DEPOSIT

Deposit Products

Savings Deposit
- – Start minimum amount of 100.00
- – 2.75 % interest per annum shall be computed at the end of every calendar quarter based on Average Daily Balance (ADB). Only savings with minimum ADB of P 500.00 shall earn interest.
Time Deposit
- – Minimum amount of P10,000.00 with 3 – 12 months term
- – Rate applied to Time Deposit placement is open and shall be updated accordingly. Interest shall be computed at maturity date or at the time of withdrawal.

MUTUAL SAVINGS PROGRAM

(MSP)

An enhanced mutual self-help financial assistance program for our Coop Savers (Associate or Regular Members) in case of death which benefits is based on their earnest efforts to save with our beloved Cooperative. This is our social concern to partake in meeting the needs of our poor neighbors in community which would somehow fill in- in the gap between poverty and abundance by the way of instilling the wisdom, of cooperativism.

For INDIVIDUAL SAVINGS DEPOSITORS only the Associate Member-Saver (AM- Saver) and the Regular Member-Saver (RM-Saver), who have existing Savings Deposit Accounts with our Cooperative and with the minimum balance of P500.00, is qualified for the Mutual Savings Program (MSP).

Member’s Savings Account MUST have a stay period of at least Three (3) months before Member- Saver’s death and with an Average Daily Balance(ADB) of not less than the minimum requirement of P 500.00, In order to avail the full mortuary benefits under the MSP Program determined as follows

Savings ADB upon Savers Death		Mortuary Benefits
Savings ADB upon Savers Death		AM-Saver	RM-Saver
P 500.00	P 999.00	P 3,000.00	P 6,000.00
1,000.00	1,499.00	6,000.00	12,000.00
1,500.00	1,999.00	9,000.00	18,000.00
2,000.00	2,499.00	12,000.00	24,000.00
2,500.00	2,999.00	15,000.00	30,000.00
3,000.00	& Above	20,000.00	36,000.00

Every Member-Saver is advised to update their Saving Account by depositing by at least P50.00 per month to defray the mortuary benefits given to beneficiaries.
However, if upon Member-Saver’s death and his/ her Savings deposit balance fall below the required minimum ADB of P500.00 he/she can still avail of mortuary benefit which amount is equivalent to one-half (1/2) of the scheduled benefit. Provided further that he/she still has outstanding balance of savings deposit of not less than
P10.00, otherwise he/she is exempted hence below.

Savings ADB

upon Savers Death
Mortuary Benefits

AM-Saver RM-Saver

P 10.00 P 499.00 P 1,500.00 P 3,000.00
The P10.00 deduction upon Member’s death from Savings Account shall be pooled and credited to the MUTUAL SAVINGS PROGRAM (MSP) to cover all the mortuary benefits due to Member-Saver’s beneficiary(s).
Upon claim of said mortuary benefits, the Member’s declared legitimate beneficiary(s) shall undergo the proper validation procedure such as presentation of valid identification and submission of required documents as needed.
Member’s mortuary benefits as provided herein is subject and be applied to clear out all of his/her outstanding payables and accountabilities with the Cooperative and the net proceeds shall be released thru the Member’s legitimate beneficiary(s) saving accounts(s).
This shall be effective on August 23, 2022

DEPOSIT

Deposit Products

Savings Deposit

Time Deposit

MUTUAL SAVINGS PROGRAM

Guadalupe Community Multi-Purpose Cooperative

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