1.   PREMATURE WITHDRAWAL:

 

i)          No premature withdrawal will be allowed before the completion of Six months from the date of receipt as per the directions of the Company. In case of request for premature withdrawal before the expiry of six months there will be an Administrative fee rate of 20% on principal sum and any interest paid before the premature withdrawal shall be deducted from the outstanding balance shall apply.

 ii) All premature withdrawals are subject to the prevailing guidelines of the company as amended from time to time.

ii)         Request for premature withdrawal may be permitted at the sole discretion of the company only and cannot be claimed as a matter of right by the depositor.

 iii) Request of pre-maturity withdrawer should be signed by all the deposit holders if it is an account that is held by   more than one person

iv) Please note that we are not obliged by law to offer you a cooling off period in relation to this fixed deposit investment scheme because the interest we offering on this account is fixed for the period of time that we have agreed. You should therefore ensure that you happy about your choice of this account before appending your signature to this application as you will not be able to terminate this agreement before the expiry of the agreed fixed deposit term other than that set out in clause (I,ii,iii) above

 

2. INTEREST

 

iii)      Payment of interest is paid on the 5th of the first week of every new month or five days after the deposit date

iv)      Daily savings in view of interest is (#3000) three thousand naira and above daily for three months  plus 30 days after maturity  before payment is made as this apply to daily savings

iv)        In the event of death of a depositor, the deposit may be repaid prematurely to the surviving depositor(s) in the case of joint holding with survivor clause, or to the legal heir(s) with interest at the rate that would have ordinarily been paid, had such deposit been accepted for the period for which such deposit had run up to the date of repayment.

v)         Premature closure request should be received 30 days prior to maturity date. 

vi) In the case of Daily depositor in view of interest principal sum with interest is paid 4weeks after maturity date

2          NOMINATION:

a.         Individual Depositors can, singly or jointly nominate other person under the facility. The nominee shall be recognized as the holder of the title to the public deposit on the death of the depositor

c.         Depositor may nominate one person to whom, in the event of death of the depositor(s), the amount of the deposit may be returned.

 

3          LOAN AGAINST DEPOSITS:

           

Loans may be granted against fixed deposits up to 75% of the Deposit amount carrying interest @ 6% per month above the interest rate and any other additional charges as applicable on such deposits, provided such deposits have run for a minimum period of three months. The outstanding loan together with interest shall be settled in one lump sum by the depositor or shall be adjusted on maturity of the deposit. However, the granting of loan will be at the sole discretion of the Company.