Paid-up Shares Account

There are two classes of the paid up shares.The indefinite period paid up shares and the fixed period paid up shares.

Indefinite Period Paid-up Shares

Indefinite Period Paid-up Shares are offered to companies, institutions, associations and individuals over the age of sixteen.

Benefits

All Shares provide complete security against capital loss and market fluctuations - they should not be confused with stock exchange securities or company shares.

Features

  • Dividends are payable in March and September each year.
  • These shares can be redeemed on application at the discretion of the Society, subject to six months’ notice after an initial period of fifteen months.
  • In an emergency, they can be used as security for loans of up to 75% of their value.
  • They are readily transferable to third parties on application.
  • They can be used as collateral security for mortgage loans.
  • They can be redeemed immediately in the event of death of the shareholder.
  • An initial deposit of P250,000.00 is required to open an account and thereafter subsequent deposits of P100 or more.
  • There is no limit to the number of deposits.
  • Customers can earn a maximum interest of 6.50%

Fixed Period Paid Up Shares

Fixed Period Paid-up Shares or the definite period paid up shares is offered to companies, institutions, associations and individuals over the age of sixteen.

Benefits

All Shares provide complete security against capital loss and market fluctuations - they should not be confused with stock exchange securities or company shares.

Features

  • Dividends are payable in March and September each year.
  • These shares can be redeemed on application, subject to giving three months’ notice after an initial period of fifteen months or forfeiture of 3 months interest in lieu of notice. In an emergency, they can be used as security for loans of up to 75% of their value.
  • They can be used as collateral security for mortgage loans.
  • They can be redeemed immediately in the event of death of the shareholder.
  • An initial deposit of P100 is required to open an account and thereafter subsequent deposits of P100 or more.
  • There is no limit to the number of deposits.
  • Interest paid 2.15% bi-annually