Savings
To create an account with us below are the requirements :
- National ID / Valid Passport
- Copy of KRA pin Certificate
- Copy of National ID of the next of kin / beneficiary
- Passport size photograph
- Registration fee
All Accounts follow the below AOMCCUSHG By Laws
- Registration fee is Kshs 800 for members and Kshs 1,000 for groups.
- Minimum monthly savings is Kshs 200.
- Benevolent fund Kshs 600 for all members payable every fisrt quater of the year.
- Benevolent benefit is Kshs 65,000 to the beneficiary of the deceased member who qualifies.
- Minimum holiday contribution is Kshs 400.
- Holiday savings attracts 4% interest on weighted average formula. Boosting will not be considered.
- Minor savings A/C has a zero-registration fee.
- All Minor Savings A/C should be under an existing active account.
- Groups, joint A/C & Minor accounts do not enjoy benevolent benefits.
- A member earns Kshs 100 upon introducing a new member
- Member education day is atleast twice a year
- Members can form cell guarantor groups
- The AGM is once a year
- After a consecutive saving for 6 months new members are entitled for a loan 3 times their savings
- Withdrawal notice is 60 days / No partial withdrawal
- Withdrawal charge is 1,000
- Dormancy is after not contributing for 4 consecutive months.
- A dormant member savings is transfered to dormancy after one year and reactivation fee will be Kshs 700
- To qualify for surplus, one Must not be a dormant member nor a defaulter
- Share transfer is allowed at a fee of Kshs 300
- For a member to qualify to be in the board of management, minimum age should be 30 years and above and not exceeding 65 years. Should have a minimum savings of Kshss 300,000 among other qualifications
CORPORATE ACCOUNTS
These are accounts opened by Church, religious groups and other registered groups.
Features:
1. Registration fee is Ksh. 1,000
2. The account is entitled to surplus annually provided the group is active.
3. The account is entitled to loans after six months of consecutive savings.
4. The account does not allow partial withdrawals.
5. Member can withdraw from the group upon giving a 60 days’ notice.
6. The group account can guarantee members loans and vice versa
7. The group account does not qualify for benevolent fund.
HOLIDAY SAVINGS
This is a savings product designed to assist members in saving for Christmas holiday or other holiday-related budgets
Features:
1 Minimum Monthly Savings is Ksh. 400 .
2 Contribution is from January to 30th November.
3 Deadline for joining is 30th August.
4 Payments are done in December Only .
NB: Any payment withdrawal done before December will not qualify for any interest.
INDIVIDUAL MEMBERSHIP SAVINGS ACCOUNT
These are accounts opened by individuals who are above 18 years of age with an objective of building on their savings:
Features:
1. One must be above 18 years of age to qualify for registration
2. Registration fee is Ksh.800
3. The account does not allow partial withdrawals
4. The account is entitled to surplus annually provided one is an active member
5. The account qualifies for loans after saving for six consecutive months.
6. The account has a benevolent fund benefit.
7. One can withdraw from the group upon giving a 60 days’ notice.
MINOR SAVINGS ACCOUNT
These are savings accounts opened by Parents /guardians on behalf of their children who are below 18 years of age.
Features:
1. An account shall be opened on behalf of a minor but operated by a parent or guardian of above 18 years.
2. The guardian /parent shall be a member of the group.
3. The minor account shall automatically revert back to the minor on attainment of 18 years of age after consultation with the guardian/Parent.
4. This will be a pure savings account.
5. The account is entitled to surplus.
6. The account can guarantee loan of the parent for purpose of school fees or hospital bills for the minor only.
7. The account holder cannot take a loan on his/her own.
8. It has no vote either on its own or via proxy
9. The account is exempted from all charges including benevolent.
10. The account has zero registration fees.
11. The Minor Savings account does not qualify for benevolent fund.
Modes of Payments
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