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.