Target Savings
Our Target Savings account is designed to help you accumulate funds efficiently and purposefully, ensuring that you can meet specific time-bound investments and financial goals.
Whether you are saving for a dream vacation, a down payment on a home, or any other significant objective, this account provides a structured and rewarding savings experience.
Key Features
1. Goal-Oriented Savings: This account is tailored for those with specific financial objectives that have a defined timeline. It empowers you to save effectively to meet these goals within the desired time frame.
2. Attractive Interest Rates: Enjoy competitive interest rates of 6% on your savings, allowing your money to grow steadily as you work towards your target.
3. Cumulative Deposits: Contribute regularly and monthly to your Target Savings account, ensuring that you are steadily progressing towards your goal. This feature encourages discipline in your savings habits.
4. Collateral for Loan Acquisition: Your accumulated savings can be used as prime collateral security when you need to acquire a loan, providing you with the financial support necessary to meet your goals.
5. Free Withdrawal at the End of the Target Time: Upon reaching your target date, you can make a free withdrawal of your savings, allowing you to utilize the funds for their intended purpose without incurring any additional costs.
Required Documentation & amount to open up
To open a Target Savings Account, you will need the following:
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Valid Identification Card
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Passport-size Photo
A nominal opening fee of 60,000 is required to establish your account. This fee is broken down as follows:
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Membership Fee: 20,000
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Initial Share: 30,000
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Initial Deposit: 10,000
If you already hold another PSave Account, there are no charges associated with opening a Target Savings account, making it accessible and cost-effective for existing members.