Target Savings - Colael

Target Savings

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Target Savings

As the name suggests, it is voluntary saving done for reasons other than loan access. These are optional components of using credit services. Borrowers and non-borrowers who can deposit or withdraw money in accordance with their demands provide them.

A member saves money in this type of savings account to accomplish a certain objective. It is a savings strategy aimed at achieving a specific objective, such as paying for school expenses, rent, a car, a vacation, buying land, paying for a wedding or funeral, purchasing a home, etc.

People who don't have a steady income, such as farmers, traders, students, and other self-employed people who are paid when their goods are sold or given as gifts, are the best candidates for the target savings. Then, on their savings accounts, they can voluntarily decide to save money for things like tools, equipment, festivals, birthdays, school fees, etc.

By putting 12 months' worth of savings in a voluntary account, members can save the whole amount for the upcoming year's mandatory savings with the society in advance. After that, the member can tell Colael Multipurpose Cooperative Society by standing order to take the specified amount from their savings account on the appropriate day of each month. As a result, people with seasonal earnings can join the cooperative while maintaining its fundamental purpose.

This encourages member participation and guarantees a steady flow of funds to the Colael Multipurpose Cooperative Society. When owners need money, they can withdraw this type of savings whenever they want. The Colael Multipurpose Cooperative Society may or may not give interest on the savings made voluntarily. Members are strongly encouraged to set up voluntary savings accounts for their specific needs.

All that is required is for members to save money toward whatever objective they set for themselves.

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