Umcweba Fixed Deposit Product
This is a long term saving product/investment fund where money is saved for particular period, which is not less than five (5) years.
The lump sum deposit can only be withdrawn after a period of not less than 5 years (60 months).
The minimum amount on fixed deposit is not less than E 1,000.00 (One thousand Emalangeni).
All members are eligible to save for Umcweba Fixed deposit.
Umcweba can be used as security for a loan obtained from Impumelelo SACCO. Withdrawals in this case shall not be permitted where the full deposit secures a particular loan.
Certificate of Umcweba Fixed Deposit shall be issued when a member deposits into the fund.
No withdrawals will be accepted before the maturity date of the fixed deposit. However, the board may allow withdrawals in the event that the member dies, retires from employment or terminate membership with Impumelelo.
A member who withdraws his/her fixed deposit before maturity will be charged 20%.
Transfer of withdrawable savings to Umcweba Fixed deposit shall be permissible on approval by the Manager/ Board of Directors.