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Chama Investment Clubs Account
The account for investment clubs, operated by nominated signatories...
Chama Investment Clubs Account
It’s usually echoed that a team accomplishes more than its individual members can do alone. An investment club (where members contribute periodically) brings together a group of people who pool their money to make investments. The group usually will commit to exploring an investment opportunity and then decide to invest as a group based on the majority vote of the members. The account is operated by nominated signatories who may choose to request for a cheque book.
Features
Minimum Account Opening Balance
UGX100,000 / $50
Account Minimum Balance
UGX100,000 / $25
Monthly Management Fee
UGX2,000 / $1
Interest Payable p.a.
Up to 5% (UGX) / Up to 2% (USD)
Below Account Minimum Balance Fee
UGX15,000 / $5
Over the Counter Cash Withdrawals Fee
UGX3,000 / $1
Benefits
Liability is limited to members collectively
Enhances visionary investment opportunities and exposes the club members to crucial international training opportunities
Source of venture capital
Competitive interest rates.
Are you ready to apply?
Requirements: Certified constitution and by-laws (or registration documents), Minutes of club meeting resolving to open up an account with I&M Bank and stating signatories certified by URSB, Valid identification (National ID for Ugandans and Passport with work permits or residence permit for foreigners) 1 passport-size photograph of each signatory, Proof of residence for each signatory, Referee, In case the club is registered as another entity other than a club (e.g. a Limited company) there will be need to provide registration documents in addition to the above.
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