Stoke Uk Diaspora Sacco

Children's Account

Save money for your children’s bright future and earn interest annually

Sacco members can open this account for their children aged below 18 years.

Features of Children’s Account:

1. This account earns interest which is paid into the account once a year. The interest rate applied is the same as that applied to the Main savings account.

2. A member can withdraw funds from this account provided a 7 days withdrawal notice is given.

3. Funds from this account can be used to guarantee a member’s loan.

4. Contributors KRA PIN required.

5. Withholding tax deducted on interest upon redemption.

6. Processing fee of 1000 charged on redemption.

Requirements

– Complete an application form

– Provide a copy of the child’s birth certificate

– Provide one passport size photograph for the child.

– Pay a minimum deposit of Kshs. 10,000

– Closing the account requires a minimum of sixty days’ notice communicated to the secretary or the credit committee.  

 

Note: When the child turns 18 years old, the account is converted to their main savings account or can be closed.