SAVINGS PRODUCTS

Minor Savings Account

  1. The guardian or parent shall be a member for a minor account to be opened.
  2. This shall be a pure savings account.
  3. The account shall be exempted from all charges including
    benevolent fund.
  4. It shall be entitled to distributable surplus.
  5. The account shall not be used to take a loan. However, it may be
    used to guarantee a loan of the parent or guardian taken for the
    purpose of school fees or hospital bills for the minor only.
  6. Having a minor account shall not grant the holder an extra vote.
  7. The guardian/parent shall be the de facto next of kin to this account.
  8. The guardian or parent will be consulted and will declare in writing about reverting the funds to the minor when he/she attains the age of 18 years. The minor will have to apply as a member to retain the funds in the self-help group.