Savings

Savings

by Ksacco
Our savings solutions are based on the belief that financial empowerment comes through diligent financial stewardship and discipline. Kingdom Sacco offers the following savings solutions:
  • Monthly Non-withdrawable Deposits.
  • Mustard Junior Account

Monthly non-withdrawable deposits

This is a non withdrawable account where members deposits are accumulated through monthly savings. The deposits may be used as collateral for various loan products offered by the society. The deposits are only refundable when a member terminates his membership with the SACCO. The minimum monthly contribution is Ksh 1,000

Mustard Junior Account

This is an account for young savers and is intended to promote a savings culture among children and youth below 14 years. The account holder will get a “Piggy Bank”. This account is opened and managed by the parent on behalf of the Child. Cash withdrawals are limited to once in 3 months. the account earns attractive interest rate on deposit

Palm with a plant growng from pile of coins

Account Opening Requirements

To qualify for a savings account in the Sacco you need to be a shareholder. Our minimum shareholding is 300 shares of Ksh 20 each making it a total of Ksh 6,000. This amount is not required during account opening. Some of the common requirements while opening a savings account include:

  • A duly completed registration form.
  • A copy of the National ID.
  • A copy of your KRA PIN. (Optional)
  • Payment of a non refundable registration fee of Ksh 550.
  • Duly completed Nominee Form.
  • Fully paid up share capital of 300 shares of Ksh.20 each amounting to Ksh.6,000. Share capital can be paid at once or in installments.
  • Minimum monthly contribution of Ksh.1,000.
  • Copies of IDs for the Director’s/ Proprietor’s
  • Copies of KRA Pin’s for the Director’s/ Proprietor’s
  • Copy of business registration certificate
  • Copy of business KRA pin
  • Resolutions/minutes authorizing opening of the account
  • Copy of Memorandum and Articles of Association/Partnership Deed
  • Pay non-refundable registration fee of Ksh.1,100
  • Minimum monthly contribution of Ksh.2,000.
  • Fully paid up share capital of 300 shares of Ksh.20 each amounting to Ksh.6, 000.Share capital can be paid at once or in installments.
  • Duly completed registration form
  • One (1) passport size photographs for each office bearer
  • Copies of IDs for the office bearer
  • Copy of the registration certificate
  • Resolutions/minutes authorizing opening of the account with clear operating instructions
  • Copy of the Constitution signed by the officials  and stamped
  • Account opening letter from the relevant Government Ministry
  • Provide a list of all members of the group, their telephone numbers and ID numbers
  • Pay non-refundable registration fee of Ksh.1,100
  • Minimum monthly contribution of Ksh.2,000.
  • Fully paid up share capital of 300 shares of Ksh.20 each amounting to Ksh.6,000.Share capital can be paid at once or in installments.
  1. Completed accounts opening form
  2. Copies of IDs of the Guardian/Parent
  3. 1 passport photo for the child
  4. 1 passport photo for the Guardian/ Parent
  5. Copy of Birth certificate