Deposit or savings is a crucial financial service since it plays a significant role in mitigating risks and uncertainty. Households or individuals keep savings for various reasons such as to tackle anticipated or unanticipated emergencies, to accumulate asset and so on. The beneficiaries enrolled under micro-finance programme are encouraged in savings building to reduce their dependency on credit supports. They make savings following the group norms as well as organizational policy. The staffs along with loan reimbursement also collect the savings during weekly meetings and deposits it to the branch office on the name of the group accounts. The beneficiaries have every freedom to withdraw their savings at any time providing that there is the group regulation and no loan outstanding lies with the beneficiary, who wishes to withdraw the savings. In addition, a new savings scheme on the name of NSSP (NDP’s special savings programme) has been introduced in MFP to popularize and promote savings. Under the initiative, the MFP beneficiaries are encouraged in long term savings deposition at the rate of taka 100 or its multiple figure up to taka 5,000 for a period of 5 to 10 years with an interest of 10%. The beneficiaries found greater interest to be opening new savings scheme and in the meanwhile a total of 17,883 beneficiaries enrolled under NSSP.
Savings Outstanding: At the end of June 2019 the total savings outstanding is BDT 788.60 Million with 96,432 beneficiaries in 5,558 groups including BDT 171.70 Million with 17,883 NSSP beneficiaries.
Special savings initiatives under ENRICH Project: Enhancing Resources and Increasing Capacities of Poor Households towards Elimination of their Poverty (ENRICH) has taken some special savings initiatives. Female headed HHs, ultra poor, widow, disabled person and the land less HHs have been brought under the initiatives. The beneficiaries are encouraged to save taka 300 to taka 1,000 per month on a regular basis with a condition that at the end of two years in addition with bank interest each of them will get double (from project maximum 20,000 taka) of his savings amount from the project fund. In this regards they are assisted in bank account opening in a government scheduled bank for keeping their savings safely. The beneficiaries are found encouraged knowing the project policy and are interestedly depositing savings at their accounts following the project rules. Total savers under the programme in two Unions are 39 off them 24 already received matching contribution amounting BDT 3,95,465. Remaining 15 are waiting for their grant. Poor beneficiaries just add the matching contribution with their own savings and create household assets.
It has found that Credit Support programme-CSP has significantly contributed towards creating employment generation and increased income could contribute towards accelerating livelihoods empowerment in the rural areas, especially for the poor women beneficiaries thus greatly contributing towards national economy. The poor women contributing to their family income has raised their dignity in the family and society.