This account aims to enable development, welfare, and investment groups to organize regular monthly contributions through deposits and to earn an interest on funds maintained. This is an account opened by members of a registered self-help or development group.
Requirements & Benefits:
- Minimum balance of Ksh 500
- A minimum balance of Ksh 10,000 starts attracting an interest
- If in fixed deposit account-negotiable interest depending on amount and period is possible
- Group members who must be account holders have access to credit facilities
- Two passport sized colored photographs of officials/signatories or the passport-sized photos of signatories taken at FOSA during account opening
- Copies of signatories’ national identity cards
- Registration Certificate from the Social Services department ,and constitution of the group
- Minutes of the meeting held by the group approving the opening of the account.
- No monthly charges
- Free standing orders to the Account for Sacco members