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Retirement / Kustaafu / Provident Account

Our Retirement / Kustaafu / Provident Account is specifically designed to help individuals save for a happy and financially secure retirement. This account offers an attractive interest rate, accessibility for individuals aged 50 years and above, and the flexibility to act as collateral. It also allows beneficiaries to access the money under specific terms and conditions.

Key Features

1. Save for a Happy Retirement: This account is tailored to help you save and plan for a comfortable and enjoyable retirement, ensuring financial security in your golden years.

 

2. Earn Competitive Interest: Your retirement savings earn an attractive 8% interest per annum, providing you with substantial growth potential. Note that withholding tax (WHT) is chargeable on the interest earned.

 

3. Accessibility from Age 50 and Above: Individuals aged 50 years and above can open and contribute to this account, allowing them to prepare for retirement in their later years.

 

4. Minimum Monthly Savings: Maintain a disciplined approach to retirement savings with a minimum monthly contribution of 50,000.

 

5. Collateral Use: Your retirement savings can be used as collateral, offering you financial flexibility and access to various financial products and services.


6. Beneficiary Access: Under specific terms and conditions, beneficiaries can access the money in the account, ensuring that your loved ones are cared for in case of unforeseen circumstances.

Required Documentation & amount to open up

To open a Retirement / Kustaafu / Provident Account, you will need the following:

 

  • Valid Identification Card

  • Passport-size Photo

 

The account opening fee is 60,000, with the following breakdown:

 

  • Membership Fee: 20,000

  • Initial Share: 30,000

  • Initial Deposit: 10,000

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