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The Employee Provident Fund has changed the interest rate provided on the Provident Fund and Pension Fund amount and charged on the saver loan. Jitendra Dhital, administrator of the fund, informed that the fund has reduced the interest rate with effect from July 1.
According to him, the interest rate on the savings fund amount and the pension fund amount has been fixed at 5.5 zero percent, while the interest rate on special loans has been fixed at 6.6 zero percent.
The fund has reduced the interest rate of mortgage-based home loan, educational loan and home repair loan to 7.5 zero percent and fixed eight percent interest for savers who have land purchase loan or simple loan.
fund has also decided to give a discount of 0.25 percent to the depositors who regularly pay interest on mortgages based on mortgages other than special mortgages.
Through branch offices and service centers located in Kathmandu valley and seven provinces, the fund is providing special loan, house loan, educational loan, simple loan, home repair loan and land purchase loan at concessional rates. Up to 90 percent of the amount is being provided as a special guarantee for the protection of the amount deposited in the saver's account from the fund.
fund provides up to 1 crore to its depositors for construction of houses and purchase of houses and land. According to the fund, up to 40 lakhs will be provided for educational allowances given to the saver himself or his spouse or children for the purpose of higher education and simple allowances given for work that may occur during the service period of the saver. Similarly, up to Rs. 30 lakh is provided for repairing houses.
At present, 645,000 savers and contributors from civil society, Nepali army, Nepal police and armed police, public institutions and organized sector and community and institutional schools are affiliated to the fund. The fund has issued a notice saying that the fund's external transactions will be closed on July 1, the first day of the financial year.
