Trans Nation Bank Savings Products, how to open an account, documents required

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Below is a list of banks to open at Trans Nation Bank, documents required and how to open an account.

BOSA SERVICES

—-Retired Member Program

This program aims to retain the retired members in this SACCO. It allows a retired member to continue contributing deposits in the SACCO through their monthly pension which must be channeled through the society. This is done by way of placing a standing order and the minimum deposit contribution is ksh. 500.

The program enables the pensioner to enjoy all the rights and obligations as other members do.

—–Preferential and Premium Loaning Program

This is a program designed to enable our members with a view of making major development e.g. house building, land purchase or any other asset financing etc to qualify for bigger amount of loan.

A member under this program enjoy similar loan terms as any of the above loans i.e. development, special loan
The only difference is the multiplying factor of one’s deposits plus shares which is four (4) times for a preferential and ten (10) times for premium members.
The member must fill an agreement form at the time of entering the contract
The member must capitalize the dividends/interests so declared on deposit/shares contribution for three (3) consecutive years for preferential members and for four(4) consecutive years for premium members.
The members qualify for loaning in the first year of dividends/interest forfeiture.
Where such member does loan top up under similar terms and conditions then the number of years to forgo the dividends/interest starts count from year preceding the top up.
After the lapse of the capitalization period, the member starts enjoying the dividends/interests.

—-Retirement Savings Fund (RSF)

This is a fund which acts more or less like a pension scheme but tailed to suit the members of Trans Nation Sacco. This product is voluntary; it is meant for members who have not retired. In case one has retired and wishes to join the program, he specifies the maturity period when the refund will be refunded to him but not less than three years. In this product a member is allowed to contribute as low as 300= every month to build his/her fund. This fund can only be given back to a member when he/she retires or when one loses his or her job or on the maturity in case of retired members. If the contributor dies the fund is refunded to his/her next of kin.

Benefits to the Member

The fund earns dividend which is ploughed back to the fund.
This fund does not act as the security of any loan, meaning even if the member defaults the loan, this fund cannot be used to pay his or her loan.
The member is guaranteed of his fund when he retires or on the maturity in case of retired member.
It gives a member a reason to smile when going home after retirement.
It gives a member opportunity to save as saving has become a real nightmare to most people.

—-Deposits

These are SACCO non withdrawable savings, these savings are contributed by all members of the society every month. Retired members contribute a minimum of Kshs. 500 and those who are still working a minimum of Kshs. 2,000 every month.

Non withdrawable deposits are used as collateral against borrowings and also acts as a base on which determines the amount a member qualifies as loan. i.e. (3) three times for ordinary members, 4 (four) times for preferential members and (10) ten times for premium members. Deposits earn interest every year end depending on the performance of the society.

Deposits Withdrawal Procedure

Retired member are allowed to withdraw their deposit if they have no loan with the society and have not guaranteed any other member any credit facility with the society.
Those retired members who opt to continue with their membership are allowed to withdraw but remain with at least Kshs.1,000 as deposit and also ensure they channel their monthly pension through TNT FOSA in which standing order shall be placed to be deducted a minimum of Kshs. 500 to build their deposits again.
Those still under employment and wish to withdraw their deposit the following procedure must be followed.
i)      Ensure they have no credit facility with Tharaka Nithi Teachers SACCO. Note Offsetting of loan against one deposit is not allowed.
ii)     They must not be a guarantor of any credit to any member of the society.
iii)    One must bring a clearance certificate from his or her employer.
iv) One must give the society a notice of 60 days upon fulfilling all the above.
Savings contribution paid in cash or cheque to boost deposits outside the check off systems In excess of one third of a member’s basic salary shall remain in the society for a period of three months to qualify for any loan, unless shares transfer from other society.

—–Shares

Shares are non-refundable savings; a member can only transfer these savings to another member.

The minimum amount of every member is Kshs. 10,000 which is built little by little from when one joins the society. Every year shares earn dividend depending on the performance of the society.

Shares can be added to deposits to determine the amount of loan a member can qualify i.e. shares plus deposits x 3, x 4, up to x 10 depending on the type of a loan a member is applying.

Shares Transfer Procedure.

1)    Share owner must ensure that he or she had no credit with the society.
2)    He must ensure that he or she is not a guarantor to any other member of the society
3)    If not retired he or she must bring a clearance certificate from his or her employer
4)    After the above is certified the member gives the society 60 days’ notice upon which the member   can be allowed to transfer his or her shares.

FOSA SERVICES

—-TN Elimisha Plan

This product is designed to suit TN SACCO members who would wish to save for the education of their children.

The product aims at providing the members with a secure and profitable way of saving and planning for the school fees within adequate time while earning a good interest.

Due to the rising cost of education especially at secondary and tertiary levels, the SACCO deemed it fit to assist the members raise the school fees by providing a saving avenue that is secure and profitable to them.

Terms and conditions

Must have filled our membership form for the product
Operating and/or Open an Account.
The Member shall contribute Monthly premiums
The premiums are to be deducted and remitted every month
The premiums will earn attractive interest at the end of every year
Lumpsum premiums are encouraged
For premature withdraw, the member will forfeit 50% of the interest earned if the saving period is more than half the contractual period. In case where the saving period is less than half the contractual period, all the interest earned shall be forfeited.
In case of demise of the principal member, the funds are transferred to the nominated beneficiary.
Shall be used to appraise Self-guaranteed & Emergency /School fees loans.

Benefit to the members

The savings earn interest at a guaranteed competitive rate.
Open to all eligible members.
Enable members to save for the cost of education of their children in affordable and comfortable manner while earning interest.
Help members to plan for their children education in a timely way.
Cushion members from incurring huge debts to meet school fees obligation for their children or dependants.
The scheme provides an option to make partial withdrawals after maturity to pay fees on need basis.
Members can continue to save even after maturity of the period.

—–Fosa shares

These are savings purposely meant for members who would wish to access Inua biashara product in future. They earn interest in deposits at the end of the year at the same rate as Bosa deposits. Fosa shares are refundable once a member withdrawals Fosa membership.

—-Institution Account (Savings)

This is an account opened by an institution such as schools, Churches, Organization etc.

Requirements
(i) Certificate of Registration.
(ii) Photocopies of identity cards copies of signatories.
(iii) Kshs.1000 minimum account balance

Benefits
(i) No conditions on withdrawals.
(ii) Ksh.3000 and above to earn interest.
(iii) No charges on deposits.

—-Current Account

The product is designed for members who intend to own SACCO personal cheques. All the society transactions that are made through the SACCO personal cheques.

Requirements to open Current Account.

1) Photocopy of ID card.
2) Dully filled and signed form.
3) Passport and signature captured by the office.

—Mstaharabu Account

The product is specially designed to enable members save for holiday such as Christmas, Easter, Idd etc. It is a convenient account to save for a planned project. The account holder saves for a specified period of not less than eleven months and withdraw is done at the expirely of that period. You can withdraw in the month of December.

Requirements
(i) Photocopy of Identity card.
(ii) Kshs 500 opening balance.

Benefits
(I) No Bank charges
(ii) Free standing order
(iii) Competitive interest rate

—–Pamoja Account

The product targets groups offering accounts for safe keeping of group/welfare money mobilized by groups for different purposes such as clan welfare, group project etc. Such groups include clans, Merry-go round who pool money for investment, or for unexpected events.

Requirements;

A list of group members.
Photocopies of Identity cards and for the signatories.
Ksh. 500 opening balance.

Benefits;
1. Competitive interest rate.
2. Safekeeping of money.
3. Unlimited withdrawals.

—–Pamoja Account

Requirements;

A list of group members.
Photocopies of Identity cards and for the signatories.
Ksh. 500 opening balance.

Benefits;
1. Competitive interest rate.
2. Safekeeping of money.
3. Unlimited withdrawals.

—–Tusomeni Account

The account is designed to help members save for future events such as school fees, college/ university fees or other projects.

Requirements
1. Photocopy of Identity card.
2. The account is withdrawable three times in a year.

Benefits
1. No commission or ledger fee charged.
2. Competitive interest rate.
3. Free standing order.
4. Convenient way of saving for one’s education as well as for the children

—Teens Account

This account is designed to improve & educate the young stars on the importance of saving at an early age. The account is opened in the name of the child below eighteen (18) years but operated by the parent or guardian.

Requirements
1. Copy of the child birth certificate/notification.
2. Photocopy of identity card of the parent/guardian.
3. Withdrawals from this account can be made at most 3 times in a year.

Benefits
1. Competitive interest rate.
2. Provision of home banking kit.
3. Free standing order.
4. Teens Fun-day for the teens account holders once in two years.

—-Fixed Deposit Account

This is an account designed to enable the society members to save their chunks of money for investment or planning purposes for limited period thus fulfilling their need as well as keeping their savings secure. The longer the term the higher the interest that will be paid on the FD.

Requirement
1) Must be a society member.
2) Photocopy of ID card.
3) Dull filled and signed form.

Other attributes to fixed account
1. Minimum fixed amount of Ksh. 5,000.
2. Minimum fixed period of one month.
3. If one withdraws before the agreed period lapses, one looses the right of earning the agreed interest.

—-General Savings Account

This is an account meant for members who do not have salaries especially the business people. All their transactions are made through this account. Dividends are also paid through the account.

Requirement to open ordinary savings accounts.

Photocopy of one’s ID card.
500 which acts as a minimum account balance.
Dully filled and signed form.
Passport and signature captured by the office.

Benefits to ordinary savings account holders

No withdrawal limits.
ATM cards provided on request.
M-banking services provided on request.
No charges on deposit.

Ksh. 3000 and above to earn interest.

—-Savings Account

All the members transactions are done through this account e.g. cash deposit, loan processed are posted to this account, and dividends are also paid through these accounts.

Requirement to open ordinary savings accounts.

Photocopy of one’s ID card.
500 which acts as a minimum account balance.
Dully filled and signed form.
Passport and signature captured by the office.

Benefits to ordinary savings account holders

No withdrawal limits.
ATM cards provided on request.
M-banking services provided on request.
No charges on deposit.
3000 and above to earn interest.

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