Business News

NCSL Members to Receive Monthly Interest on Savings

By Delly Waigeno – EM TV News, Port Moresby

Members of the NASFUND Contributors Savings and Loan Society (NCSL) will now receive monthly interest on their savings accounts, starting this month.

NCSL announced today that the society will be now paying accrued monthly interest to more than 76,000 of its members.

Contributors with NCSL will now be earning monthly interest of 0.1 per cent on the members’ total savings balance.

This means contributors will earn 1.2 per cent per annum in interim payment of interest.

Additional interest will be paid to members on top of this interim payment after audits of NCSL’s financial statements at the year’s end.

NCSL’s General Manager, Vari Lahui, said this is a change from the previous years where NCSL paid annual interest to its members after the auditing of its year-end financial statements.

He said the monthly interest payments mean that members who exit the society before the audit do not miss out on interest payments on their savings.

“We will regularly review the monthly interest rate and make changes where necessary to ensure that members get the possible return on their savings. The society has paid an average of 5.5 per cent in annual interest to members over the past few years and is confident of maintaining this,” Lahui said.

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