NCSL encourages healthy savings culture for members

Business

THE Nasfund Contributors Savings and Loans Society wants to encourage a healthy savings culture for its members which is reflective on the withdrawal policy it has on its various products.
NCSL general manager Vari Lahui told The National that members were able to withdraw their savings from the different savings accounts they had with the society.
But he said there were conditions attached when making withdrawals from the savings accounts.
“NCSL does not allow members to withdraw the accumulative total of all three savings accounts. Instead, it does allow the withdrawals under certain circumstances,” Lahui said.
“There is the general savings where members are only allowed to withdraw 50 per cent of their balance once a month.
“The minimum withdrawal amount is K200 and the minimum account balance at any one time is K200.
“Therefore, a member cannot withdraw from the general savings account if his or her balance is below K400.
“The Christmas savings account is where a member can only withdraw during the festive period from November 1 to January 31. For education savings, a member can only withdraw for education purposes and funds are paid directly to the school of supplier of education materials and equipment.”

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