Deposit accounts otherwise known as non-withdraw able deposit accounts shall be patronized by all the members of the Society in accordance with the regulations and this policy. These deposits may be used as collateral against borrowings from the Society and shall only be refunded when a member withdraws from membership and provided the member has fully repaid all his debts and is free from guarantee. Deposits may however be transferable from one deposit account to another provided the transaction does not contravene this policy.
Non-withdrawable deposits shall be contributed on a monthly basis or at such prescribed periods and in such amounts as may be prescribed in this policy. Non-withdrawable deposits shall be refundable within sixty days after receiving a written notification from the member or as provided in the by-laws of the society.
Interest on deposits shall be paid at a rate that shall be determined by the board at the end of the year after audit has been completed. The interest may be eliminated if the financial position of the Society and capital adequacy does not permit payment.
Objective
Its main purpose is to assist members to attain the Housing Society objective with ease by ensuring all members own property.
Features
- Interest earning deposits account.
- No restriction on the number and amount of deposits.
- Has a minimum balance of 1,000.00.
- Loan facility is given based on two times of you deposits.
- Withdrawals are allowed on 60 days notice.
Benefits of PEPEA Account
- Earns interest annually.
- Loan given based on two times of deposits.
- Repayable in 36 months.
- Interest is only 13.4% per annum.
- Loan is processed within 24 hours.
- Free transfer for any amount channeled towards the acquisition of property.
You are encouraged to save and enjoy property acquisition hustle free. For more information visit us at Wanandege plaza, 2nd floor Wing A, Opposite Embakasi police station
Wanandege Housing Pepea Deposit Account click here to download document