Welcome to Visionary Empowerment Programme (VEP)

16th August 2018

Stadview apartments, 1st floor

Next to December hotel Thika Town

+254 700 335 184

Fixed Deposit Account

Earn higher attractive rates of interest when you set aside your savings for a longer period of time.

Features & Benefits

* Account available for all Sacco members.

* Account holders save as an investment (expecting higher returns).

* Competitive interest rate.

* Minimum fixed deposit amount of Kshs 5,000.

* Cash deposits or direct transfers from Savings Account

* No cheque deposits

* Payment is by cash transfer to the Savings Account.

* Relatively higher returns

* Withdrawal upon maturity of contract

* Interest forfeiture upon breaking contract

* Account operated from domicile branch

Application Requirements

* ID card

* 1 passport photo

* A duly complete opening form.

Withdrawable Deposits (FOSA)

This is a conventional savings current account similar to those offered by commercial banks.

* Minimum account operating balance is Kes500,

* Makes it very convenient to process member payment and loans

* Personal cheques can be deposited in this account

* Salaries are paid through this account

* Enables a member to access a wide range of credit facilities like FOSA loan, Salary Advance,       Medical loan and School Fees Loan

* Visa electron debit cards (ATM) make the funds accessible 24/7 all over the world

* Cash can be accessed at all Visa branded outlets and POS outlets or over the counter

* Attracts competitive interest rates

Non-Withdrawal Deposits

* The deposits help members secure loans at 3 times the total amount saved and guarantee other members’ loans

* Minimum monthly contribution is Kes 2,000

* Refunds are processed within 60 days after a written notice of withdrawal is received

* Refunds will only be effected if a member

* These are the monthly regular deposits that members make to create a pool from where they can borrow from

* A member who has cleared ALL their loan obligations and discharged any guarantees attached to the deposits

* A member who maintains an active deposits account is entitled to rebates at the end of each financial year determined by Sacco performance

Share Capital

* Every society member is required to own the society by holding a certain number of shares as prescribed by the Sacco by-laws

* Minimum shareholding per member is 200 shares and maximum is 1,000 shares. Each share is worth Ksh 100

* Shares are not refundable but transferable and they can NOT be used as collateral for loans

* Shares earn dividends depending on the society’s performance

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