Each member shall purchase at least 1,500 shares of Ksh 20 each equivalent to ksh 30,000. Shares shall not be refundable or assignable as collateral for a loan, but a member may transfer his shares to other members on leaving membership of the Society..
Shares may earn dividends paid from net surplus after required transfers to reserves at the end of a financial year in accordance with the dividend policy of the Society.
These deposits may be used as collateral against borrowings from the Society and shall only be refunded when a member withdraws from membership and provided the member has fully repaid all his debts and is free from guarantee. Minimum deposit contribution ksh 3,500
Non-withdraw able deposits shall be contributed on a monthly basis or at such prescribed periods and in such amounts as may be prescribed in this policy. Non-withdrawable deposits shall be refundable within sixty days after receiving a written notification from the member.
Interest on deposits shall be paid at a rate that shall be determined by the board at the end of the year after audit has been completed. The interest may be eliminated if the financial position of the Society and capital adequacy does not permit payment. The Society shall operate the following accounts as non-withdrawable deposits:-
The Society shall operate withdrawable savings which shall be discretionary savings accounts. These deposits accounts shall prescribe terms and conditions of opening, operating and closing accounts, interest rate calculations and payments, penalties and other charges. In additions the SACCO shall make the following information available to members:-
(a)The minimum amount required to open an account.
(b) The minimum interest bearing balance;
(c) The interest rate and fees applicable;
(d) The penalty for early withdrawal or withdrawal above set limits, if any; and
(e) The maturity of a term account.