DEPCC Savings Policy

 1. Objective:

To promote financial security and growth for our members through structured saving practices, ensuring that members can build their savings effectively within a supportive cooperative framework.

2. Types of Savings Accounts:

Regular Savings Account: Open to all members with a minimum initial deposit and no maintaining balance required. Offers competitive interest rates and easy access to funds.

Time Deposit Account: For members who wish to set aside funds for a fixed period in exchange for higher interest rates. Available in various terms ranging from 6 months to 5 years.

Special Purpose Savings Account: Designed for specific goals like education, emergency funds, or major purchases. Features sub-accounts under one member ID.

3. Account Opening Procedures:

- Members must complete a savings account application form and submit it along with valid identification and any required initial deposit.

- All new accounts will undergo a review process to ensure compliance with the cooperative’s policies and regulatory requirements.

4. Deposits:

- Minimum Deposit Requirements: The minimum deposit required for opening and maintaining a Regular Savings Account is ₱500. Time deposits and Special Purpose Savings Accounts may have different requirements based on their specific terms.

- Deposits can be made at any DEPCC branch, via direct deposit, or through authorized electronic transfer methods.

5. Withdrawals:

- Regular withdrawals are permitted from the Regular Savings Account without penalty.

- Early withdrawal from Time Deposit Accounts may incur penalties or reduced interest rates, as detailed in the account terms.

- Withdrawals from Special Purpose Savings Accounts may be restricted based on the purpose and terms of the account.

6. Interest Rates:

- Interest rates for savings accounts are reviewed annually by the Board of Directors and adjusted based on prevailing economic conditions and the cooperative’s performance.

- Interest is calculated on the daily balance and credited to accounts quarterly.

7. Account Maintenance:

- Members must update their personal information promptly if any changes occur.

- Inactive accounts without any transactions for over two years may be subject to maintenance fees or reclassification.

8. Safety and Security:

- All member savings are insured up to the maximum amount specified by law.

- DEPCC employs stringent security measures to protect members’ financial information and prevent unauthorized access.

9. Closure of Accounts:

- Members wishing to close their accounts must submit a written request and settle any outstanding obligations.

- Funds will be disbursed to the member after all necessary deductions and closures are processed.

10. Compliance:

- This savings policy complies with all applicable local regulations and laws. The policy will be reviewed annually to ensure continued compliance and relevance.

This policy is designed to ensure that Deo Et Patria Credit Cooperative remains a reliable and effective venue for members to save and grow their financial resources securely and profitably.