Savings

GESRO Co-Operative Credit Union helps its Members to cultivate the habit of saving for their future. Changing your habit of spending to save gives you a sound financial security and freedom and also the ability to develop your life gradually.

The policy on savings and its related operations shall be known as “THE SAVINGS POLICY”.

The policy shall cover the following areas:
• Savings Mobilization
• Interest On Savings
• Withdrawal Of Savings

Savings Mobilization
GESRO shall help Members to save in any type of savings account the union have.

Accumulated Savings
GESRO shall receive and accumulate savings such that any individual’s savings shall not exceed 25% of the Credit Union’s total savings.

Interest On Savings
Interest shall be paid on Members’ savings at a rate approved by the BoD. The rate of interest shall be competitive.

Mode Of Interest Payment
Interest shall be calculated quarterly, or every three (3) months.

Member Savings Withdrawal

Members shall be encouraged to maintain their savings with the Credit Union as long as they remain Members. They may however withdraw part of their savings under the following conditions:

• That a Member shall be required to leave a minimum of 25% of his/her savings balance at a time.
• That partial withdrawal above 75% (i.e. more than the outstanding balance), will attract a charge on the withdrawal amount.
• That where a Member is indebted to the Credit Union, his/her savings cannot be withdrawn, so long as it serves as a collateral security for the loan.
• That where the indebtedness is such that a portion of the savings pledged as security has been released, only that portion released can be withdrawn.
• That savings used to guarantee a loan cannot be withdrawn as long as it remains collateralized.

Savings Account

Savings Accounts

GESRO Co-operative Credit Union helps its members to cultivate the habit of saving for their future.

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