SAVINGS
Under the Ordinary Savings program at Polymed SACCO, each member is required to contribute a minimum savings amount of MK1000 on a monthly basis. This savings initiative not only promotes financial discipline among the members but also serves as a foundation for personal financial growth. The flexibility of this savings plan allows members to withdraw funds at their discretion, providing a readily accessible financial resource in times of need.
The book balance for the Ordinary Savings account is maintained at MK1000, ensuring that each member maintains a minimum balance, which further contributes to the overall financial stability of the SACCO. This aspect of the program encourages consistent participation and responsible financial management, fostering a sense of ownership and security among the members.
For members seeking to leverage a more substantial and structured savings approach, the Fixed Deposit program offers an attractive option. To participate, members are required to contribute a minimum of MK50,000.00. This program allows members to enjoy the benefits of a fixed deposit facility with the added advantage of earning interest on their savings.
Fixed deposits can be withdrawn after a period of 3 to 6 months, providing members with a balance between liquidity and long-term financial planning. The interest rate on these deposits is set at an appealing 10% per annum, offering an opportunity for members to see their savings grow steadily over time.
This Fixed Deposit program not only incentivizes disciplined savings but also provides a secure avenue for members to generate additional income through earned interest. By offering diverse savings options, Polymed SACCO aims to cater to the varied financial needs and preferences of its members, fostering a culture of financial prudence and growth within the cooperative.