Savings Policy
1. Introduction
This Savings Policy sets forth the terms and guidelines under which members of the Shekel Savings and Credit Cooperative Society Limited (“Shekel SACCO”) may deposit and manage their savings. The policy is designed to encourage regular savings among members, provide a strong capital base for the SACCO, and ensure the safety and liquidity of members’ funds.
2. Savings Account Types
Shekel SACCO shall offer the following types of savings accounts to its members:
- Ordinary Savings Account: This is a basic savings account that each member of the SACCO must have upon entry. They use it to save until exit.
- Special Purpose Savings Account: This is a savings account in which a member contributes a predetermined amount of money for a specific period of time to meet a specific goal such as education, wedding, asset acquisition, etc.
- Fixed Deposit Account – This is a savings product that allows members to accrue interest on a single substantial deposit (boom) for a predetermined period.
- Shares account – This is a savings account that allows members to buy shares in the SACCO.
- Group Account – Group accounts are accounts centered around group savings. They can be created across various account types to suit the needs of the group.
3. Account Opening
- All members must open up at least 1 savings Account upon joining Shekel SACCO.
- Members are encouraged to contribute to Special Purpose Savings and other accounts to meet their financial goals.
4. Savings Contributions
- Members are urged to deposit a minimum monthly savings amount as determined by the SACCO from time to time, currently at least 20,000/=
- Extra voluntary savings can be made at any time and in any amount above the minimum recommendation.
5. Interest on Savings
- Interest rates on savings shall be competitive and determined by the Committee, based on the prevailing economic conditions and SACCO’s business performance.
- Interest is to be calculated on the minimum monthly balance and credited to members’ accounts annually.
6. Withdrawal Policy
- Members can withdraw their savings at the annual end of year general meeting, at which dividends earned are credited to their accounts, free of charge.
- Earlier requests for savings withdrawal can be processed after submitting a premature withdrawal application request and paying a surcharge fee (UGX 100,000)/=, otherwise members are encouraged to apply for loans instead of premature savings withdraws.
- Special Purpose Savings Accounts may be accessed as per the terms agreed upon at the account’s inception.
7. Account Statements
- Members can check their accounts detailing their account balances, contributions, and interest earned.
- Members unable to access accounts may request an account statement at any time subject to the SACCO’s procedures and systems.
8. Compliance and Monitoring
- The SACCO will monitor savings activity to ensure compliance with this policy.
- Any irregularities or non-compliance will be addressed as per the SACCO’s disciplinary procedures.
9. Amendments to the Policy
- This policy may be amended from time to time by the Committee to reflect changes in regulations, market conditions, or the strategic direction of the SACCO.
10. Policy Availability
- This policy shall be made available to all members at the time of joining Shekel SACCO and shall be accessible for review upon request.
11. Acceptance of Terms
- By maintaining membership with Shekel SACCO, members agree to the terms and conditions outlined in this Savings Policy.
Adoption
This policy was drafted by the Xavian Group and has been approved by the founding members of Shekel SACCO during a Special General Meeting and is effective as of 15th September 2026.
