Savings Account
1. A minimum amount of Five Ghana Cedis (GH¢5.00) shall be accepted to open a savings account with the Bank.
2. A prospective customer will be required to complete an account and append a recent colour passport size photograph.
iii. A savings Passbook with identification number shall be issued to the customer which shall be presented whenever customer transacts business with the bank.
- Interest at competitive rate per annum shall be paid quarterly on a minimum balance within the period.
- The interest rate to be applied and the minimum balance to qualify for interest shall be determined by management subject to revision when necessary after adequate notice has been given.
- Interest calculation and application shall be done at the last working day of March, June, September and December each year.
vii. Interest on deposit liabilities shall however be provided for in the first two months before the end of each quarter to be reserved in the month ending the quarter.
viii. A minimum operational balance of Two Ghana Cedis (GH¢2.00) (subject to revision by management) shall be maintained by customers.
3. Any account opened shall be entered in an open and close register.
Current Account
- A minimum amount of One Ghana Cedi (GH¢1.00) for the public two Ghana Cedis – (GH¢2.00) for salaried workers shall be accepted to open a current account with the Bank.
- Salaried workers shall be required to present an introductory letter from their employers before account can be opened.
iii. A prospective customer will be required to complete a signature card and present a recent colour passport size photograph.
- The customer shall be issued with a MICR cheque book, cheque and cash pay-in books and an account number.
- The bank shall charge C.O.T (commission on Turnover).
- A statement of account shall be made available on request to customers.
vii. Any account opened shall be entered in an open and close register duly authenticated by a responsible officer (Agency Head).
viii. A current account can be used for overdraft facility depending upon operations and eligibility.
Fixed Deposit
- This is a fixed period savings for Three Months (91 Days), Six Months (182 Days) and Twelve Months (365 Days).
- A fixed deposit account shall attract interest rate higher than savings account.
iii. Management shall determine attractive and competitive interest rates (subject to review) for each specific period of deposit and displayed on notice board.
- A minimum amount of fifty Ghana Cedis (GH¢50.00) shall be accepted and any other deposit above the minimum shall be multiples of ten Ghana cedis (GH¢10.00).
- A certificate shall be issued to the customer specifying date of purchase, expiry date, interest rate, amount of deposit and duly signed by the Manager and Operations Officer.
- Both customers and non-customers are eligible to invest in Fixed Deposit
vii. Interest shall be paid on maturity of the deposit only.
viii. Customers shall have the option to rollover or redeem the investment after maturity.
- Where a customer intends to rollover an investment, he or she shall present the original certificate for a new expiry date and the account updated.
- Where a customer opts for redemption, the certificate shall be surrendered to the bank and investment redeemed.
- No rediscount or withdrawal shall be permitted before the expiry date of an investment. However, withdrawal could be negotiated with the General Manager/ Supervising Manager or Assistant Manager under certain circumstances.
xii. Interest on fixed deposit shall be accrued on daily basis to interest provision account.
xiii. All certificates surrendered for redemption shall be filed.
xiv. Any fixed deposit account shall be entered in an open and close register duly signed by the Agency Head.
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