposits published by banks last month was 9.13 percent. According to the banks, the new interest rate will be 10.05 percent if the interest rate is increased by 10 percent.