SAVINGS ACCOUNT
Requirements for opening a Savings Account
- Initial deposit of Five Hundred Pesos (P500.00) for new regular members.
- A depositor earns an interest rate of 3% per annum for regular savings.
- Special savings/Time deposits earn an interest of 3% to 4% per annum depending on the amount deposited and the period of deposits applied for.
- 10,000.00 - 499,999.00 - 3%/annum
- 500,000.00 – Above - 4%/annum
- Maintaining balance to earn interest is Five Hundred Pesos (P500.00) for regular members.
- In case of loss of passbook, notify the coop at once. An affidavit of loss is required. Payment of One Hundred Pesos (P100.00) for new passbook.
- A depositor may close his/her account six (6) months after the opening and pays the actual cost of passbook surrender.
- For joint account, a name of depositor joined by AND requires the signature of either of the parties. For corporate accounts a Board Resolution is required.
- The account shall consider dormant if there will be no transaction made for the period of two (2) years.
Who are qualified to become a CITERMPCO member?
- Teachers, Employees and Retirees of Department of Education, Division of Sultan Kudarat
- Comply the prescribed pre-membership education seminar
- Residing within and adjacent area of operation
What are the requirements for membership?
- Approved application for membership.
- Certificate of completion of the prescribed Pre-Membership Education Seminar (PMES).
- Subscribed and paid the required minimum share capital and membership fee.
- Certification of the immediate superior that he/she is employed within DepEd, Division of Sultan Kudarat.
