By Our Reporter
To drive financial inclusion deeper into Ugandans, Crane Bank, one of the leading indigenous banks in the country, recently introduced money saving products that promote a saving culture and insurance uptake.
The bank introduced Crane Maisha Saving Products from which customers can choose three saving methods. Crane Maisha Products are available as an upgrade to existing customers without having to change their account numbers or Crane Access card.
Crane Maisha Access Account
The Crane Maisha Access Account Is a basic banking account that facilitates first time bankers with an efficient way to receive electronic transfers of funds as well as making payments to third parties.
Crane Access is an ATM based transactional account. The account can be opened with minimum balance of Shs10, 000. You get a Free Visa Card for the first year. And you can monitor your account through personal internet banking.
With a monthly charge of Shs2, 000 the account holder will be covered under a life insurance scheme during the period the account is maintained. The account holder uses the savings to keep a safety net for a loved one in the event of a death or disability of the account holder.
In the event of death or disability of the account holder, Crane Bank through its partners will pay the nominated beneficiaries an amount of Shs5, 500,000 directly into their account in Crane Bank as insurance compesation.
Crane Maisha Savings Account
This is an account that facilitates flexible short, medium and long term saving with the benefit of earning interest. The bank customer earns an interest of 5% p.a. with minimum balance Shs50, 000. The customer savings can be accessed at any time through various deposit and withdrawal banking channels.
Like the Crane Maisha Access Account, with a monthly charge of Shs2, 000 the account holder will be covered under a life insurance scheme where in the event of death or disability of the account holder, Crane Bank pays the beneficiaries an amount of Shs5, 500, 000.
Maisha Fixed Deposit Account
This is a type of savings account where a deposit is made for a specified period of time that pays out a fixed rate of interest and safeguards your loved ones through a life insurance scheme.
This account encourages a savings habit as the money you deposit needs to be in the account for a period of time without you making any withdrawal. Investing in a fixed deposit account earns you a higher interest rate and can act as a fall back for your business in the event of a cash flow squeeze.
With this type of account, you get to choose how long you want to invest your money in a fixed deposit account ranging from 1 month to 2 years. It comes with life insurance cover equivalent to principal amount with maximum limit of Shs100 Million to safeguard your loved ones in the event of a death or disability.
Crane Maisha Fixed Deposits can earn you interest of about 14.5% in a period of two years. To open Crane Maisha Fixed Deposit, a minimum amount of Shs1, 000,000 is required. There is no maximum amount you can deposit.
Accessing your savings
To open any of the Crane Maisha Saving Accounts you need to have a beginners deposit amount which varies. You will also need a Local Council letter, valid ID preferably a National ID, passport, driver’s license or verified employer’s ID.
You can access your savings at any of the 46 Crane Bank branches, personal internet banking, Crane Bank ATMs, SMS & Email alerts. Various minimal fees might apply in the course of operationalizing your account.