Each member purchases at least 1,500 shares of Ksh 20 each (equivalent to Ksh 30,000). Shares are not refundable or assignable as collateral for a loan, but a member may transfer them to other members on leaving the Society. Shares may earn dividends paid from net surplus after required transfers to reserves at year-end, in line with the Society’s dividend policy.
Deposits may be used as collateral against borrowings and are refunded only when a member withdraws from membership, provided all debts are repaid and the member is free from guarantee. Minimum deposit contribution is Ksh 3,500, contributed monthly. Non-withdrawable deposits are refundable within sixty days of written notification. Interest is paid at a rate determined by the board after the year-end audit.
A withdrawable, discretionary savings account with clear terms for opening, operating and closing, including the minimum opening amount, minimum interest-bearing balance, applicable interest and fees, any early-withdrawal penalty, and the maturity of a term account.
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