SAVINGS
Saving Deposit
WHAT ARE THE PRODUCTS AND SERVICES AND PROGRAMS OF SMPC ?
SAVINGS AND CREDIT
A. Deposits
1. Share Capital
2. Regular Savings
3. Time Deposit
4. Savings for Minor and Youth
5. Savings for Associate Members- Adult
6. Trust Deposit- for organizations like cooperatives, associations or informal groups of people with legitimate purpose.
SAVINGS – Borrower should execute DEED OF ASSIGNMENT and the coop must encumber it against loan (tagged “HOLD”) or AUTHORITY TO DEBIT.
Share Capital
Regular member’s mandatory minimum Share Capital Build-up (CBU)
Share Capital 1,200 Annual CBU or P100/month
Note: P200 for officers and staff per month or P2, 400 a year
Minimum Share Capital and Savings Deposit requirement eligible to avail of a loan.
Share Capital 5, 000 At least upon filing of loan application or upon granting of any loan
Share Capital 20% Of the amount of loan availed
Savings Deposit 1,000 Maintaining balance
Share Capital Build-up
1. Have at least a minimum deposit of P5, 000 (50 shares) on Share Capital and P500 maintained balance on Savings Deposit.
2. Have deposited at least an additional of P1, 200 to Share Capital during the year;
Have not resorted to offsetting of deposits against loan obligation;