Target Account

Target Account

We all have at one time desired to make savings towards achieving a certain target, be it a smart phone, house, car, plot of land, marriage etc…This account works like a fixed deposit account. It helps members to put aside money for a specific period. Should someone withdraw money from this account before the stipulated period, then the member would forfeit all the interest that this account would have accumulated.

This account has three categories.

  • Short Term Money is deposited on 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
  • Medium Term Money is deposited on this account for a minimum period of thirteen 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.
  • Long Term Money is deposited on this account for a minimum period of 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.