Purpose
The Fixed Savings Account is a long-term investment savings product designed for members who wish to earn higher returns by depositing a fixed amount of money for a specified period. It helps members achieve medium- to long-term financial goals while enjoying competitive returns in a secure investment environment.
Benefits
- Earn attractive and competitive interest on your savings.
- Guaranteed returns for the agreed investment period, subject to the SACCO's approved rates.
- Safe and secure investment backed by Asayi SACCO Ltd.
- Flexible investment periods to suit different financial goals.
- Encourages disciplined long-term saving.
- Suitable for saving towards major financial goals such as education, home ownership, business expansion, retirement, or capital investments.
- Fixed savings may strengthen a member's financial profile when applying for certain SACCO products.
- Option to reinvest the principal and earned interest upon maturity.
- Peace of mind knowing your investment is professionally managed.
Eligibility
To open a Fixed Savings Account, an applicant must:
- Be a registered member of Asayi SACCO Ltd.
- Hold an active Ordinary Savings Account with the SACCO.
- Complete the Fixed Savings application form.
- Meet the minimum fixed deposit requirement.
- Agree to the selected investment period and applicable terms and conditions.
- Comply with all SACCO membership policies and regulatory requirements.
Minimum Contribution
- Minimum Fixed Savings Amount: KES 10,000 (or such amount as may be determined by the Board from time to time).
- Members may invest any amount above the minimum.
- Additional deposits require opening a new fixed savings account or renewing the existing investment, unless otherwise provided by the SACCO.
Investment Period
Members may choose from flexible investment terms such as:
- 3 Months
- 6 Months
- 12 Months
- 24 Months
- 36 Months
Longer investment periods may qualify for higher interest rates, subject to the SACCO’s approved investment policy.
Withdrawal Terms
- Fixed Savings cannot ordinarily be withdrawn before the agreed maturity date.
- Early withdrawal requests may be considered under exceptional circumstances and shall be subject to Management approval.
- Early withdrawal may attract:
- Reduced or forfeited interest earned.
- An early withdrawal penalty or administrative charge as determined by the SACCO.
- Upon maturity, members may:
- Withdraw the full investment and accrued interest.
- Renew the investment for another fixed term.
- Withdraw the interest and reinvest the principal.
- Transfer the funds to their Ordinary Savings Account.
- Members will be notified before the investment reaches maturity to provide renewal or withdrawal instructions.
Withdrawal Terms
- Interest rates are determined by the Board of Directors and may vary depending on the investment amount and term selected.
- Interest may be:
- Paid at maturity.
- Credited to the member’s Ordinary Savings Account.
- Reinvested together with the principal, subject to the member’s instructions.
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Start Building Your Financial Future Today
Invest your money with Asayi SACCO Ltd and enjoy secure, competitive returns while working towards your long-term financial goals. Choose an investment period that suits your needs and let your savings grow with confidence.