The new INSS scale is a boon to retirees

INSS retirees and pensioners will have something new in terms of payroll loans; Understand what the benefits are

Good news has arrived for retirees and pensioners INSS (National Social Security Institute). Currently, some beneficiaries will have more lenient loan terms with banks.

According to the Brazilian Agency, by a vote of 14 to one, the CNPS (National Social Security Council) approved the new interest limit, to follow the Selec rate in 2023, on October 11. It was the federal government itself that proposed lowering interest rates.

As the economy’s base interest rates fell from 13.25% to 12.75% during the year, interest rates on payroll loans also fell. Now, banks will charge a fee of 1.84% per month for these operations. Since August, the number has reached 1.91% per month.

The interest cap for payroll credit cards decreased from 2.83% to 2.73% per month. The justification for the reduction was a 0.5 percentage point cut in the interest rate, which was authorized by the Central Bank’s Monetary Policy Committee (COPOM) in September.

Despite the approval, the financial institutions asked the council to suspend discussion on the new limits until the next COBOOM meeting, which should be held on October 31 and November 1.

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On the other hand, the National Retirement Council, which includes many representatives of the government, pensioners, pensioners and workers, approved the proposal.

Interest rates for credit granted to INSS

According to the Central Bank, Banco do Nordeste charges 1.91% per month; Amazonia Bank charges 1.9%; And Banco do Brazil 1.86% per month. Caixa, in turn, charges less than the future ceiling: 1.74%.

How to check INSS assigned credit rates?

To get information about the shipment, You need to log in to the meu.inss website or app. The portal provides options for scheduling, consulting, and simulation.