SAVINGS PRODUCTS

ORDINARY/GENERAL SAVINGS ACCOUNT

This product has been developed to instill a savings culture among Sacco Members.

  • Each member is required to save a minimum of Ugx. 100,000/= (Uganda Shillings One Hundred Thousand).
  • Additional savings can be made at any given time of the month.
  • Deposits are part of the basis for a Sacco Member’s borrowing.
  • Active deposits attract annual interest which shall be declared at the next year’s Annual General meeting.
  • All members’ deposits are held in trust for them by the Sacco. The Sacco has the right to deny annual interest on dormant accounts.
  • Deposits committed by a guarantor cannot be claimed by such member until the member they guaranteed clears their loan obligation with the Sacco.
  • An annual welfare fee fund of Ugx.100,000/= shall be deducted from every Member’s account before the end of 31st January each year.
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TOTO/JOINT TOTO ACCOUNT

This product has been developed for the children of the principal Sacco Members.

  • A child shall subscribe to the SACCO at half the share number of the adult subscription, (50 shares at entry), which will amount to Ugx.750,000 /= (Uganda Shillings; Seven Hundred and Fifty Thousand Shillings Only)
  • A child or children can subscribe to the SACCO with Ugx.100,000/= (Uganda Shillings One Hundred Thousand only)
  • An annual welfare fee fund of Ugx.100,000/= shall be deducted from every Toto account before the end of 31st January each year.
  • Totos shall be required to deposit a minimum savings amount of Ugx. 100,000/= (Uganda Shillings One Hundred Thousand) monthly and consistently.
  • Additional savings can be deposited on the Child’s Account at any given day of the month.
  • Rejoining or reactivation fees of Ugx. 100,000/= (Uganda Shillings One Hundred Thousand) apply to the Toto Account during the rejoining of the Sacco or Reactivation of a previously dormant Toto Account.
  • Toto savings can be used as loan security for the Toto’s Principal or that child’s school fees loan.
  • A member can decide to open 1 (0ne) joint children’s account that shall still meet the above terms and conditions..
LEGACY/TARGET ACCOUNTS

This product is for Sacco members who wish to save for a specific goal; such as starting a business, recapitalization of a business, buying a car, buying land, saving for a vacation, or any other personal development or investment venture.

This account works like a fixed deposit account. It helps members put aside money for a specific period; this can be a short, medium, and long term

  • The member shall maintain their Ordinary/General Savings account.
  • The member shall make any additional savings depending on the terms within their legacy policy.
  • Active deposits on the legacy account shall attract annual interest which shall be declared at the year’s Annual General meeting.
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UNI SAVINGS ACCOUNT

This Product is for Members who wish to save for their child or children’s university tuition.

  • The member shall maintain their Ordinary/General Savings account.
  • The member shall make any additional savings depending on the terms within their Uni Savings policy.
  • Active deposits on the Uni Account shall attract annual interest which shall be declared at the next year’s Annual General meeting.
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Address:
Buganda Road Flats
Buganda Road
Block 661C 2nd Floor

Contact:
+256 782 318433
+256 757 315539
admin@kcwsacco.com

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