Group Savings Account

Group Savings Account

The objective of the product is to provide investment groups with an opportunity to organise monthly contribution through deposits made and to earn an interest of funds maintained. They are also able to access credit facilities based on deposits held among other credit assessment criteria.

Target Market
Tailor made for formal and informal savings groups such as investment clubs, merry-go-round groups, social club & welfare groups etc.

Features

  • Minimum account balance $5
  • Minimum monthly savings is $10
  • Minimum interest earning balance is $100
  • The account earns competitive interest rate
  • Members can individually access loans
  • Can be used as collateral for loans
  • You can borrow up to three times of the group savings
  • Minimum three members and no maximum
  • Borrowing can be done by both registered and unregistered groups
  • Three months withdrawal notice.