Savings Scheme

Monthly savings is Mandatory for all members and shall be via deductions from the payroll.
Additional/Other Savings can be via direct transfer/cheque or any other off-payroll payment instrument.

Monthly savings shall be added to the member’s cumulative contribution.

For increase or decrease in your monthly savings, Kindly visit the ASCMS website to complete the Contribution Change Form. Any bulk amount(s) saved outside of payroll must be retained by the society for a minimum period of three (3) months before it can be considered as part of the member’s cumulative savings for loan request. Monthly Cumulative Savings shall attract share of profit earnings which is dependent on the profit amount declared in a financial year.

Saving for the Future

For any member who joined the cooperative later than January of the year, Share of profit will only accrue on savings for the number of months they have been a part of the Society during its Financial year. Withdrawals shall not be allowed except for members who are exiting the society. Share of profit shall however be paid on exiting members’ savings on a pro-rata basis.

For effective management, a minimum of three (3) months notice shall be given to the society prior to the withdrawal of savings by a member. Notice of withdrawal of savings must be sent to the secretariat between the 1st and 10th of every month.

Withdrawal disbursement is scheduled for the last day of the third month following receipt of the withdrawal notice.

Any member that is indebted to the society at the point of leaving ASCMSL either by resignation, dismissal or termination of appointment shall be required to settle the outstanding balance on his/her loan immediately. The accumulated contribution and savings (if applicable) of such a member may also be appropriated towards the settlement of the loan.