Retirement Savings Deposit

Benefits of Retirement Savings Scheme

  • New type of fund management that promotes savings and long-term investment for a comfortable life after retirement.
  • Attract and retain employees.
  • Employee’s sense of security during adverse economic situation.

Important Features

  • Employer and Employee contribute to the retirement savings of the staff/employee.
  • Contribution ratio is determined between employer/employee.
  • Withdrawals from employee account under 3 scenarios; a. Upon staff retirement from service
    b. Staff resignation
    c. Any emergency cases can only be instructed by employer in writing.
  • Interest calculated daily; credited end of each month. Principle will increase monthly due to the compounding nature of the interest

Easy Control of Finances

  • Employee Attraction & Retention:
    Most employees view retirement savings as an important benefit.
  • Bank administers the retirement plans:
    Employer can stay focused on your business endeavours, the Bank’s support team will look after the employees retirement savings.
  • Comfort after retirement:
    Gives comfort to the employee on their retirement plan and financial health especially after retirement.

Deposit Protection Fund

Funds are protected by the Deposit Protection Fund No: 329/GOV, dated 25 October, 2017.

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