In the month of November, commercial banks are going to keep the deposit interest rate constant. Sunil KC, Vice President of the Bankers' Association, said that the meeting of the Bankers' Association held on Tuesday morning concluded that there is no need to increase or decrease the interest rates as the economic indicators are stable.
'The main economic indicators are in the same place as before. Inflation is at the same place as before,' he said, 'According to the target taken by the first quarter review of monetary policy, the interest rate can be increased or decreased in January. Now it is a matter of keeping it as it is.' Apart from that, no formal agreement has been made, he added.
The National Bank has arranged to pay 1 percentage point more interest on remittance deposits than ordinary deposits. Some banks are giving interest rates up to 15.13 percent on remittance periods.
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