SAVINGS
This has been designed to augment the need for the members to generate additional capital for their businesses, and to supplement loans, inventories, and long term investments. Members of the cooperative benefit from a tax free savings account with 2% interest rate per annum, as mandated in Republic Act 9520, that is credited to the members’ respective accounts by the end of the year.
The current TIME DEPOSIT interest rate are as follows:
| ITEM | 6 MONTHS | 12 MONTHS |
|---|---|---|
| Below PHP10,000 | 2.00% | 4.25% |
| PHP10,000 - PHP50,000 | 2.25% | 5% |
| Above PHP50,000 | 2.75% | 6% |
Last 2018, Sindangan FACOMA introduced its lock-in Time Deposit to boost its capacity from the increased demands on agricultural machinery. Classified below is the interest rate matrix for Sindangan FACOMA’s LOCK-IN TIME DEPOSIT.
| Year | 6.5% | 7.0% | 7.5% | 8.0% |
|---|---|---|---|---|
| 1 | 100,000 | 100,000 | 100,000 | 100,000 |
| 2 | 106,500 | 107,000 | 107,500 | 108,000 |
| 3 | 113,000 | 114,000 | 115,000 | 116,000 |
| 4 | 121,000 | 122,500 | 124,000 | |
| 5 | 130,000 | 132,000 | ||
| 6 | 140,000 |
Account Opening Requirements
The Depositor is required to fill up:
- Deposit Slip
- Withdrawal Slip
- Savings Passbook
The opening amount for the savings deposit is Php500.00
