By Aashish Vermaa on Nov 14,2017 - 10:17
In our previous article we talked about:
What is Base Rate?
What happens if the base rate of commercial banks rises?
What happens if the base rate of commercial banks falls?
Latest Base Rate of Commercial Banks, along with speculations that base rates are about to decrease looking at the current market trends.
And as anticipated, 11 out of 28 commercial banks have already cut their base rate, in the first quarter of this fiscal year. This drop in the Base rate will ultimately benefit the borrowers as the banks will have to lower their interest rates on loans as per the rules of Nepal Rastra Bank.
According to the central bank’s rule, banks need to publish base rate in every three months.
The base rate, also known as ‘bank rate’, came down as the high-cost fixed deposits have matured, said Ramesh Aryal, CEO of NCC Bank. “Those banks that had their base rates at the higher end have started bringing the rates down, which means the situation is gradually improving.”
Himalayan Bank, Siddhartha Bank, Citizens Bank, Mega Bank, NIC Asia Bank, Kumari Bank, Janata Bank, Civil Bank, Prabhu Bank, Century Bank and Sunrise Bank have lowered their base rate in the first quarter of this fiscal. Standard Chartered Bank’s base rate has remained unchanged, while the remaining commercial banks base rate has increased slightly.
Bank Q4 of 2016-17 Q1 of 2017-18
Agricultural Development 11.27% 11.97%
BoK 10.57% 10.68%
Century 11.17% 11.13%
Citizens 11.17% 10.72%
Civil 11.59% 11.55%
Everest 7.68% 7.91%
Global IME 10.40% 10.54%
Himalayan 9.57% 9.45%
Janata 11.93% 11.50%
Kumari 11.31% 11.15%
Laxmi 10.33% 10.66%
Machhapuchchhre 10.29% 10.48%
Mega 11.00% 10.72%
Nabil 6.61% 6.69%
Nepal 6.29% 6.90%
Nepal Bangladesh 10.28% 11.39%
Nepal Credit & Commerce 11.36% 11.40%
Nepal Investment 8.36% 8.91%
Nepal SBI 8.98% 9.32%
NIC 11.27% 10.78%
NMB 10.12% 10.21%
Prabhu 10.51% 9.80%
Prime 10.64% 10.95%
Rastriya Banijya 5.95% 5.98%
Sanima 10.20% 10.27%
Siddhartha 10.38% 10.28%
Standard Chartered 6.47% 6.47%
Sunrise 11.19% 10.82%Tags - Base Rate , Banks interest rates decline , Banks to cut their Base rate
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