Retirement (Seniors) Savings Account
This Account is also referred to as a retirement savings scheme, and it is specifically designed to address the financial needs of the account holder after retirement, dismissal or resignation from formal employment, or permanent disablement due to age, disease or any other cause.
- Withdrawals from the account shall be restricted as follows:
(a) After the first 5years-30%
(b) After 10years-50%.
- No other withdrawals either in whole or in part shall be allowed until termination of the Account.
- Interest earning will be based on the balance at the end of every year
- Retirement savings can be pledged as security for loans
- Understand how much money you may need to retire. Set goals and stick to them!