1. Membership Fee. The suggested one-time membership fee is ₱500. The membership fee is separate from the member's savings balance and shall not be included as savings.
2. Regular Savings. The minimum regular savings amount is ₱300 per deposit. The member may save daily, weekly, twice a month, or monthly, according to the member's chosen frequency and the Club's applicable rules.
3. Savings Interest. Savings earn interest at 0.05% per month, subject to the Club's approved computation rules and applicable records.
4. Savings Withdrawal. A member may request withdrawal of savings after one (1) year, subject to availability of funds, verification, approval procedures, and the applicable rules of 6050 Savings Club.
5. Dividends. When the Club declares dividends, the dividend pool shall be distributed pro-rata based on each member's average savings balance during the applicable dividend period. The dividend amount is not a fixed or equal amount for all members and depends on the approved dividend pool and applicable Club rules.
6. Annual Loan Requirement. As part of membership, I agree to apply for and, subject to the Club's evaluation and approval policies, obtain at least one (1) loan with a principal amount of ₱10,000 or more within each one (1) year membership period. Loan approval is not automatic and remains subject to the Club's credit evaluation, available funds, applicable fees, and loan policies.
7. Compliance. I agree to comply with the policies, procedures, decisions, and lawful requirements of 6050 Savings Club applicable to my membership, savings, loans, and transactions.
8. Data Processing. I consent to the processing and retention of my information for legitimate membership, savings, accounting, reporting, verification, and administrative purposes of 6050 Savings Club.
