The Fosa Savings Account is a withdrawable deposit account that members use as a transaction account and can also be used for savings purposes. The account caters for members' regular transactions like salaries and loans processing; cash and cheque deposits; electronic funds transfers; standing orders etc.
The account operates as follows:-
- The account maintenance balance is Ksh.2,000
- The minimum interest earning balance is Ksh. 50,000
- Interest is calculated monthly and credited at the month.
- The Fosa Account holders are eligible for ATM card services which shall be issued and operated in accordance with the Society's ATM card procedure.
- The Fosa Account holders are eligible for M-sacco services.
- A member can make regular savings to the Fosa Savings Account through a check-off arrangement with the employer.
- The account attracts no monthly charges or account maintenance fees.
- Withdrawal fees shall be in as stipulated in the Fosa Tariff Guide.
- Maximum withdrawal limits will be in accordance with the Fosa Tariff Guide.