SAVINGS GENIUS DEPOSIT ACCOUNTS POLICY
Organization: Savings Genius
Effective Date:
Approved By:
1. Purpose
1.1 The purpose of this policy is to establish uniform guidelines for the creation, management, and withdrawal of Savings Genius savings and fixed deposit accounts.
1.2 The policy sets out the organization's authority to manage, define, and revise the terms governing savings and fixed deposit accounts, including but not limited to:
1.3 Any adjustments or administrative actions undertaken shall be carried out in accordance with applicable standards and with due regard to the best interests of individual account holders.
1.4 This policy applies to all customers and stakeholders, whose continued participation is contingent upon compliance with all existing and subsequently issued terms. The organization shall administer this policy responsibly, transparently, and with a primary commitment to safeguarding and promoting the interests of all account holders.
2. Scope
2.1 This policy applies to all members, clients, and stakeholders who open and operate any category of the Savings Genius account suite, including:
2.2 All account holders are subject to the provisions and obligations outlined in this policy.
3. Definitions
3.1
Genius Target Account
• A fixed deposit account that accommodates structured monthly deposits over a
mutually agreed tenure of not less than twelve (12) months.
• The minimum deposit amount is Ten Thousand Naira (₦10,000) monthly.
• Deposits attract interest at the rate of five percent (5%) every three (3)
months, commencing from the third month of the tenure.
• Early termination before maturity constitutes a breach of terms, and
surrender charges shall be applied in accordance with the policy.
3.2
Genius Fixed Account
• A lump-sum deposit account with a minimum tenure of twelve (12) months,
accruing interest at a fixed rate of twenty percent (20%) per annum.
• The minimum deposit amount for this account is One Hundred Thousand Naira
(₦100,000) annually.
• Early termination before maturity shall attract surrender charges, deducted
from the deposit and accrued interest as prescribed.
3.3
Genius Savings Account
• A flexible deposit account permitting daily, weekly, or monthly
contributions.
• The minimum deposit amount is One Thousand Naira (₦1,000) daily.
• This account does not attract interest.
• Additional interest terms, where applicable, shall be guided by prevailing
conditions approved by the organization.
4. Policy Statement
4.1 All deposit accounts must be maintained for a minimum period of one (1) year.
4.2 Interest rates for Genius Fixed and other accounts shall be periodically reviewed by management and communicated to account holders.
4.3 Interest shall be calculated based on the annual rate at the time of deposit and credited only upon maturity. Interim interest payments are not permitted unless expressly authorized.
4.4 Early withdrawal is strongly discouraged. Where allowed, such withdrawal shall attract a default or breaking fee, or may result in partial or full forfeiture of interest, in accordance with the organization's guidelines.
4.5 All account holders must comply with documentation, verification, and procedural requirements when opening, operating, or withdrawing from any Savings Genius account.
5. Opening of Accounts
5.1 Customers must complete the prescribed application form and provide all KYC documentation accurately and completely.
5.2 The minimum opening deposit for the relevant account type must be paid at account creation; no account shall be activated until full receipt of the deposit.
5.3 Upon verification of all documents, customers shall receive a formal account confirmation along with a copy of this policy, duly endorsed by all relevant parties.
6. Maturity and Withdrawal
6.1 Upon maturity of a Genius Target account, the customer shall receive the accumulated sum. If the initial objective was the purchase of land, the customer may be referred to PBC Limited (Pinnacle Builders Homes and Properties), subject to full compliance with all terms.
6.2 Proof of identification and completion of the prescribed withdrawal form are mandatory for all withdrawals.
6.3 Withdrawals before maturity require management approval, attract breaking/withdrawal fees, and may affect interest eligibility as per organizational policy.
7. Roles and Responsibilities
7.1 Customer Responsibilities
7.2 Organization Responsibilities
7.3 Management Responsibilities
8. Non-Compliance
8.1 Failure to comply with this policy, including early or unauthorized withdrawals or submission of incomplete documentation, may result in:
8.2 The organization reserves the right to enforce these measures consistent with account terms, regulatory requirements, and internal governance policies.
9. Policy Review
9.1 This policy shall be reviewed annually or more frequently as deemed necessary to ensure alignment with organizational practices, financial standards, and regulatory requirements.
9.2 Amendments or updates resulting from such reviews shall be communicated promptly to all stakeholders.
10. Governing Law
This policy shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.
IN WITNESS WHEREOF parties have set their hands and seal the year and date hereunder written;
The COMMON SEAL of the within named SAVINGS GENIUS is hereunto affixed in the presence of:
_________________________ _________________________
Director Secretary
SIGNED, SEALED AND DELIVERED BY SAVINGS GENIUS (representative)
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