Savings
Savings is one of the first programs implemented by SLEMCOOP along with credit. And, the lesser attractive. During the early days, the most common dictum was, "Borrow money from the coop, and save with the banks".
After more than two decades, SLEMCOOP may have passed the test of the times since coop members are now saving their retirement money with the cooperative.
As the lending operations of SLEMCOOP expands, so with the funds needed to support the expansion. And the mobilization of deposits from members was seen as one of the priority action to be done. Also, deposits serves as a cheap source of capital. Even when bigger rates are given to the deposits of members, it is still comparatively cheaper than what lending institutions are offering.
SLEMCOOP categorizes deposits as:
1.0 Regular Savings deposits
After more than two decades, SLEMCOOP may have passed the test of the times since coop members are now saving their retirement money with the cooperative.
As the lending operations of SLEMCOOP expands, so with the funds needed to support the expansion. And the mobilization of deposits from members was seen as one of the priority action to be done. Also, deposits serves as a cheap source of capital. Even when bigger rates are given to the deposits of members, it is still comparatively cheaper than what lending institutions are offering.
SLEMCOOP categorizes deposits as:
1.0 Regular Savings deposits
Minimum Deposit of P500.00 to earn 3.5%
2.0 Special Savings deposits
Table of interest* rates offered to deposits :
|
Regular Savings - 3.5 % per annum compounded quarterly. Minimum deposit to earn interest is P500.00 |
|||||
| Special Savings deposits: | |||||
|
AMOUNT |
2 months |
3 months |
6 months |
9 months |
1 year |
|
P1,000.00 to P25,000.00 |
4% |
5% |
5.3% |
5.6% |
5.9% |
|
P25,001.00 to P100,000.00 |
5% |
6% |
6.3% |
6.6% |
6.9% |
|
P100,001.00 to P500,000.00 |
6% |
7% |
7.3% |
7.6% |
7.9% |
|
P500,000.00 - OVER |
7% |
8% |
8.3% |
8.6% |
8.9% |
Special savings that are preterminated earlier than the agreed term will receive the rate the same as the regular savings deposits.
*interest are subject to 20% witholding tax.
Savings deposits can now be used as hold out for credit line applications with the COOPMART.
*interest are subject to 20% witholding tax.
Savings deposits can now be used as hold out for credit line applications with the COOPMART.
3.0 Kiddie/Teens Savings
Minimum Deposit of P100.00 to earn 4%
The depositor must be a sons/daughters of SLEM members
The depositor must be below 18 years of age
