Kathmandu: Commercial banks have announced new interest rates for the month of July. With the end of the 'interest rate carteling' which commercial banks have been doing for a long time in the name of gentlemanly agreement, the banks have fixed different interest rates for July. Currently banks are giving 9.99% interest on fixed deposits. There is a provision that banks can increase or decrease the interest rate of deposits by an average of 10% points.

NMB Bank has set the highest interest rate on term deposits for July. It said that it will give a maximum interest rate of 10.98%. However, this is the interest rate for term deposits above 10 years. It is mentioned in the notification issued by the bank that it will give 9.75% interest rate on term deposits of less than 10 years and more than 2 years. Similarly, Prime Commercial Bank and NIC Asia Bank have announced that they will give 10.93% interest rate on term deposits in the month of July. Standard Chartered Bank is going to give the lowest interest rate of 8.95%. The average interest rate of banks for the month of July has been fixed at 9.73%.