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Savings And Current Account

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SAVINGS AND CURRENT ACCOUNT

Imarika Sacco being a savings and credit co-operative society gives credit to its members. The capital used to offer this credit mainly comes from the savings from its members. The society majorly relies on member’s shares/long-term deposits and FOSA premium savings to conduct its core business of credit advancement.

Like the loans, the society has over the years developed several savings products to boost its capital base thereby enabling it conduct its business smoothly.

Each savings product has specific features that define it and being a member driven institution, all the savings products earn the member some sort of return. Each of the savings products has a specific purpose and therefore the savings products are broadly categorized as withdrawable and non-withdrawable.

The society, in addition to the savings products that it offers, it also has an insurance/security fund that it runs for its members. Each member is required to pay Kshs. 100 every month as insurance. This sum insures the member against death. Upon the demise of a member, the insurance clears any loan that the member had with the Society and also refunds to the member’s next of kin the shares amount held as at the time of death.

MALAIKA JUNIOR SAVINGS ACCOUNT

This account aims at enabling members secure their child’s future. Open the Malaika Junior Savings Account and teach them early how to Imarika with the free Parrot Bank!

Kshs. 2000 Minimum Balance
Best interest rates
Earning interest from Kshs. 3000
Withdraw 3 times a year
Invitations to Malaika Junior Parties and events every December*
*For accounts with Kshs. 10,000 and above and over 6 months

ORDINARY SAVINGS ACCOUNT

Account opening fee of Ksh 600
Minimum opening balance of Ksh 1,000/-
Free balance inquiry
Linked to ATM and mobile banking services
Statement requisition ksh30/-
Minimum interest earning balance ksh2000/- and rate is as determined by the Board

SCHOOL FEES ACCOUNT

Ideally this account is to enable members save for school fees

Open to all members
Minimum deposit ksh1,000/-
A/c to have regular deposits
Minimum interest earning balance 2,000/- rate is as may be determined by Board
On request by the member, the SACCO can pay fees directly to the school.
Free statement of a/c every quarter.

HOLIDAY ACCOUNT

Ideally this account is to enable members save for their holidays

Open to all members
Minimum deposit ksh1,000/-
A/c to have regular deposits
Minimum interest earning balance 2,000/- rate is as may be determined by Board
Free statement of account every quarter.

MEDICAL ACCOUNT

The medical savings a/c is designed to enable members save for any eventuality.

Minimum opening balance Ksh1,000/-
Regular deposits
No restrictions on withdrawals
Minimum interest earning balance Ksh 2,000/- rate is as may be determined by Board
Free statement of account every quarter.

EKEZA SAVINGS ACCOUNT

This account is for individuals or businesses.

No minimum balance
Earn interest at Kshs. 5,000
The best interest rates
Loan is after six months savings through Mavuno tele loan

MAVUNO TELE LOAN

This is the loan for businessmen and women who have the Ekeza Savings Account. As long as you save regularly you can borrow your average savings!

Applicable to starting or existing businessmen
48 months maximum repayment period
Loan secured by collateral or guarantors

CURRENT ACCOUNT

This account is a strategic solution aimed at offering operational solutions to members who operate business ventures.

Benefits of current accounts.

Enables mulitiple payments
Security of transactions/ cash
Facilitates Record keeping
Facilitates Bulk payments
Eliminates the need to visit any of the Branches
Cost effective
Free quarterly statements
Imarika current account features

Opening balance Kshs. 1000
Free quarterly statements
No below minimum balance fee
Monthly account maintenance fee
Unlimited withdrawals
Competitive interest rates over (Ksh. 250,000/=)
Cheque book.

FIXED DEPOSIT ACCOUNT

This account enables members to save lump sums in their possesion, with an aim to invest in a given project in the near future.

Minimum deposit amount Ksh. 10,000/=
Minimum interest earning period 3 months
Attractive interest rate which is negotiated based on amount fixed and period
Has an option of pre-mature withdrawal and re-investment.

MSCA SAVINGS

The MSCA savings is a weekly contribution made by every member of a MSCA group with the aim of acquiring a loan. The total premiums contributed after ten (10) weeks and above by a member is what will be used to determine the amount of loan to be given to the member when he/she comes to borrow.

Download the account opening application form Here