Al-Rafidain Bank Confirms: Delayed Salary Payments Won't Lead to Double Loan Deductions

Al-Rafidain Bank confirmed on Monday that delayed salary disbursements will not lead to the deduction of two installments for advances or loans at once. This statement addresses inaccurate social media claims suggesting that a delay in July salary payments would result in banks deducting two installments upon salary funding. The bank clarified its installment deduction mechanism relies on actual salary funding, not the time between payments. Advances and loans are granted with a fixed monthly installment schedule, where only one installment is collected per salary funding operation. It emphasized that delayed salary funding for any month does not mean two installments will be taken. Only one installment is deducted electronically upon disbursement, directly linked to the salary funding process. The bank urged accuracy in information sharing and reliance on official sources, warning against false data that could cause anxiety among employee and retiree borrowers.