Flyer:
Shohoz Shonchoy - helping you to build and use capital
SAVINGS
The
simplest and cheapest way to build and use capital is to save, earn
profit, and withdraw. Shohoz Shonchoy's 'Capital Account' helps you to
do that.
After you open a Capital Account our Collectors call on you
at your home or business - as often as daily if you like - to collect
deposits or to give you withdrawals. You can deposit or withdraw in any
sum at any time.
The Capital Account pays good profit on your
savings, and profit is added to your account each quarter. The more you
save, the higher the profit.
LOANS
You can take loans from Shohoz Shonchoy too. They're easy to use.
If they are secured against your own savings, they are extremely cheap.
You
can at any time take a loan of up to 5,000 taka more than your Capital
Account savings balance (For example, if your Capital Account savings
balance is 8,000 taka you can take a loan of 13,000. Or if you have no
savings yet, your maximum loan is 5,000 taka).
To help you build
your own capital, 1,000 taka of every loan must be placed into your
Capital Account savings. (Of course, you can put more into savings if
you like).
Repaying your loan is easy. When you have a loan, our
Collector will come every day. Pay what you like to her. There is no
fixed repayment schedule, but loans must be fully repaid within one
year.
While you hold a loan, you cannot withdraw savings if your
Capital Account savings balance is smaller than your loan balance. (Of
course, if you have more savings than loan, you can withdraw, as long
as you keep an amount equal to your loan balance).
You pay monthly
fees for your loan. When your loan balance is bigger than your Capital
Account savings balance, monthly fees are 3% each month, based on the
month-end balance. But when your loan balance drops to equal or less
than your Capital Account savings balance the fee is only 1% per month.
(Monthly fees are deducted from Capital Account savings: you also pay
10 taka a month as a collection service fee when you hold a loan).
The reduced monthly loan fee encourages you to grow your own capital. That's how Shohoz Shonchoy helps you!
Don't you think you should open an account today?
Rules:
Shohoz Shonchoy capital accounts
Opening
an account: If you live or work in the area served by the Hrishipara
Branch you may apply to open an account. Our Manager will inspect your
business and tell you if you qualify for an account. You may open only
one account.
To open your account, come to the Hrishipara Office
with our Collector. Bring two copies of a photograph with you. You will
be issued with a passbook. Tell us who your 'nominee' is - that person
will receive your savings if you die. Pay 50 taka to open your account,
and take a receipt from the Manager.
Depositing Savings: You
may deposit savings at the Hrishipara Office during working hours, but
it is easier to use our Collector who will call on you. You can deposit
any amount you like with her. You are not obliged to deposit - it is
entirely up to you.
For the first two weeks after you open your
account, your Collector will call on you every day (except Friday).
After that, you will tell her whether you want her to continue calling
every day, or agree another visiting frequency, such as once every two
days, twice a week, or weekly.
Earning profit on your savings:
Savings earn profit at various rates depending on how much you have
saved. This encourages you to build your own capital! Our present rates
are:
For accounts with 20,000 taka or more, we pay 7% per year.
For accounts of 10,000 taka but less than 20,000, we pay 6% a year.
For account of 5,000 taka but less than 10,000, we pay 5% a year.
For accounts of 1,000 taka but less than 5,000, we pay 4% a year.
For accounts with less than 1,000 taka we pay 3% a year.
There
is no minimum balance - all your savings earn profit every month
(except the first month). The calculation is done monthly, and is based
on the minimum balance during the month. The profit earned is added to
your account on the 15th day of the month following the close of each
quarter (that is, it will be paid into your account on April 15th, July
15th, October 15th and January 15th).
Withdrawing savings: If
you have no Shohoz Shonchoy loan, you may withdraw any amount at any
time. You may withdraw from the Collector when she calls provided she
has enough cash with her: if not, she will ask you to accompany her to
the Hrishipara Office, or she will bring you the cash the next day.
When
you hold a Shohoz Shonchoy loan you may not withdraw savings until the
loan balance is smaller than your savings balance. Once the loan
balance is smaller than your savings balance, you may withdraw the
excess amount from savings, or you may withdraw savings to pay back the
loan in part or in full.
Taking Loans: You may take a loan at
any time after you have opened your account. Loans are taken one at a
time - you must repay one loan in full before you can take another. To
take your loan come to the Hrishipara Office and have your account
details and savings balance checked in the computer. Bring your
passbook with you.
Loan size: Loans cannot exceed your savings
balance by more than 5,000 taka. This means, for example, that if your
savings stand at 7,000 taka, your loan cannot exceed 12,000 taka. It
means that if you have no savings in your account, your loan cannot
exceed 5,000 taka. You may always take less than the maximum if you
wish.
Using your loan to build capital: 1,000 taka of every
loan, without exception, must be placed immediately into your savings
account. You may place more than 1,000 taka in your savings account if
you wish. This rule helps you build your own capital: borrowing from
Shohoz Shonchoy is a good way to get capital, but building your own
capital is even better!
Repaying your loan: All loans are for a maximum of one year - you must repay in full, with fees, within one year.
When
you have a loan our Collector will call on you every day. You repay
your loan by giving your repayments to her. There is no fixed schedule.
Give her what you like at any time. You may also visit the Hrishipara
Office to repay. You may repay as quickly as you like. If you repay
quickly you save money on monthly fees (see below) and you may take
your next loan sooner.
Loan fees: While you hold your loan you
pay monthly fees of 3% based on the loan balance at the end of the
month. However, when your loan balance is the same as or smaller than
your savings balance, the rate is only 1% a month.
The first fee
is paid based on the loan balance at the end of the English month in
which you took the loan, but only half the fee is payable if you took
your loan in the second half of the month. No fees are payable for the
month in which you complete paying your loan. (But if you repay your
loan in full within the same month that you took it, we charge a fee of
3% of the loan amount).
You also pay 10 taka per month as a collection service fee while you hold a loan.
All
fees are deducted automatically from your savings account on the first
day of the following month. Our Collector will show the deduction in
your passbook. Please make sure that at all times you have enough
savings for this deduction to take place. Our Collector will remind you
if deducting fees causes your loan balance to rise above your savings
balance again.
Loan insurance: The loan fees include insurance: if you die we forgive any debt to Shohoz Shonchoy in excess of your savings.
Closing
an account: You can close your account at any time. Come to the
Hrishipara Office and hand in your passbook. If your savings exceed
your loan balance, Shohoz Shonchoy will pay you the excess savings
along with any profit. If your loan balance exceeds your savings
balance you must pay off the loan. There are no account closing fees.
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