Special Deposit (SD) is an investment product for the members of SUNYANI AREA TEACHERS’ CO-OPERATIVE CREDIT UNION LIMITED horizon. It is an investment of fixed amount for a fixed period i.e. 91, 182 and 365days and at a determined fixed rate.

OBJECTIVES OF THE SPECIAL DEPOSIT

The main objective of this product (Special Deposit) is to help members invest idle funds that do not require immediate use for good returns. Members who want to enjoy good and attractive returns on their savings may opt for the Special Deposit whose interest is competitive against the Bank of Ghana Treasury Bill rate.

FEATURES

1. It has ninety- one days, one hundred and eighty- two days and three hundred and sixty- five days maturity periods. It is, however, subject to renewal after maturity.
2. It can be re discounted even before maturity. But in this case, all or part of the expected interest shall be forfeited depending on the tine of the discounting.
3. Special Deposits are not to be used as collateral for loans.
4. A member’s savings with SATCCU shall not be withdrawn for Special Deposit.
5.  Interest on Special Deposit can either be paid to the member or added to deposit and roll over based on the advice of the member (account holder).

BENEFITS

1. A member can invest as much as possible.
2. Higher earnings on higher deposits.
3. Certainty of earnings.