RENEW Microfinance now has a new product called the “YESHEY DAWA PREMIUM SAVINGS”. We believe in incorporating a culture of savings, whereby the clients will be strongly motivated to have a long term source of capital for their own better future.
In this savings scheme, the interest rate is 5% for now. The adjustment of the interest rate will be done annually at the end of the year. Duration and Maturity are 10 years, 15 years and 20 years. After the maturity, the total amount of the monthly saving amount at the end of the duration is eligible for the premium. The premium will be calculated on the final amount saved. The amount of the premium after the durations are 20% for 10years , 30% for 15years and 40% for 20years.
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
Conditions
- In case of unfortunate Circumstances, the monthly savings amount can be decreased to a minimum of Nu.100 per month. However, one cannot increase to the original saving amount after a decrement.
- In case of personal crisis, the clients can apply for an emergency withdrawal. The withdrawal can be only once and the remaining amount would be eligible for accrual interest and premium. If the clients desires to save again, a new contract would be exercised.
- The contract cannot be closed before the agreed tenure. If the contract is ended before the term, the remaining deposited amount is not eligible for the premium anymore but the interest will be paid completely.