FIXED DEPOSIT

IMPORTANT  THINGS YOU SHOULD KNOW ABOUT  THE ABOSOMANKOTERE FIXED DEPOSIT ACCOUNT

 

1.WHAT IS THE ABOSOMANKOTERE FIXED DEPOSIT ACCOUNT?

It is an investment account for a specific period of time which attracts negotiable and very attractive interest.

2.WHAT ARE THE REQUIREMENTS FOR THE FIXED DEPOSIT ACCOUNT

• The fund provider must first be a member of the Union
• The amount deposited shall not be more than 20% of the Union’s total assets.

 

3.WHAT ARE THE BENEFITS OF THE ABOSOMANKOTERE FIXED DEPOSIT ACCOUNT?

• a) Very attractive and negotiable interest rate.
• b) Fixed deposit can also be used as a collateral for loan.
• c) Qualifies a member to guarantee a loan facility for another member.

 

4.WHAT ARE THE MATURITY PERIODS OF THE FIXED DEPOSIT ACCOUNTS?

There are three periods for a fixed deposit account to mature

• a) 3 months or quarterly
• b) 6 months or semi-yearly
• c) 12 months or yearly

5.WHERE CAN A MEMBER INVESTS IN THE FIXED DEPOSIT ACCOUNT

At any branch of the Union.

6.WHAT ADVANTAGES HAS THE FIXED DEPOSIT ACCOUNT OVER ITS COMPETITORS?

• More attractive interest rate
•  Easy accessibility of funds when needed
•  Safe and reliable security of funds.