Purpose
The Ordinary Savings Account is the primary savings product offered by Asayi SACCO Ltd. It enables members to build a strong savings culture, accumulate funds for future financial needs, and establish eligibility for SACCO products and services, including loans.
Benefits
- Secure and convenient way to save money.
- Builds a strong financial discipline through regular savings.
- Savings contribute to loan eligibility in accordance with the SACCO's lending policy.
- Funds are held safely by the SACCO.
- Encourages long-term financial planning and wealth creation.
- Members may qualify for dividends or interest on savings, subject to the SACCO's financial performance and Board approval.
- Access to other SACCO financial products and services.
- Savings can be used as collateral or security for eligible loan products.
- Provides financial stability during emergencies.
- Promotes a culture of consistent saving and investment.
Eligibility
To open an Ordinary Savings Account, an applicant must:
- Be a registered member of Asayi SACCO Lt.
- Be at least 18 years of age (or as permitted under applicable laws for junior accounts).
- Complete the prescribed membership application form.
- Provide a valid National ID or Passport.
- Submit a recent passport-size photograph.
- Pay the applicable membership registration fee.
- Accept and comply with the SACCO's Constitution, By-laws, and Policies.
Minimum Contribution
To open an Ordinary Savings Account, an applicant must:
- Minimum Monthly Savings Contribution: KES 2,000 (or as determined by the Management Committee from time to time).
- Members are encouraged to save more than the minimum contribution to increase their borrowing capacity and strengthen their financial position.
- There is no maximum savings limit.
Who Is This Account Best For?
- Salaried employees
- Business owners
- Farmers
- Self-employed individuals
- Youth professionals
- Groups and associations
- Anyone looking to build long-term savings while accessing affordable SACCO loan facilities
Withdrawal Terms
- Ordinary Savings are intended for long-term savings and are not designed for frequent withdrawals.
- Members wishing to withdraw savings must submit a written withdrawal request to the SACCO.
- A 60-day written notice may be required before withdrawal, unless otherwise approved by Management.
- Members with outstanding loans must first clear their loan obligations or obtain approval before withdrawing savings.
- Savings pledged as loan security cannot be withdrawn until the secured loan has been fully repaid.
- Partial withdrawals may be permitted, provided the member maintains the minimum required savings balance.
- Membership termination and full withdrawal of savings shall be processed in accordance with the SACCO's Membership Policy and applicable regulations.
- Any applicable withdrawal charges shall be communicated to members in advance and approved by the Board.
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Start Building Your Financial Future Today
Become a member of Asayi SACCO Ltd and begin saving towards your personal, family, or business goals. With secure savings, affordable loans, and member-focused financial services, your journey to financial empowerment starts here.