TARGET ACCOUNT

This account works like a fixed deposit account. It helps members put aside money for a specific period; this can be short, medium and long term.

    We all have Dreams and Goals we desire to achieve. Some of the Dreams will need financial backing to come alive.

    We understand the need to make savings towards achieving a certain Goal, Say; Building your dream Home, Buying your dream car, purchasing a plot of land, Getting married, starting a business, upgrading your smartphone and many more. The Y-Save Target Account is designed to meet this need.

    This account works like a fixed deposit account. It helps members put aside money for a specific period; this can be short, medium and long term. Should someone withdraw money from his account before the stipulated period, then a member would forfeit all the interest that this account would have accumulated.

    Categories of Target Account

    Short Term Target: A member can open this Account for a minimum period of 3 months and a maximum period of 1 year. This account earns an interest of 7.5% PA. Upon withdrawal, a member can renew the Account for a specified period.

    Medium-Term Target: A member can open this Account for a minimum period of 13 months and a maximum period of 5 years. This account earns an interest of 8% PA and the interest compounding itself annually until the expiry period. Upon withdrawal, a member can renew the Account for a specified period. 

    Long Term Target: A member can open this Account for a minimum period over 5 years to an indefinite maximum period depending on how long one would like to have money on this account. This account earns an interest of 11.5% PA and the interest compounding itself annually until the expiry period.