Cente VSLA Savings Account | Group Savings | Centenary Bank Uganda

Cente VSLA Savings Account

A special savings account designed for the purpose of motivating Village Savings & Loan Associations (VSLAs) to accumulate savings for financing their lending operations or future investment plans thus enabling them to realize their shared objectives and goals.

Cente VSLA Savings Account

Product Features

Account denominated in Uganda Shillings (UShs).
Account opening cash deposit is zero.
Minimum balance required UGX. 5,000.
Account attracts interest.
No Account maintenance fee.
Statement of account issued monthly.
Permits deposit by way of cash, wire, cheque, and any acceptable means.
Permits cash withdrawal by completing a withdrawal voucher.
SMS transaction alerts.

Benefits

- Tiered interest on account balances:
- 3% p.a. for balance UShs. 2 million - UShs.300 million.
- 4% p.a. for bal UShs. 300 million - UShs. 500 million.
- 5% p.a. for balances above UShs. 500 million.
  - Free withdrawal over the counter.
  - Once free account statements per quarter.
  - Free financial literacy and entrepreneurship training.
  - Convenient 24/7 banking with CenteLinkApp.
  - Access to alternative channels, i.e. internet banking.
Insurance Cover:
- Protective Insurance policy to cover principal members, spouses and children. Such insurance packages range between UShs. 36,000 and UShs. 108,000 as funeral cash, to cover death, accidents, critical sickness, i.e. member receives UShs.10 million, member’s spouse receives UShs. 5 million, and member’s four (4) children receive UShs.1.2 million each.

Requirements

Account opening cash deposit is NIL
Two (2) recent passport-size photos of account signatories.
Valid National Identification Card for account signatories.
Copy of VSLA registration certificate (uncertified).
Copy of the VSLA Constitution
Copy of the minutes and resolution to open the account (uncertified). Handwritten is allowed.
Introduction Letter from District Community Development Officer (DCDO).