THUTO SACCOS NEW PRODUCTS
The premium collected are less than the premium paid which is a challenge as the insurance company has incurred some loss.
Members are encouraged to utilise this product for their well-being as well as that of their family members. Only 50% of Thuto SACCOS members have joined the scheme. The premiums are as little as P60.00 for immediate family with a cover worth P78, 000.00.
Gadgets - Orange Botswana
In an endeavour to improve the wellbeing of members, Thuto SACCOS has joined hands with Orange Botswana. The Society, through Orange Botswana, offers Phone Vouchers ranging from P1, 200.00 to P8, 000.00, and Laptop Vouchers ranging from P3500.00 to P8, 000.00. The contract is for 2 years and premiums are affordable. A member qualifies for 3 vouchers at the maximum.
REVIEW OF PRODUCTS
Savings Product
Thuto SACCOS Management Board reviewed the savings products with the main objective to promote the culture of savings and promote competitive interest.
Premier Savings Account
This is a fixed deposit account in which a member can deposit a lump sum for not less than a year.The Premier Saving Account has been revised from P100 000 maximum saving to P250 000 maximum saving and operates as follows: The account is opened with a minimum deposit of P10, 000.00 with a maximum deposit of P250, 000.00.
The deposit can be fixed in a determined period from a minimum of 12 months. However, if the agreed period elapse the account will automatically continue as per the initial contract.
The account earns competitive interest of 10.5% per annum. If a member withdraws the deposit before the agreed period, interest will be paid based on the number of months the account was held, with a penalty fee of 1.5%.
■ The product has a free administration fee.
■ The product is Optional.
■ The account is NOT used to secure society’s loan/loans.
Christmas Savings Account
■ The interest rate for the product has been revised from 7% to 10% and works as follows:
■ You must be a member of the society to open this account.
■ You will be entitled to a minimum interest rate of 10% per annum.
■ This account is optional.
■ Minimum Savings per month is P100.00
■ The product has a free administration fee.
■ Christmas Savings is NOT used to secure society’s loan/loans.
Valentine Savings Account
The interest rate for the product has been revised from 7% to 10% and works as follows:
■ You must be a member of the society to open this account.
■ You will be entitled to a minimum interest rate of 10% per annum.
■ This account is optional.
■ Minimum Savings per month is P100.00
■ The product has a free administration fee.
■ The account is NOT used to secure society’s loan/loans.