Savings and Time Deposit
Social-financial services for long and short-term fix deposits from members at higher interest rates to encourage thrift and savings, a well as promoting social equity to financial access.
1. Savings Deposit
All members are encouraged to patronize the savings services of the Coop as per mandated in RA 9520.
Specific Policies on Savings Deposit:
a. Savings deposit shall earn six (6%) percent interest per annum and shall be computed at the end of each fiscal year.
b. Savings deposit withdrawn less than one (1) month from the date of deposit shall not earn any interest.
All members shall be encouraged to participate in the savings mobilization of the Coop for strengthening the local financial base and at the same time developing thrift among members.
2. Time Deposits:
Time deposits of members shall have a minimum duration of NINETY (90) DAYS or roughly, three (3) months. Time deposit shall not be less than ONE THOUSAND PESOS (P1,000.00) to earn an interest. Computation of the interest is based from the rate approved by the General Assembly. At present, the Coop gives SIX (6%) percent interest rate per annum for Time Deposits of members.
a. Time deposit withdrawn less than three (3) months from the date of deposit shall not earn any interest.
b. Time deposit shall not be less than P1,000.00 to earn an interest.
c. Time deposit cannot be use as guarantee fund for loan.