Time Deposits (Deposito)

A Time Deposit allows co-operative members to deposit money in an account for a required specific period of time, in accordance with an agreement between the co-operative and the depositor. There are several provisions that must be understood, including the minimum deposit amount. The prospective depositor should be a saver, and will be rewarded with interest in accordance with the terms and conditions of the Time Deposit. At the end of each month, interest will be directly added to the balance of Time Deposit. Savings of this type cannot be withdrawn before the specified time period expires.

Funds are deposited by members for periods of 3 months, 6 months or 1 year. At the end of the specified time period, the funds can be withdrawn or can be extended in accordance with the terms and conditions applicable to the co-operative. The amount of savings is anything from Rp 100,000 upwards, attracting an interest rate of 6% per year.