The savings activity of Moris Rasik is incidental to its lending activity. Savings products offered by Moris Rasik are two types namely Open Access and Term Deposits known as Deposito. Following are the characteristics of savings products of Moris Rasik:
|Product Name||Open Access – Group Clients||Deposito – Group Clients||Deposito – Individual Clients|
|Description||This is a voluntary savings product. Customer can deposit and withdraw at anytime||Deposito is a security deposit product that is linked to the loan account.||Deposito is a security deposit product that is linked to the loan account.|
|Interest Rate||0%||4% p.a calculated by taking average of sum of month-end balances.||0%|
|Amount||Min amount for opening account: $0.35
Subsequent deposits – 0.05 cents
No maximum limit
|20% of the loan outstanding from 2nd cycle onwards. First Cycle Loans do not require any security deposit for Group clients.||Every month customer is required to deposit an amount equal to interest due for that month.
|Withdrawal||Anytime during weekly meetings||Can be withdrawn only when loan is completed.||Can be withdrawn only when loan is completed.|
As a prerequisite to obtain a loan from Moris Rasik, the women clients should first open an open access savings account. Moris Rasik does not offer savings as the only product for a client. Rather, offering a savings product is incidental to taking a loan from Moris Rasik. Once a loan is taken, the client is required to transfer a minimum of 20% from the open access savings account to a Term Deposit known as Deposito as collateral for the loan. No interest is paid on the open access accounts and the client is free to deposit or withdraw money from this account. Deposito accounts are paid an annual interest rate of 4% provided the client does not withdraw from the deposito account until a period of one year.