The Savings Product of Srizony Foundation is designed in such a manner that it could address the problems of the borr
owers arising out the sudden and unpredicted necessities and wants for money. Srizony Foundation Savings Product has the specialty to provide quick responses and solutions for money problems of the clients in their crying needs. In most of the cases people of the low-income group face extreme difficulties and are compelled to sell their valuable assets because they don’t have the extra money in their hands to meet the emergencies. Borrowing money from the neighbors is not possible for them as the native people living in their villages or localities are also poor and unable to lend.
In the given situations Srizony Foundation clients can easily overcome as they have opportunities to withdraw their deposited money from Srizony Foundation at any time. Srizony Foundation offers flexible withdrawal facilities for the savings to its clients so that they could meet their emergencies and wants smoothly. This opportunity makes the poor borrowers relieved enabling them to withstand any unexpected economic shocks and disasters. This has enormous implications for sustainable poverty alleviation as well. By dint of flexible saving options, clients of Srizony Foundation can avoid selling their valuable and essential assets during emergency periods.
OBJECTIVES OF THE SAVINGS PRODUCT
- Motivating members to increasingly engage in savings from profit out of their income-generating activities (IGAs)
- Developing a capital fund for their additional income-generating activities (IGAs)
- Savings to form a principal source of capital for poverty alleviation program
- Assisting poor people to attain self-sufficiency
- Creating a formidable funding source to meet family needs
- Overcoming helplessness in natural or other disasters
Srizony Foundation is catering the following savings products to its clientele at the moment.
|Regular Savings||o 6% yearly interest.
o Minimum savings: Tk. 10 per week and Tk. 50 per month for a primary loan; Tk. 50 per week and Tk. 100 per month for a special loan.
o Members may withdraw from their savings any time maintaining a balance of at least 10% of their loan outstanding.
|Voluntary Savings||o 6% yearly interest.
o May deposit any amount above their mandatory weekly savings.
o Members may withdraw from their savings anytime maintaining a balance of at least 10% of their loan outstanding.
|Srizony Pension Scheme||o 6% yearly interest for a duration up to 60 months, 9% for 61-120 months and 12% for 10 years. Compound rates are applicable.
o Members deposit from Tk. 50 to Tk. 10000.
o Members can withdraw from their savings anytime at an interest rate calculated on monthly basis.
|Capital Buildup Savings Fund||o Weekly premium is BDT 10 or monthly premium BDT 50.
o On the death of a borrower his/her family is given twice the deposited amount as security.
o The duration of CBSF is 400 weeks. For withdrawal before its maturity, the borrower is given interest benefit on the deposited amount at a special rate.