products and services

savings

CREDIT introduced a number of savings products to its customers, including passbook savings, certificates of deposit and corporate savings accounts. CREDIT ensures the safety of the deposits, while maintaining convenience for its account holders. No account-keeping fees are charged. Interest on deposits is calculated daily. CREDIT retains its current savings accounts pending registration in 2009 to the new NBC regulation on MFI mobilization of public savings.

Passbook Saving

Passbook Savings target both CREDIT staff and the public who wish to keep their money in a secure and accessible place for withdrawal. Clients can open an account with a minimum balance of only USD $2.00 and receive a 3% interest rate per annum compounded monthly. No account-keeping fees are charged.

Fixed Deposit/Certificate of Deposit

This product benefits households or businesses that have large cash surpluses over an extended  period of time. The minimum savings amount is US $10,000, with a minimum duration of at least 3 months. The interest rate varies from 6% to 10% per annum, depending on deposit amount and duration. Agreement form, Application form

Corporate Saving

CREDIT provides affordable banking to partner organizations by streamlining savings and credit facilities through the NGO’s normal administration operation. Corporate Savings encourage companies or institutions to save for staff in their own personal savings account, and/or for future expenses and investment. Only USD $5 is needed as a minimum deposit to open a Corporate Savings Account with a 5% per annum interest rate. Interest is calculated daily on the current balance and added to the principal at the end of each month.