Caixa and Banco do Brasil reduce INSS payroll interest after cutting the Selic rate

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Announcements accompany the reduction of the basic interest rate, from 13.75% to 13.25%. Banco do Brasil said it will also make reductions in other lines of credit. BC cut basic interest rate by 0.5 percentage points Sandro Menezes Caixa Econômica Federal and Banco do Brasil announced a reduction in interest on payroll loans for beneficiaries and pensioners of the National Institute of Social Security (INSS), after the Central Bank announced a cut of 0.5 percentage point in the basic interest rate, the Selic. On Wednesday (2), the Monetary Policy Committee (Copom) decided to reduce the Selic rate from 13.75% to 13.25%. This was the first interest rate cut in three years. After the announcement, Caixa and Banco do Brasil published communiqués stating that they would reduce their own interest on credit lines following the cut in the Selic. In the case of Caixa, the interest rate on the INSS payroll increases from 1.74% to 1.70% per month, starting this Thursday (3). “With the decrease, in a contract with a net value of R$ 10 thousand, in 84 months, the customer starts to save an amount greater than that of an installment at the end of the payment of the contract”, exemplified the institution. Banco do Brasil, on the other hand, said that the new interest rates for payroll, automatic, salary, benefit, renewal and 13th salary lines of credit will come into effect from Friday (4). INSS payroll rates at Banco do Brasil were adjusted from 1.81% to 1.77% per month, in the minimum range, and from 1.95% to 1.89% per month, in the maximum range. BB also stated that it will have reductions in the discount on securities, working capital, guaranteed account and other products, according to the customer’s profile. Brazil continues with the highest real interest rate in the world despite the Selic cut; see ranking VIDEOS: most watched g1

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