Savings has wide importance in members’ income raising. Savings specially works to protect moveable-immovable assets from destruction during emergency and bad times; at the same time it helps in asset creation during good ones. On the other hand, savings of members is being used as direct fund in socio-economic development of the country. At the same time, savings of members is assisting directly to increase capital, skill, sustainability and self-dependence of the organization. Figure-2.3 shows the upward trend of savings recovery and savings outstanding.
SSS has been implementing five types of savings scheme based on the demand and capabilities of members. They are: 01. General Savings (GS), 02. Security Savings Program (SSP), 03. Monthly Special Savings (MSS), 04. Voluntary Savings (VS), and 05. Fixed Deposit Receipts (FDR).
General Savings (GS): General Savings is compulsory for every member in the organization. Presently a group member saves a minimum of Taka 10 to 50 per week according to the type of credit program. The members get interest on their savings balance at the rate of 6 per cent annually. If necessary, members can withdraw their savings following the organization policy.
Security Savings Program (SSP): With the intention of making group members capable of meeting the future uncertainties or risks, building fund for investment and making them financially self-reliant, SSS has been implementing Security Savings Program (SSP). On weekly basis, a member would deposit a minimum of Tk. 30 for Agrasar credit program and Tk. 20 for Jagaran microcredit program respectively considering the financial ability and nature of the members. However, Security Savings Program (SSP) is mandatory for all the members under Agrasar and Jagaran microcredit programs.
Monthly Special Savings (MSS): MSS Program was adopted with the objective of increasing wider savings intention and creating future capital for the organizational members; and also achieving financial self-reliance and expanding internal sources of capital. At present, opening new accounts have been closed in this program for special circumstances.
Voluntary Savings (VS): Voluntary savings program has been launched from 1 January 2015 as a potential alternative source. The objectives of the activity are to make the members savings-intended, provide them with the opportunity to withdraw the saved money at the period of crises, increase the internal working capital of the organization and reduce risk. The annual profit rate on the deposited money is 6 per cent.
Fixed Deposit Receipts (FDR): Fixed Deposits Receipts (FDR) Program has been launched from July 2011. The target and objectives of the scheme are: reducing dependence on donor organizations, enhancing internal working capital and addressing risks. An account holder, on fulfilling the necessary requirements, can open two types of fixed deposit schemes: one-time profit basis and monthly profit basis. Annual interest rate is 10-13 per cent depending on the type of account. At present, opening new accounts have been closed in this program for special circumstances.