- This product is for members who have retired and may not necessarily want to withdraw the entire long-term deposits and may want to continue getting a form of monthly cash inflow as they wait for their final dues.
- The product cuts across all segments of salaried membership when they retire. The member to continue making monthly contributions thereafter
- Targets all members who have retired from a salaried position Nature of account
- Opened upon member application. Retirees long-term deposits (partial or full) to be credited to this account which will earn monthly interest which are credited into the members ordinary savings account.
- The interest credited can be used by the Sacco to issue advances to the retiree and the Imarika Weka na Ujipange used as security
- Minimum allowable deposit – As per long-term deposits.
- Term Deposit period – Minimum 6 months
- Interest rate – 10% p.a. Partial withdrawal – Not allowed
- Withdrawal – Permitted as per terms of fixed deposit.
- Any premature withdrawal leads to member forfeiting the interest for the month. This is to attract a small charge of Kshs. 100. Withdrawal can only be done through the counter upon filling of closure form.
- Period of Product – It can be renewed indefinitely
- Standing orders/Transfer – Not allowable
