Sunbird | Sacco

What is a Non-Redeemable Shares Account?

The Non-Redeemable shares Account is a mandatory savings account that allows members to accumulate deposits over time. These deposits are used to determine your loan eligibility and borrowing limits.

Unlike normal savings accounts, these deposits are not withdrawable on demand but are refundable upon exit from the SACCO. This account encourages disciplined saving and builds your financial stability.

Explore Shares Account

Key Features

Discover the benefits of a disciplined saving approach with our Non-Redeemable Deposit Account

Monthly Mandatory Contributions

Build your savings discipline with structured monthly contributions that help establish your financial commitment.

Determines Loan Eligibility

Your deposit balance directly determines your loan qualification and the maximum loan limits available to you.

Earn Annual Interest

Receive annual interest on your deposits, calculated based on the SACCO's financial performance and member approval.

Encourages Disciplined Saving

Develop strong savings habits and financial discipline through consistent, structured monthly contributions.

Refundable Upon Exit

Your deposits are refundable when you decide to withdraw from the SACCO membership upon completion of notice period.

Build Financial Foundation

Establish a solid financial foundation and grow your assets through consistent savings and interest accumulation.

Minimum Contribution Requirements

Minimum Monthly Contribution

MWK 2,000

Flexible Increases

You can increase your contributions anytime to boost your savings and improve your loan eligibility

Custom Contribution Plans

Contributions can be adjusted according to your SACCO's policy and member agreements

Note: These amounts can be adjusted to match your SACCO's policy.

Interest on Deposits

How Interest is Calculated

Interest on your deposits is calculated annually based on the SACCO's financial surplus and approved by members at the Annual General Meeting.

Interest Payment Details:

Annual Calculation: Interest is calculated once per year based on your average deposit balance
Variable Rates: Interest rates vary each year depending on the SACCO's financial performance and surplus
Member Approval: All interest payments are approved and declared at the Annual General Meeting
Transparent Process: Full transparency in how interest is calculated and credited to your account

Your disciplined savings are rewarded with interest earnings that help grow your financial assets over time.

Loan Qualification

Your deposits determine your eligibility and borrowing capacity

Borrowing Multiplier

Members can borrow up to 3 times their total deposits (subject to guarantors and SACCO policy requirements).

Minimum Period

You must have contributed consistently for at least 6 months before becoming eligible to apply for loans.

Additional Requirements

Must meet all credit requirements and provide qualified guarantors as per SACCO lending policies.

Growing Your Loan Capacity

By increasing your monthly contributions and maintaining consistent savings, you can grow your loan capacity. Higher deposits mean access to larger loans while maintaining the 3x multiplier benefit.

Withdrawal of Deposits

Understand the process and timeline for withdrawing your deposits

Non-Redeemable During Membership

Deposits are non-withdrawable while you maintain active membership in the SACCO to ensure account stability.

Written Notice Required

To withdraw, you must submit a written notice of membership termination to the SACCO following the prescribed procedure.

Notice Period

A notice period of 60–90 days is required as per SACCO policy before your deposits are refunded.

Loan Clearance

All outstanding loans must be fully cleared before your deposits and accumulated interest are refunded.

Withdrawal Process Timeline

Submit Written Notice

Submit a written notice of membership withdrawal to the SACCO office

Notice Period Begins (60–90 days)

The notice period starts from the date your notice is received by the SACCO

Clear Any Outstanding Loans

Complete payment of any outstanding loans or liabilities during the notice period

Receive Refund

Once cleared, receive your deposits and accumulated interest in full

Why Choose Non-Redeemable Deposits?

Build Wealth Securely

Create a secure savings foundation that grows through consistent contributions and earned interest over time.

Access Better Loans

Increase your loan eligibility and borrowing capacity as your deposits grow, up to 3 times your deposit balance.

Develop Financial Discipline

Cultivate strong financial habits through structured, mandatory monthly contributions that build long-term stability.

Earn Attractive Interest

Benefit from annual interest payments that reward your commitment and help your savings grow faster.

Non-Redeemable Shares Account