Features & benefits
NCC Bank Retirement Fund (NCCB RF) has been operating as a separate wing of NCC Bank Ltd. since 2003 (2059 BS) in accordance with the provision laid down in the ‘Retirement Fund Management and Operation By-Laws 2059’ duly approved by Nepal Rastra Bank & Inland Revenue Department of Govt. of Nepal. The main objective of NCCB RF is to manage Provident Fund, Retirement Fund, Gratuity & Leave Encashment account of any employee and to make financially comfortable at the time of his / her retirement from their job.
- All Retirement Fund accounts are non-operative individual accounts opened in the name of the employees and regulated by the institution employing them.
- Retirement Fund Depositor (Provident & Retirement Fund) will be eligible to apply the Loan against Retirement Fund account only after one year of contributing on such retirement fund account with consent letter from the concerned Institution / Organization (Employer).
- If an employee retires from his/her service, he/she may request to NCCB-RF along with the certification of retirement document of the concerned institution for the final payment.
- Tax shall be levied on the final payment of the retirement fund deposit of an employee as per the prevailing provision of Income Tax Act/Regulation.
- The current Interest rate on Deposit is 7.00% p.a., however the Interest Rate may vary from time to time as decided by the NCC Bank Retirement Fund Committee.
- Medical Insurance Facility of Rs. 15,000/- every year for all individual RF depositors is available*.
- Loan against the Deposit Fund will be charged 1.5% above the applicable Interest Rate on the deposited Fund or as decided by RF Committee. Maximum limit of Loan shall be up to 90% against their respective Deposit Fund.
- The NCC Bank Retirement Fund reserves the right to add/amend/alter any and/or all the features, terms & conditions at any time and in any manner, which it deems necessary with or without notice to the account holders, however not in contradictory to "Retirement Fund Management and Operation By-Laws 2059" approved by Inland Revenue Department of Nepal.