This is the monthly contributions which a member deposits and acts as a multiplier when a member applies for a loan. The deposits can also be used to guarantee other member loans. The minimum monthly contribution is Kshs.2,000 and the deposits attracts attractive interest rate annually.
This is money which a member saves monthly from as low as Kshs.500 for a specific purpose i.e holiday, wedding or any other special purpose. The savings earns an attractive interest rate of 5% annually payable at the end of the year.
This is a welfare scheme aimed at covering burial expenses incase of loss of a loved one. A member is required to fill a benevolent scheme joining form clearly stating the beneficiaries and contribute Kshs.400 monthly. The fund covers the principal member, nuclear family and biological parents.
Benefit package incase of death is as follows:
- Principal member – Kshs.70,000
- Spouse – Kshs.70,000
- Children – Kshs.50,000
- Parent – Kshs.50,000
Children are covered upto 18years but can extend upto 24years upon proof that the child is still under the parents care.
The cover has a 3months(90days) waiting period from inception on natural deaths and non for accidental deaths.
NB: A member who exits the Sacco ceases to be a benevolent member automatically.