Member Deposits

These are the regular monthly deposits/savings that confer membership rights to a person. They are used to determine eligibility for a loan, as well as provide security for members’ loans. The minimum monthly contribution is KSh 1,500.

Deposits can only be withdrawn when one ceases to be a member of the Sacco. Refunds are processed net of the member’s debt to the Sacco and any loan guarantees attached thereto, within 60 days after a written notice of withdrawal is received. A withdrawal fee of KSh 1,000, subject to applicable taxes, is charged.

Subject to the Sacco’s financial performance, a member who maintains an active deposits account is entitled to rebates (interest) at the end of each financial year, calculated on the weighted average.