KATHMANDU, JANUARY 12 Commercial banks are reducing the interest rate for the month of Magh (from January 15- February 12). Banks gear up to reduce interest rate on deposits NRB reduces interest rate spread A meeting of the Nepal Bankers' Association, an umbrella organisation of commercial banks, held on Wednesday decided to decrease interest rate by 1.13 per cent for the month of Magh. Presently the interest rate for personal fixed deposit is 12.13 per cent and 9.13 per cent towards institutional fixed deposit. Similarly, 15.33 per cent interest has been fixed towards remittance fixed deposit account. However, the commercial banks have determined 11 per cent interest towards personal fixed deposit, nine per cent interest towards institutional fixed deposit and 12 per cent towards remittance fixed deposit account for the month of Magh. Meanwhile, Sunil KC has been elected President of Bankers' Association. Chief Executive Officer of NMB Bank, KC, was elected to the post unopposed. A special general assembly held on Wednesday elected KC as the new Chairperson. CEO of Machhapuchchhre Bank, Santosh Koirala, was elected Vice-President of Association unopposed. Likewise, Ajay Bikram Shah of Laxmi Bank,, Deepak Kumar De of Nepal SBI Bank, Krishna Bahadur Adhikari of Nepal Bank, Roshan Kumar Neupane of NIC Asia, Sudesh Khaling of Everest Bank and Suman Sharma of Sunrise Bank are executive members of the Association.