Compulsory Savings

In order to build their own assets and to improve their saving habits, the clients must save monthly Nu. 100.

Clients are encouraged not to withdraw the entire amount from the compulsory savings unless the member resigns, or the membership is terminated.

Currently an interest rate of 5% p.a. is credited half-yearly on monthly savings. In case of closing the account, the interest will only be paid for the last interest calculation period.

Conditions

  • In order to build their own assets and to improve their contribution habits, the members have to contribute monthly Nu.100
  • The members are not allowed to withdraw the entire amount from the compulsory savings unless the member resigns or the membership is terminated.
  • An interest rate of 5% p.a. is credited half-yearly on their monthly savings. In case of closing the account the interest will only be paid for the last interest calculation period.

Register as a member of RENEW Microfinance:

  • Step One: Briefing from Loan Officer or Branch Officer
  • Step Two: Open a Savings Account

Documents Required for Registration

  • Passport Size Photo of the applicant (2 copies)
  • ID Photocopy of the applicant
  • Health Card Photocopy (for minors)
  • ID Card Photocopy of Nominee