Gold Account
It is a savings account suitable for serious savers both individual and Institutional, who would like to retain access to their money and still earn a high interest on their money.
How it Works
A Gold Account may be opened with a minimum deposit of E1.000. Additional deposits of any amount may be made at any branch of the Society subject to a small charge in some cases. Two cash withdrawals per month not exceeding agreed cash limit may be made at any of our branches free of charge. Further withdrawals attract a charge on being made.
Cheque withdrawals for large amounts, subject to adequacy of funds in the account, may be made at any of our branches and are subject to notice having been given for withdrawals in excess of E50.000 for personal accounts and E250,000 for institutional / corporate accounts. Our bigger branches have a dedicated express teller to handle transactions of our Gold customers.
It is a savings account suitable for serious savers both individual and Institutional, who would like to retain access to their money and still earn a high interest on their money.
How it Works
A Gold Account may be opened with a minimum deposit of E1.000. Additional deposits of any amount may be made at any branch of the Society subject to a small charge in some cases. Two cash withdrawals per month not exceeding agreed cash limit may be made at any of our branches free of charge. Further withdrawals attract a charge on being made.
Cheque withdrawals for large amounts, subject to adequacy of funds in the account, may be made at any of our branches and are subject to notice having been given for withdrawals in excess of E50.000 for personal accounts and E250,000 for institutional / corporate accounts. Our bigger branches have a dedicated express teller to handle transactions of our Gold customers.
Interest
Interest is paid monthly based on daily balance. In addition, a premium rate of interest automatically increases according to the sum invested and also according to the period of investment. Bonus interest is payable as sums invested graduate to the next level of the maturity ladder. Tables illustrating this are available at all branches of the society on request.
Interest is paid monthly based on daily balance. In addition, a premium rate of interest automatically increases according to the sum invested and also according to the period of investment. Bonus interest is payable as sums invested graduate to the next level of the maturity ladder. Tables illustrating this are available at all branches of the society on request.
Benefits of this Investment:
- Interest is payable monthly, and as such, you are entitled to earn interest on interest, giving you an effective rate of interest higher than that quoted
- Bonus interest accrues to savers. The longer you keep your money in this investment, the higher it earns for you as it graduates from one interest bracket to another
- The higher your investment, the higher the rate of interest
- You are guaranteed immediate access to your money
- Large transfers to fund your current account with another bank or to pay third parties can now be made online, so you no longer have to worry about how long will it take for your money to get there as this facility offers same day value
- A simple 24-hour notice allows you to draw any amount in excess of the limits outlined above
- Moreover, you don't have to waste time queuing, as there is an Express Teller in our Manzini/Mbabane branches dedicated to serving Gold Customers like you
Ask our staff or call on the nearest branch of the Society to help you get started. If you are a corporate or institutional investor you can contact the Branch Controller on the numbers listed below to arrange for this officer to call on you to open an account right where you are.
For more details on any of the products detailed above you may contact a branch of the Society nearest to you or telephone us at the following locations:
These are loans extended to borrowers in reliance to the security provided by the investments. Investments of other banks are also acceptable for the purpose of taking out a Short Loan. Up to 95% of amount invested can be taken out as Short Loan, to be repaid over a reasonable period of time with a maximum term of 36 months via stop order or electronic debit order.
Such as Likwindla for groups of individuals desiring to save as groups/ co-operatives and earn good interest. Amounts contracted for saving are deducted and remitted by employer. This is the best method used by employers to instil the culture of saving upon employees.
Fixed Deposit: are investments bearing fixed rates of interests over a fixed term. Minimum investment into this portfolio is E500.00
Subscription Shares (Imbemangetsemba), which is a contract savings programme of between 12 and 36 months with the option of being uplifted at the end of the contract term or rolled-over. Minimum investment is E100.00.
Permanent Shares, this is the most sought after investment of all three. This investment is for serious savers with a high appetite for good returns or interest and safety. The interest rate applicable to this one is the highest offered in the sector for similar investments. This investment confers shareholder status of the Society to the investor. Minimum investment is E1000.00. As an added advantage, individual investors of the Society are exempted from withholding tax or interest received from investments with the Society up to a maximum of E20.000 of the interest earned. Notice of intention to redeem investment is 6 months.
Special Call Deposits: are ultra short term investments that mobilise large deposits that are transient in nature; such as money that would otherwise be on current accounts awaiting presentation of cheques, in transit or better still, money invested in low-interest call accounts elsewhere. Funds are available instantly, and these offer convenience of transacting, investment is guaranteed for safety. This investment pays the best interest in its class and deposits can be paid across the counter for cash and cheques in any of our branches, or better still transferred to us electronically.
Similarly funds withdrawn can be electronically transmitted to bankers of depositor on a same day value basis. Currently cash deposits made into these and similar investments with the Society are FREE of cash deposit charge. Minimum investment in this class is E30,000 (Thirty thousand Emalangeni). This portfolio is ideally suited for retail stores, passenger service transport operators.
Similarly funds withdrawn can be electronically transmitted to bankers of depositor on a same day value basis. Currently cash deposits made into these and similar investments with the Society are FREE of cash deposit charge. Minimum investment in this class is E30,000 (Thirty thousand Emalangeni). This portfolio is ideally suited for retail stores, passenger service transport operators.
Prime Linked Deposit Account: are short to medium term investments particularly suited for corporate and institutional investors. Minimum/initial deposits into this portfolio are currently E500,000. Interest rates applicable to this investment are linked to prime rate and are comparable with the money market rates. The initial term of investments for this product is three months, after which, should funds be required, funds can be withdrawn after giving a month's notice. Funds are automatically re-invested or rolled over after the initial three months.
These loans are to assist employees in building homes in rural areas using the pension / provident fund withdrawal benefits as collateral. These are also organized through the employer. The maximum term of repayment for these loans is 1 0 years, but variable to suit staff and employers.
Residential Borrowers could apply for repayment holiday to either withhold or be refunded the installment for the month in which the application is submitted. Borrowers could elect to take additional loan subject to valuation permitting in respect of school or college fees.
This facility is availed to borrowers that find their repayments unaffordable due to increased installment necessitated by increased interest rates. Borrowers who desire this facility have to apply to the Society to extend repayment term originally agreed upon in order to make repayments affordable.
These are personal loans available to holders of selected SRIC Insurance Policies. Qualifying policies must have surrender value of not less than E1,250. Up to 90% of the surrender value/cash portion may be borrowed. Minimum loan is E1,000 at an interest rate of prime plus 4.5% p.a. Repayments are flexible with a maximum term of up to 36 months.
These are short term cash advances or loans offered to account customers of Sipatji accounts. An equivalent of the borrowers net salary can be advanced for first time borrowers. This amount can be increased to 3 times of the borrower's net salary for second time borrowers.
Repayments are made by salary deduction credited to the Sipatji account. Repayment terms are flexible with the maximum term of 12 months assigned. Interest is the lowest for a similar borrowing at the current prime plus 10% p.a.
Repayments are made by salary deduction credited to the Sipatji account. Repayment terms are flexible with the maximum term of 12 months assigned. Interest is the lowest for a similar borrowing at the current prime plus 10% p.a.
For as low as E16.09 per month the Society offers funeral cover to its customers and their spouses and children with total death benefits as high as E40.000 per family unit, or E5,000 per death for members of the family.
Maximum number of the family members covered is limited to 8, i.e. 2 adults and 6 children. Claims are settled on the spot at any branch of the Society upon production of the requisite documentation.
Maximum number of the family members covered is limited to 8, i.e. 2 adults and 6 children. Claims are settled on the spot at any branch of the Society upon production of the requisite documentation.
The Account
It is a savings account suitable for individual and institutional savers who would like to retain access to their money and still earn a high return.
How It Works
A Special Savings Account may be opened with a minimum deposit of E500. Additional deposits of any amount may be made at any branch of the Society free of charge. Two cash withdrawals per month not exceeding El 0 000 each may be made at any of our branches free of charge.
Cheque withdrawals of up to E 50,000 and E250.000 for personal and corporates-respectively may be made subject to notice above these limits, as long as funds are available in the account and may be made at any of our branches. Our big branches have a dedicated teller to handle investment customers.
It is a savings account suitable for individual and institutional savers who would like to retain access to their money and still earn a high return.
How It Works
A Special Savings Account may be opened with a minimum deposit of E500. Additional deposits of any amount may be made at any branch of the Society free of charge. Two cash withdrawals per month not exceeding El 0 000 each may be made at any of our branches free of charge.
Cheque withdrawals of up to E 50,000 and E250.000 for personal and corporates-respectively may be made subject to notice above these limits, as long as funds are available in the account and may be made at any of our branches. Our big branches have a dedicated teller to handle investment customers.
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