Interest Payable on Escrow Accounts Announced

Pursuant to NH RSA 397-A:9, IV, Emelia A.S. Galdieri, Bank Commissioner, announced the minimum interest rate payable on moneys on deposit in escrow accounts maintained for the payment of taxes or insurance premiums related to loans on property secured by real estate mortgages.

Said rate shall be 0.00% and shall be effective commencing February 1, 2022 and shall remain in effect until the next rate announcement on August 1, 2022.

Please note that the above rate is applicable only to persons subject to NH RSA 397-A. After the passage of House Bill 610 in 2021, depository banks shall credit each escrow account with interest at a rate no lower than the highest target federal funds interest rate in the range set by the Federal Open Market Committee, minus one percent. For more details, please review RSA 383-B:3-303(a)(7)(E).