Types of savings:
A) Mandatory monthly savings
Definition: Compulsory Monthly Savings refers to the type of savings that the members make by depositing in the organization on a monthly basis and then returning it.
Objective: This savings service has been launched with the intention of motivating the members to make mandatory monthly savings from the first month of becoming a member for future expenses by developing the habit of continuous saving on a monthly basis.
Procedure:
1) As long as you are a member, you will have to save on a regular monthly basis.
2) After saving a minimum of 10 years or in case the member who has completed 65 years of age wants to withdraw, 75 percent of the savings will be returned.
3) In case of special situation, the member may be returned by the decision of the Board of Directors.
4) This savings account will be operated compulsorily after becoming a member of the organization.
5) This title can also be saved in advance.
6) The savings of this title can be taken as security up to 85 percent when the member takes a loan.
7) Interest shall be paid as determined by the Board of Directors from time to time.
8) Interest will be paid quarterly.
9) The organization will look for regularity in this savings while providing any relief, facilities, services, honors, awards etc. to the members.
10) These savings are to be deposited monthly and the limit of monthly deposit shall be as approved by the Board of Directors and approved by the General Meeting.
B) Transaction savings
Definition: Transaction Savings means the type of savings that the members have accumulated so that they can withdraw and keep the amount as they wish at any time.
Objective: This savings service is operated to motivate the members to conduct regular financial transactions by reducing the risk by keeping money at home and to collect the dividend of the shares held by the members in the organization, the interest of the periodic savings of the members.
Procedure:
1) In this savings, the members will be able to save as much as they want.
2) This savings account will be operated compulsorily after becoming a member of the organization.
3) Members will be able to save as much as they want from a minimum of Rs. 100.
4) No additional amount will be charged for opening this savings account.
5) Interest will be calculated on daily balance.
6) Savings above a minimum of Rs.500 can be withdrawn.
7) The amount can be withdrawn through the payment instrument.
8) Computer print (statement) of savings details will be provided to the members if required or demanded.
9) The facility of free mobile banking app will be provided to the members who maintain a minimum balance of Rs. 10,000.
10) Information can be obtained through SMS when depositing savings or returning savings through mobile app.
11) The minimum balance in the account should be Rs. 500 / -.
12) Mandatory free account will be opened.
C) Daily savings
Definition: Taking into account the convenience of the members who earn daily income through business, the employees of the organization will go to the house on a daily basis and indicate the type of savings to be collected.
Objective: This savings service is operated with the intention of developing the habit of saving daily for the members and supporting their business development.
Procedure:
1) This savings will be collected by the employees of the organization at the doorstep of the member.
2) Savings must be made mandatory every day except public holidays. In case of non-deposit for any reason, the member should inform the organization in advance.
3) Free account will be opened.
4) Interest will be calculated on daily balance.
5) Savings can be withdrawn through payment instruments.
6) The minimum balance in the account should be Rs. 1000 / -. Withdrawals will not be made until one week after the savings have been made.
7) Free mobile banking app will be provided to the members who maintain a minimum balance of Rs. 10,000.
D) Excessive savings
Definition: Indicates the type of savings to be deposited in the institution by collecting the small amount of money left over from daily household transactions, business or retail.
Objective: This savings service is operated with the intention of developing the habit of saving by collecting small amount of wasted or retail money in Khutruke and making proper use of the savings.
Procedure:
1) In order to collect this savings, the organization will provide Khutruke Wax. Its key will be in the organization.
2) The employees of the organization went to the doorstep of the member or the member himself will bring the khutruke to the organization and collect it.
3) Free account will be opened.
4) Interest will be calculated on daily balance.
5) A minimum of Rs. 300 should be deposited for opening Khutruke.
6) The minimum balance in the account should be Rs. 1000 / -.
7) Generally, the amount will not be withdrawn for less than 1 year.
E) Debt repayment savings
Definition: The savings accumulated by the members to repay the loan on the basis of the loan amount will be called loan repayment savings.
Objective: To make it easy and convenient for the members to repay the loan.
Procedure:
1) This savings account can be operated for loan purposes on the basis of need.
2) The member will be able to withdraw the amount kept in this savings account only for the purpose of completing the loan installment or repaying the loan.
3) The member shall be allowed to use this savings account only to repay the loan by maintaining the minimum balance prescribed by the Board of Directors.
4) This account will be closed automatically after the loan is repaid.
F) Insurance savings
Definition: The savings accumulated to pay the annual life insurance fee of a member or a single family will be called insurance savings.
Objective: In view of the difficulties faced by the shareholders of the organization in paying premiums or withdrawing after the maturity period when insuring through various insurance companies, this program has been used to insure various titles as an agent of the insurance company itself.
Procedure:
1) All members between the ages of 16 to 60 can participate in this savings.
2) You can continue to deposit the amount required to pay the insurance premium in your insurance savings account.
3) The amount can be withdrawn when the member pays the insurance premium.
4) This savings account amount should be used only for the purpose of paying insurance premium.
5) Interest will be calculated on daily balance.
6) In this savings, the member can deposit the amount required for life insurance in one lump sum or by dividing the fee by 12 months.
7) Free account will be opened.
8) This account will be closed automatically after the expiry of life insurance period and the amount in the account can be withdrawn
9) If insured through the institution, the members have to pay an annual fee of Rs. Up to 1000 will be added.
10) In case of withdrawal or claim of compensation for any reason after completion of the period, the organization will bear the entire work responsibility.
G) Jewelry savings
Definition: The savings operated to purchase the desired jewelery by depositing a small amount in chronological order will be called jewelery savings.
Objective: To assist in purchasing jewelery as per the wishes of the members. In particular, this savings is targeted at the sisters.
Procedure:
1) Can open a free account.
2) You will have to deposit Rs. 500 or Rs. 1000 monthly for 60 months.
3) Interest will be provided on daily balance.
4) After 60 months, a lump sum of Rs 35,000 or Rs 70,000 can be refunded.
H) Child savings
Definition: Savings operated in the name of a child within 16 years of the birth of a child under the guardianship of a member shall be called child savings.
Objective: To develop the habit of saving children from birth.
Procedure:
1) Must be a parent member of the child saver.
2) The guardian member will have to deposit the amount daily or monthly or annually.
3) After the child reaches the age of 16, he will get back the lump sum interest.
4) Child savings will be returned after reaching the age of 16 or may provide share membership.
5) Under normal circumstances this savings will not be refunded until the child reaches the age of 16 years.
6) If the child saver has to undergo treatment due to illness or chronic illness or physical disability, the amount can be repaid or adjusted in the loan in case the guardian's loan is exceeded.
7) Open a free account.
8) At the rate of minimum monthly 500 or a lump sum of 6,000 should be deposited annually.
9) Out of the members participating in this savings, Rs. 10,000 will be deposited in the child savings account and Rs. 500 will be deposited in the child savings account every year on the occasion of the birthday of the child.
10) Interest will be calculated on daily balance.
11) If regular savings are being deposited as prescribed for 6 months and 16 years after the birth of the child, at the end of 16 years, the savings accumulated up to that time will be honored at the annual general meeting by adding 100 percent.
12) The members participating in this savings must have updated the mandatory monthly savings account.
13) The guardian member depositing the amount in the child savings account must have purchased at least 10 lots of shares.
14. The organization will run child development programs for the child savers.
I) Teej Special Savings
Definition: All women members of the organization will be able to participate in this savings program. This is a 5 year regular savings.
Objective: To develop the habit of saving and to entertain the women members of the organization collectively.
Procedure:
1) Free account will be opened.
2) A minimum deposit of Rs. 300 or Rs. 500 per month and Rs.
3) Interest will be calculated on daily balance.
4) A special program will be organized every year on the occasion of Teej for the members with minimum savings of Rs. 5,000 to participate in this savings program.
5) Members participating in this savings program will have to make regular monthly savings by participating in the monthly compulsory savings program.
6) At the end of 5 years, a special gift will be given by the organization on the occasion of Teej to all the savers who have Rs.
J) Donation Punya Vachat
Definition: The savings made by the members interested in religious pilgrimage, religious tourism or pilgrimage to cover the expenses incurred in the targeted pilgrimage will be called charitable savings.
Objective: The savings have been operated with the intention of coordinating the cost of the members participating in the service so that the members do not have to bear the burden of debt for religious tourism or pilgrimage.
Procedure:
1) Free account will be opened.
2) A minimum of Rs. 500 per month or Rs. 6,000 per annum should be deposited in this savings.
3) Interest will be calculated on daily balance.
4) When the organization has to give priority to the savers to participate in any program run under charity, the regularity of this savings and the amount remaining in the account will be taken as the basis.
5) A minimum of Rs. 5,000 must be deposited in this savings account.
6) Members participating in this savings program will have to make regular monthly savings.
7) Interested members participating in this savings scheme will be given pilgrimage once a year in the places of pilgrimage within the Kathmandu Valley. The transportation cost incurred during the pilgrimage will be borne by the organization.
8) Members who have purchased at least 50 shares can participate in this savings scheme.
K) Senior Citizen Savings
Definition: It is a type of savings operated by the organization for the senior members above 60 years of age.
Objective: This savings account has been launched with the intention that senior citizen members will not have to struggle with financial difficulties even in case of disability.
Procedure:
1) Free savings account can be operated.
2) Minimum balance of Rs. 10,000 should be in this savings account.
3) Interest will be paid on daily balance.
4) On the occasion of the birthday of the senior citizen members who have reached the age of 75 years living within the working area with a minimum balance of Rs.
5) Home service will be provided to the savers who have reached the age of 80 years.
L) Institutional savings
Definition: Institutional savings will be the regular savings account made by the organizations mentioned in sub-section 2 of paragraph 5 section 30 of the Cooperatives Act 2074.
Objective: To provide support for financial transactions by providing institutional membership.
Procedure:
1) Only institutional members can participate.
2) Free account can be opened.
3) Interest will be calculated on daily balance.
4) Must have a minimum of Rs. 10,000 in a savings account.
5) Savings can be withdrawn from the joint signature of at least 2 official persons nominated by the member organization.
6) Savings can be withdrawn through payment components.
M) Long life savings
Definition: The savings made by the members of the organization in order to make the necessary financial savings in the future by making gradual savings and repaying them as per the condition after the stipulated time will be called long life savings.
Objective: To motivate the saver members to save money for the future by preparing the money themselves in the latter part of life.
Procedure:
1) This savings should be gradually accumulated up to a minimum of Rs. 500 and above Rs. 2,000 per month.
2) Savings amount can be deposited monthly or in advance as lump sum.
3) To return the savings, the saver must have completed 60 years of age and have deposited in the savings for at least 15 years.
4) If any person wants to withdraw from this savings scheme in the meantime, the immediate savings of the member and the interest of the savings will be refunded by calculating the interest of the current transaction savings.
5) The saver members participating in this savings program must make monthly savings.
6) The member participating in this savings scheme should have purchased at least 100 shares.
7) Dividing the total savings by the saver members who have saved for 15 years by 180, the amount will be paid to their savers every month and the amount will be paid for life.
8) After the life of the saver who has saved for 15 years is not left, the payment will be made to his rightful heir or person of his choice by adding 100% to the accumulated savings.
9) The savings member will not get the amount as monthly pension after 15 years by adding 100 percent and withdrawing the lump sum savings.
10) In case of death of the eligible saver after receiving the pension, the spouse of the deceased will be provided pension equal to the amount he / she is receiving. However, this facility will not be provided in case of marital relationship.
11) In case of death of both the spouses after the commencement of the time of receiving the pension of the saver, the savings in the savings account in the name of the person concerned will be returned to their legal rightful owner as per the rules.
12) In case of death of the saver before the time of receipt of pension, it will be provided to the next of kin in a lump sum by adding the maximum interest paid on the term savings immediately. Or if the heirs of the deceased want to continue this savings, it can be given by completing the necessary process.
13. A separate identity card will be made for the participating saver members in this savings scheme.
14. Accident insurance company will provide Rs. 1 lakh annually to the members participating in this savings program.
15. Loan up to 85 percent of the pension savings amount deposited in the name of the saver member participating in this savings scheme will be provided.
16) The member involved in this savings shall have to deposit the amount committed to be deposited monthly on the 5th of every month. Otherwise, if you do not want to save in the first month, the savings will be deposited with 1 percent penalty. The organization will be able to accept the savings by taking 2 percent penalty if the vacancy is not paid by the second month and 6 percent penalty if the vacancy is not paid by the second month to 6 months. But in case of non-payment for more than 6 months, the amount deposited in the pension savings will be transferred to the transaction account.
17. This savings of more than 6 months to 12 months can be renewed. When the savings are renewed and re-transferred from the transaction account, the institution will charge 10 percent of the remitted amount.
18. The savers participating in this savings scheme will be provided Rs. 15,000 for the treatment of cancer, kidney, heart and brain diseases.
N) Dividend savings
Definition: The dividend savings account to be credited to the member's account shall be the share dividend provided by the organization, the protected dividend and other financial facilities provided to the members by the organization.
Objective: This savings account is operated with the intention of depositing the amount provided by the organization to the members in the savings account of the members.
Procedure:
1) It is mandatory to operate a free savings account after becoming a member.
2) The amount provided to the members from the organization including share dividend, protected dividend will be deposited in this savings account.
3) All the amount of this savings account can be withdrawn by the member as per requirement.
O) Share savings
Definition: In order to make it easy for all the members of the organization to purchase a minimum of 10 lots of shares, a savings account which is converted into shares by depositing a minimum of Rs.
Objective: This savings account is operated with the intention of motivating the financially weak members to buy shares in the organization.
Procedure:
1) In order to transact savings in the institution, one share of Rs. 100 must be purchased.
2) Rs. 900 will have to be deposited in the share savings account within 1 year after starting the transaction of savings.
3) The member will be able to convert the savings deposited in this savings account into shares.
4) Interest will be paid on daily balance.
P) Periodic savings
Definition: The savings made by the members of the organization for a fixed period of time will be called periodic savings.
Objective: To motivate the members to save for a long period by paying reasonable interest on the amount they have.
Procedure:
1) Minimum Rs. 25,000 to maximum amount can be saved.
2) Periodic savings will be made for the following time period. The Board of Directors will determine the interest rate by analyzing the market.
A) 3 months periodical savings
B) 6 months periodical savings
C) 1 year periodical savings
D) 2 years periodical savings
E) 3 years periodical savings
नेपा
Eng