Savings Account

Majanees RNWDT SACCO LTD offers a flexible and accessible savings account designed to meet the diverse needs of our members. Whether you are looking to build a financial reserve, save for future goals, or earn interest on your deposits, our savings account provides a secure and rewarding solution.

Key Features

1. No Minimum Contributions

   • Our savings account is designed to be accessible to all members, with no minimum contribution requirements. This flexibility allows you to save at your own pace, according to your financial situation.

2. Annual Withdrawals

   • Members can make withdrawals from their savings account once per annum. This policy encourages consistent saving while still providing the opportunity to access funds when needed.

3. Interest Earnings

   • The savings account offers a 3% interest rate per annum. Your savings grow over time, providing you with additional financial benefits and encouraging a disciplined savings habit.

Benefits of the Savings Account

1. Financial Flexibility

   • With no minimum contribution requirement, you have the freedom to save as much or as little as you can each month. This flexibility ensures that everyone can benefit from the security and growth potential of a savings account.

2. Growth of Savings:

   • The 3% annual interest rate on your savings means that your money works for you, growing over time and increasing your financial security.

3. Emergency Fund

   • By maintaining a savings account, you create a financial cushion that can be used in emergencies or for unexpected expenses. This fund can provide peace of mind and financial stability in times of need.

4. Disciplined Savings

   • The once-per-year withdrawal policy encourages you to save consistently and think carefully before accessing your funds. This discipline helps build a strong savings habit, beneficial for long-term financial health.

How to Open a Savings Account

Opening a savings account with Majanees RNWDT SACCO is straightforward:

• Membership: You must be a member of Majanees SACCO. If you are not yet a member, you can join by fulfilling the membership requirements.
• Documentation: Provide necessary documentation, including your valid Kenyan ID or passport, KRA PIN, and two passport-size photos.
• Application: Complete the savings account application form.