The Board is charged with the responsibility of approving Savings products developed by management as per member needs and their subsequent promotion among the membership.
Regular Savings Product
Upon becoming a member, one signs up for a regular savings product. In this product a member commits to make a minimum monthly savings deposit, as shall be resolved by the AGM from time to time.
All other deposits and withdrawals (such as Loan repayments, purchase of Investment units,target savings, etc) shall be effected through the regular savings product. This product is a gateway for all funds received by FIC from the member and through which the member receives benefits from FIC.
Loan Guarantee Savings product
This savings product forms part of collateral for members who secure their loans with minimum required savings
Time Deposit Savings product
This is an account where a member’s deposit is fixed for an agreed predetermined rate of interest and period of time applicable to the time deposits policy as approved by the Board from time to time. Minimum threshold shall be determined by the Board from time to time. The minimum period to fix funds with FIC shall be three months and a maximum of 12 months.
Interest on capital savings product
This product is mandatory requirement for all members of the Society. It is mainly used for payment of interest on capital mobilized from members.
Target savings product
This is a saving made by a member for a particular specified purpose. The agreeable frequency of withdrawal from this product will be once in ninety (90) days.
Any extra withdrawal in a period of less than 90 days from the time of the previous withdrawal, SHALL attract a charge as determined by the Board from time to time.
These are non-withdrawable savings by a member with FIC for purposes of long term investment. The member shall give instructions in writing to FIC to transfer the ordinary savings into investment units. This product attracts a guaranteed return on investment as shall be approved by the AGM from time to time.
Save for-Investment Units savings product
This is a non-withdrawable savings that a member makes in the course of the year, with the purpose of buying investment units by 31st December This savings will earn over and above ordinary savings as determined by the Board from time to time.