SAVINGS
Savings products, capital requirements, and important notes.
Savings & Credit
Saving Deposit
What are the products and services and programs of SMPC?
Savings and Credit - Deposits
- Share Capital
- Regular Savings
- Time Deposit
- Savings for Minor and Youth
- Savings for Associate Members - Adult
- 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
P1,200
Annual CBU or P100/month
Note
P200/month
For officers and staff (P2,400/year)
Minimum Share Capital and Savings Deposit requirement eligible to avail of a loan.
Share Capital
P5,000
At least upon filing of loan application or upon granting of any loan
Share Capital
20%
Of the amount of loan availed
Savings Deposit
P1,000
Maintaining balance
Share Capital Build-up
- Have at least a minimum deposit of P5,000 (50 shares) on Share Capital and P500 maintained balance on Savings Deposit.
- 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.