Muktinath Bikas Bank Limited (MNBBL) has decreased the maximum interest rate on Fixed Deposits.
The bank declared an interest rate of 9.5 percent p.a. on FDs with maturities of up to ten years in its interest rate update for Ashwin.
However, the following day, it issued a press statement announcing a 10% rate on FDs.
In a press release issued today, the bank said that the 10% interest rate offer was incorrect. The bank argues that the news was accidentally circulated on social media and news websites.
According to the NRB mandate, development banks must maintain a margin on regular savings and term deposits of no more than 5%. In the event of remitted savings, a 6-percentage-point margin can be maintained.
Despite contradictory public statements, the bank claims that the interest rate on FDs is now 9.5 percent.