Kathmandu. Sangrila Development Bank has reduced the interest rate with effect from today. As the commercial banks have started publishing notices reducing the interest rates, the development banks have also started reducing the interest rates.

Earlier, this bank fixed interest rate from minimum 5.60 percent to maximum 7.60 percent on ordinary savings account, this bank published a notification today and fixed the interest rate on ordinary savings account from minimum 4.80 percent to maximum 6.80 percent. The bank has set an interest rate of 7.80 percent on gold remittance.

Similarly, the bank has set interest rates up to 9.5% for individuals and 7.5% for institutions on term deposits. Earlier, the bank had fixed interest rate of 10.60 percent for individuals and 8.60 percent for institutions on fixed deposits.