Savings and loan society introduces new term deposit product

NASFUND Contributors Savings and Loan Society (NCSL) launched its ‘Term Deposit’ product yesterday in Port Moresby allowing members to invest their money for a better return.
NCSL chief executive Vari Lahui said the whole idea behind the launch of the product was to enable its members nationwide to have an opportunity to put aside surplus funds for a better return at a competitive interest rate.
“It is a great way to grow your savings with better a return.
“The minimum amount a member can put away on a term deposit is K5,000,” he said.
“NCSL members can invest for a minimum period of 30 days up to the maximum term of three years at varying interest rates,” Lahui said.
He said the product application was now available both online and at the branches throughout the country.
“Interest accrued from the Term Deposit can increase a member’s eligibility to obtain higher ratio SME loan to purchase assets like a car,” he said.
Lahui said NCSL was looking to introduce a home loan product through the term deposit.
“Interested non-members are also welcome to participate by registering their membership account with NCSL,” he said.
According to NCSL management accountant Clare Avel, the interest rates for the term deposit product varied from one per cent at 30 days to 60 months at four per cent per annum.
“At maturity, a member could average a return of K4.25 on a 30-day term or K100 on a 12-month term on K5,000 invested,” she said.