Welfare Savings Account (WSA) - Emergency Fund | QCSMCSL

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Welfare Savings Account

5% p.a.

S02. Welfare Savings Account (WSA)

Description

Non-withdrawable welfare fund to support members in times of need. Contributions support fellow members during emergencies.

Minimum Monthly Deposit UGX 5,000
Interest Rate 5% per annum
Interest Period Annually
Additional Criteria Non-withdrawable even at departure. No deduction for deaths of relatives before 1 year but condolences collected. Mandatory deduction of 5000 from members savings in case of death or incapacitation of a fully paid up member plus condolence before 1 year. Money on this account shall be invested in liquid risk free investments and shall earn interest of 5% credited to the Fund. Policy shall be formed to manage fund.
Product Features
Fixed Time Deposit
Withdrawals Enabled
Daily Periodic Savings
Fixed Deposit Return
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