- Minimum monthly saving
- 50% of member minimum
- Due by
- 10th of the following month
- Held in trust by
- The principal member
This product has been developed for the children of principal members.
- Savings should be made regularly and consistently, usually monthly, not later than the 10th of the following month.
- Minimum monthly saving is at least 50% of the stipulated principal member’s minimum.
- Additional savings can be made at any time of the month.
- Deposits can only be transferred in full, not in part, and only to the principal member. Transfer can only occur upon full closure of the minor’s account or upon resignation of the principal member from the Sacco.
- Rejoining and activation fees apply when rejoining and re-activating minor accounts respectively.
- Deposits are held in trust by the principal member at all times.
- These deposits are considered the principal member’s deposits for the purpose of calculating loan entitlement.
- These deposits can be used for loan security by the principal member.
- Deposits are aggregated with those of the principal member when calculating interest.
- The Sacco sends the child member a birthday message every year, through existing technologies, or any other appreciation token allowable within the Sacco budget.