At least a dozen commercial banks have lowered their fixed deposit interest rates for the month of Magh (mid-January to mid-February) due to rising surplus liquidity in the banking system. The average interest rate on individual fixed deposits has fallen by 0.14 percentage points compared to Poush, when it stood at 4.8 percent. Banks that reduced their maximum rates include Agricultural Development Bank, Everest Bank, Siddhartha Bank, Sanima Bank, Laxmi Sunrise Bank, Himalayan Bank, Machhapuchchhre Bank, Citizens International Bank, Kumari Bank, Nepal SBI Bank, and Standard Chartered Bank. Himalayan Bank and Machhapuchchhre Bank recorded the sharpest cuts. For Magh, individual fixed deposit rates range from 4.36 percent to 5 percent across banks.
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