Nepal, Feb. 13 -- Commercial banks have lowered the average interest rate on deposits to 4.57 percent for the coming month starting Friday.

According to Nepal Rastra Bank (NRB), the average deposit rate for the period between mid-February and mid-March has been reduced by 0.12 percentage points from 4.68 percent in the previous month.

Among the 20 commercial banks, Global IME Bank has slashed the interest rate on individual fixed deposits by 0.75 percentage points - the highest reduction. For institutional fixed deposits, Nepal Investment Mega Bank has cut the rate by the highest margin of 0.5 percentage points.

Nepal Bank Limited is offering the highest deposit rate of 5.10 percent for the upcoming month, while several banks have fixe...