August 17, 2022

Sacco Review|The Leading Newspaper for Co-operative Movement in Kenya

The Leading Newspaper for Co-operative Movement in Kenya

Invest in fixed deposit accounts, Gusii Mwalimu members urged


By Ben Oroko.

Gusii Mwalimu Sacco members have been encouraged to embrace the fixed deposit account investments as one of the surest ways to their future financial security.
The Sacco’s Chief Executive Officer (CEO), Charles Omwansa underscored the importance of the Sacco members taking advantage of the Society’s favourable fixed deposit account interest rate which stands at 9 per cent per annum to invest their money in the fixed accounts for more returns. Speaking to the Sacco Review in his Mwalimu House office recently, Omwansa urged Sacco members to shift part of their cash from the savings accounts to fixed deposit accounts where they were assured of maximum returns.
“ Unlike a savings account, fixed deposit account encourages a savings culture among depositors as the money they deposit remains in the account for a specified period of time without making any withdrawals until the expiry of the contractual investment period.
The CEO observed that, besides instilling financial management discipline among depositors, fixed deposit account assures depositors of high returns out of their investments as it provides a fall back for their future financial needs in the event of financial challenges.
He emphasized that, interest on fixed deposit account is payable at maturity date; annually or monthly depending on the term specified in the terms agreement.