1. Member deposit
o This is the normal savings product that is mandatory to all members.
o Savings into this scheme is mainly done on a monthly basis by all members.
o It is the only product that is taken into account when assessing a member’s credit viability for purposes of loan issuance.
o Members cannot withdraw their member deposit, either in part or in full, unless they are withdrawing from the Sacco.
o Refunds thereof can only be accessed 60 days in lieu of notice.
2. Withdrawable savings account
o This is a voluntary savings product accessible to all members who want to save any amount of surpluses at any time of the year, and access their savings bi-annually.
o The savings attract an interest of 2% p.a.
o The total amount held in this scheme by December is re-distributed to respective members at mid-month.
3. Group/Chama savings account
o This is a withdrawable deposit account that targets members with group savings commonly known as "chama". The members of the group need not be Sacco members provided one of the group members is an Oxford Sacco member.
o The terms and conditions of the account are:
• The group must have at least one member who is an Oxford Sacco member.
• The group must have at least three signatories to the account.
• Minutes of the group meeting authorizing the officials to open the account shall be required to open the account.
• The group must have a name, preferably registered.
• The mode of contribution is check-off, standing order or by direct deposit.
• Minimum account maintenance balance is KES 5,000
• Minimum interest earning balance is KES 100,000
• The account has no monthly charges like ledger fees, account maintenance etc.
• Minimum monthly deposits of KES 5,000.
• Non members of Oxford SACCO have no voting right.
4. Fixed deposit account
o This is a withdrawable deposit account where depositors can place short term deposits for specified periods of time usually 3, 6 and 12 months. The account targets members with large sums of money that they have put aside for investment and they are fairly certain of the period that they can commit the funds.
o The account operates as detailed below.
o Fixed Deposit Account is suitable for deposits where the customer is fairly certain of the period that he can commit the funds.
o Minimum deposit KES 50,000
o Interest is computed daily and credited at the maturity of the contract period.
o Accrued interest is forfeited if a depositor withdraws the funds before the maturity date.
o The customer is issued with a Certificate of Deposit upon depositing the money.
o The Certificate of Deposit details the amount deposited, date deposited, interest rate applicable, contract period and the maturity date.
o Upon maturity the depositor can rollover the principal together with the interest or collect interest and rollover the principal or collect both principal and interest.
