Savings Program

SAJIDA’s micro-credit program includes a mandatory savings program. The interest rate on mandatory savings is 6% per annum. Savings amounts are decided at the center level with a minimum weekly savings requirement of BDT 75. A minimum savings of 2.5% of the loan amount is required for the first loan period. During the first loan period members are unable to withdraw savings. For consecutive loans members are eligible to withdraw savings as long as they maintain a savings balance of 7.5% of the loan amount.

As part of cross-selling strategy SAJIDA Foundation’s microfinance program includes a regular savings program and two voluntary savings products known as Samriddhi and Astha. The interest rate on regular savings is 6% following monthly average. Savings amounts are decided at the center level with a minimum weekly savings requirement of BDT 75. The savings amount is flexible for the Ultra Poor/Buniad members. Except during the first loan, consecutive loan members are eligible to withdraw savings as long as they maintain a savings balance of 7.5% of the loan amount. In 2009, SAJIDA Foundation began offering a voluntary savings program called Samriddhi. The interest on this program is 8% per annum, compounded monthly. In 2013, another voluntary savings product, Ashtha, was introduced. Astha is a fixed deposit scheme with an interest rate of 10% per annum and is paired with life insurance coverage.