Social Security Fund Implements New Interest Rates from Today

Kathmandu. The new interest rate determined by the Social Security Fund for the financial year 2083/84 has been implemented from today. The interest rate to be provided on contribution amounts and the interest rates applicable to various types of loans have been determined from today as per the decision of the Fund's board of directors meeting held on Ashad 23. According to the new arrangement, an annual interest of 3.2 percent will be provided on the amounts deposited in the Old Age Security Scheme and Institutional and Personal Retirement Fund. Similarly, the fund will charge an annual interest of 4.7 percent on special loans, while an annual interest rate of 5.5 percent has been fixed for home loans, educational loans, and social work loans. An interest of 5.7 percent per annum will be levied on land purchase loans. Likewise, the Social Security Fund has stated that a penalty interest of 1 percent per annum will be charged if the EMI payment deadline is missed.