Nine commercial banks have cut interest rates on fixed deposits for individuals, two have increased them, and nine have kept rates unchanged. The new rates will be effective from Tuesday, September 17 to Wednesday, October 16.

The average interest rates on fixed deposits for individuals for the month of Asoj is 6.39 percent, a 0.13 percent less than that in Bhadra, according to the banks. 

Nabil, Everest, Rastriya Banijya, NIC Asia, NMB, Sanima, Nepal SBI, Prime Commercial, and Kumari banks have lowered their interest rates. In contrast, Nepal Bank and Agricultural Development Bank have increased the upper limit of the rates to 5.95 percent and 6.07 percent, respectively, from 5.25 percent and 6.06 percent.

While NMB Bank made the highest reduction of 0.91 percent, the Rastriya Banijya Bank made the lowest cut of 0.07 percent.

A month ago, nine banks had reduced the deposit rates, three have raised them while eight others have kept them constant for August 17 to September 16.