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Below is the list of accounts to open at Teleposta Sacco, account opening requirements and features:
—–FOSA Savings Account
This Account is a withdrawal deposit account that members use as a transaction account and can also be used for savings purposes.
The account caters for members’ regular transactions like salaries and loans processing; cash and Cheque deposits; electronic funds transfers, standing orders.
Features & Benefits
- Available to Sacco members
- Attractive Interest rate
- Minimum earning balance of Ksh.5,000
- Withdrawals 4 times a year
- Saving modes – Cash, Internal FOSA standing orders, Checkoff, direct debit, PESA Tele, paybill
Requirements
- Completed Account opening form
- Original and copy of National ID Card
- A photo will be taken at our banking premises
—–Mdosi Junior Savings Account
This product instills a savings culture in your child and enables you to plan for the future of your children.
BENEFITS
- Available to member’s children below the age of 18 years
- The minimum balance is KES 500 & minimum interest earning balance is KES 5,000
- Saving modes -Cash, Internal FOSA standing orders, Checkoff, direct debit, PESA Tele, pay bill
- Withdrawal is two times a year
- Savings can be used as collateral to loans
- Piggy bank for accounts with more than Kshs.5,000
- End year fun day for highest savers
- Attractive interest rates and 2 free Banker’s cheque annually drawn to the school
—-Jibambe Holiday Savings Account
Plan for your stress free holiday by saving through our Holiday Savings Account. This account is easy to open, offers competitive rates of interest and has no ledger fees.
BENEFITS
- Available to Sacco members
- Minimum saving of 500 monthly
- Minimum interest earning balance of 5,000
- Can be withdrawn twice annually every 6 months
- Attractive interest rate
- Saving modes -Cash, Internal FOSA standing orders, Checkoff, direct debit, PESA Tele, paybill
- One month withdrawal notice
- Savings can be used as collateral to loans
ELIGIBILITY
One has to register as a Telepost SACCO member.
An interested member fills a holiday savings application form
Only copy of I.D. is required
—-Fixed Deposit Account
The Fixed deposit account is deposit account where depositors can place short term deposits for specified periods of time usually up to twelve months.
The account targets members with large sums of money that they have put aside for investment and they are fairly certain of the period that they can commit the funds.
Features and Benefits
- Available to Sacco members
- Minimum interest earning balance of 20,000
- No monthly deposits
- No maximum limit
- Attractive interest rates
- Earns interest upon maturity
- Minimum fixe period 3 months
- Open for reinvestment upon maturity
—-Call Deposit Savings Account
This account allows only members of the Sacco to save money at competitive rates of interest with the flexibility to withdraw from the account.
Features
The minimum balance is Kshs.10,000 which can only be withdrawn on account closure.
One can make several deposits in a given month provided the minimum is Kshs.5,000
Interest rates will be reviewed regularly upon demand.
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