If you have been contributing to the NHT fund in Jamaica, and need an NHT refund, you must apply for it.
But you must know that to apply, you will have to wait for seven years in between. Your contribution will raise interest for the sum deposited as a refund.
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Which year is NHT refunding?
It is usually in the eighth year that you can pull out a refund, so ideally your money should be in their account for seven years. If you want to apply for a refund on 1st January 2022, you must have deposited to the NHT refunding unit in the year 2014.
Every eighth year, the NHT can give back the refunds. So, any deposit made to any account during the whole span of 7 years is considered for calculation. The NHT refunding in 2002 can be run for the funds deposited in 2014. You can also apply for refunds in any of the years before 2014 in 2014.
How much is NHT refund?
The funds that are refunded as part of the NHT refund and are held for seven years are given back at a 3% interest rate. Those funds that are held for more than seven years are refunded back at the 8% interest rate.
When to apply for NHT refund?
After initial contributions are made, in the eighth year the contributor can receive the benefits. You can also lock the funds for one more year or even two to derive greater refund amounts.
If you started making contributions in 2014, you can seek the refunds on 1st January 2022.
How to Check the NHT refund status?
The process to check your NHT refund status is easy.
Visit their website, and then add the application number present in the receipt. Press the query tab and wait for your application details to appear.
How long does NHT refunding take?
The minimum time it takes is 10 days and the maximum time for an NHT refund is 2-3 weeks.
Conclusion
To conclude, the NHT refund process is simple and if you are planning to apply, you must read this segment for more information on the process of application status check and more insight on the refund.
