17 August 2024, Kathmandu
Standard Chartered Bank has introduced new interest rates, effective from 1st August, reflecting a strategic adjustment to its financial offerings.
Standard Chartered Bank Reduces Base Rate
The bank has reduced the base rate to 6.38 percent, alongside changes in interest rates for term deposits and savings accounts.
For August, Standard Chartered Bank has decreased the interest rate for institutional term deposits, now offering 4.50 percent, down from the 4.75 percent provided in July. Meanwhile, the interest rate for individual term deposits remains steady at 7 percent. The bank has also set an interest rate of 8 percent for remittance accounts, maintaining its commitment to providing competitive rates for those receiving remittances.
In addition to these changes, the bank has adjusted its interest rates for ordinary savings accounts. In August, the minimum interest rate for ordinary savings accounts is set between 3 percent and 4.05 percent, with a rate of 5.05 percent for remittance savings accounts. This is a slight reduction from the rates offered in July, where ordinary savings accounts received between 3.10 percent and 4.15 percent, and remittance savings accounts received 5.15 percent.
The bank’s three-month average base rate has now been established at 6.38 percent. Standard Chartered Bank will set a premium rate of up to 5 percent on top of this base rate, providing an opportunity for customers to benefit from competitive interest rates on their loans and advances.
These updates highlight Standard Chartered Bank’s responsive approach to current economic conditions, ensuring that its interest rate offerings remain aligned with market trends. Customers with term deposits, savings accounts, and remittance accounts are encouraged to review these changes and consider how they may impact their financial strategies.
For more detailed information on the new interest rates or to discuss the best options for your financial needs, customers are advised to visit their nearest Standard Chartered Bank branch or contact customer service.
Standard Chartered Bank Reduces Base Rate
