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All the commercial banks have reduced the deposit interest rates for the month of July. According to the interest rate list published by the banks on Wednesday, 20 commercial banks have reduced the interest rate of ordinary deposits and 15 commercial banks have reduced the interest rate of fixed deposits.
However, four commercial banks have reduced the interest rate on ordinary savings, but they have not reduced the interest rate on fixed deposits. A bank has increased the interest rate on fixed deposits.
According to the new interest rate, for the month of July, the average interest rate of one-year personal term deposits in commercial banks has been maintained at a maximum of 5.69 percent and a minimum of 3.604 percent. In June, the maximum average interest rate is 5.94 percent and the minimum is 3.891 percent.
Similarly, the average interest rate of ordinary deposits in commercial banks has been maintained at a maximum of 3.955 percent and a minimum of 2.771 percent. This June, the maximum interest rate is 4.353 percent and the minimum is 3.011 percent. Thus, as the interest rate of deposits decreases, the base rate of banks and financial institutions also decreases, so the interest rate of loans also decreases automatically.
