Kathmandu. Commercial banks are going to keep the deposit interest rate constant even in the month of June/July 2023. The executive committee of Nepal Bankers Association (NBA), the umbrella organization of commercial banks, decided to keep the interest rate of deposits stable in the month of June.

In the month of Baisakh, the deposit interest rate was reduced to single digits. In the month of Baisakh, the banks maintained the interest rate of institutional term deposits at 7.99 percent, personal term deposits at 9.99 percent and the interest rate of savings at 5.4 percent to 7.4 percent.

The same interest rate was continued by the commercial banks in the month of May. Now the same interest rate will continue in the month of June. Earlier, the interest rate of personal term deposits of commercial banks had reached up to 12.133 percent. As the liquidity in the banking system decreased, banks increased interest rates to attract depositors. Last January, the NBA reduced the interest rate to 11 percent on personal term deposits. Then it was reduced to 9.99 percent from May.

On the other hand, the loan interest rate will decrease. A banker who participated in today's meeting said that through the review of the monetary policy of the Rashtra Bank in the third quarter of the current financial year, the bank rate will be reduced by 1 percent and the spread rate will also be reduced to 4.02 percent.