The Deposit Account is the heart of your membership in the SACCO
The Deposit Accoount is the Sacco’s core saving that every member must have in order to access all Sacco products and services and enjoying annual interest returns based on Sacco’s profitability. A Deposit account is NOT a deposit and withdrawing account.
The objective of Deposit account is to encourage regular uninterrupted savings for building one’s long term savings for future use and development goals through cheap Sacco loans.
- Minimum monthly contributions is Kshs 5,000
- Non-withdrawable unless one withdraws membership.
Benefits of a Deposit Account:
- Opportunity to build a long term Savings for future use
- Access to cheap Sacco loans and other services
- Loan entitlement is 4 times your savings depending on the loan product.
- Use as loan collateral
- Annual interest returns based on Sacco’s profitability
- No opening balance.