Saving
Daily Saving Account
Many members have different types of shops or enterprises and they earn a lot but they are not able to save it, they spend it to fulfill their basic requirement. For them MSLB brought a idea to save those amount through daily saving and when the loan period complete they can get a huge amount and through it they can utilize that amount in any specific reasons. In such case we provide 7.5% interest on the deposited amount.
Child Saving
Child saving means an amount which is saved by their parents, our Members for their bright future. To take benefits of this services child must be minor and when they reach to 16 yrs members can withdraw that amount once with the 7.5% of interest in it. A fixed amount can be saved and cannot able to withdraw until a child reach to 16 yrs old.
Pension Saving
This is a voluntary long-term savings product designed for individuals who wish to consistently save a fixed amount over an extended period. Participants are required to make regular deposits at a predetermined fixed rate to build their savings systematically. This financial plan is particularly beneficial for those looking to secure funds for significant future expenses, such as their children's higher education, wedding expenses, or financial stability during retirement. By maintaining disciplined contributions, savers can accumulate a substantial amount over time, ensuring they are well-prepared for life's major milestones. If the pension savings account reaches a maturity period of 10 years, the member will receive 1.5 times the total amount, including the principal deposit and accrued bonus. For a maturity period of 15 years, the member will receive two Times the total amount, inclusive of the principal deposit and accrued bonus. In the event of premature withdrawal or discontinuation of contributions before maturity, the member will be entitled to receive the deposited amount along with 50% of the interest accrued.
Center Development Fund
This is a mandatory savings when Members involved in a center. When somebody absent in the due date meeting or break any rules which is made by members themselves then a certain amount is decided for that as a fine and that fine amount is stored in CDF. This fund if required when members want to purchase a Dress or to build a center house or do any community/social activities then they can withdraw it by group authority. A separate passbook is maintained for Center Development Fund. If somebody dropout from center then they cannot claim for this fund.Interest Rate for this saving should be 7.50% on the deposit amount.
Client Reserve Saving
Members get 7.5% interest every 3/3 Months on the balance amount.
Personal Saving
Personal Savings is a voluntary savings. Members get 7.5% interest every 3/3 Months on the balance amount. Members can withdraw amount if they required.
Group Saving
This is mandatory saving where Members need to deposit specified amount in each center meeting. Member can save voluntary amount whatever group decided it can be increase according to group decision but cannot decrease.This product aims to establish a saving habit to clients and form capital after long period of time. MSLB provides 7.50% interest every 3/3 Months on the balance amount. The deposited amount can be withdrawn only on leaving from the membership.