Pension Savings Deposit

Characteristics:

• All members are eligible to open an account preferably senior citizen.
• A minimum deposit requirement is P100, 000.00 to open an account.
• The interest rate on the 1st year is 3.50% , 2nd year is 3.625 %, 3rd year 3.75 %, 4th year 3.875 % and 5th year is 4.00 % p.a.
• Multiple placements shall be allowed within the first year. Placements after 1st year shall be upon the discretion of the cooperative.
• Pension interest shall be automatically credited to Savings Deposit of the account holder every 1st day of the month. The 1st month shall be computed prorated.
• Aside from monthly Pension interest, HOSPITALIZATION REIMBURSEMENT BENEFIT shall be awarded. Hospitalization can be converted to DEATH BENEFITS in case the account holder dies.
• Added benefit, all pensioners shall also be given 13th MONTH INCENTIVE to be given on or before December 15th of the year.(computation shall be prorated)
• There will be a 2 years lock in period, and a 3rd year and 4th year member termination option. The 5th year shall be at the discretion of the management to terminate the account. Termination fee of 2.00 % if the member terminated the deposit in their 1st-2nd year and 1.00 % termination fee to the 5th year.
• Each year up to fifth year, the pension amount and the hospitalization benefits are increasing. The 6th year onward rates shall be decided by the Board depending on the prevailing rates and inflation at that time.