Kathmandu. Nepal Infrastructure Bank (NIFRA) has also reduced the interest rate given to depositors. The company announced through a public notice that the new interest rate has been set to be effective on Tuesday, January 30. Banks and financial institutions have reduced interest rates, as has Nifra. Now Nifra will give 8.5 percent interest to individuals and 6.75 percent interest to institutions on deposit accounts with a tenure of more than 5 years. Until now, 9 percent interest was being given to individuals and 7.25 percent interest to institutions.
NIFRA only collects deposits with a minimum tenure of 5 years. Similarly, individuals have to deposit at least 1 crore and institutions at least 5 crore. NIFRA will not collect deposits of less than that amount. The company provides loans for various projects and infrastructure by collecting long-term deposits of large amounts of money. The project loan provided by the company has an interest rate of 11 to 14 percent.