SAVINGS SERVICES
· The UNSSCA provides savings services both in Birr and USD for the GS and Professional staff of the UN respectively.
· At present, the mandatory minimum saving is Birr 500 and USD100.00 per month through payroll deductions. Members are at liberty to save more than this level if they so desire.
· Deposits can be made in lump-sum amounts outside payroll deductions in Birr or in USD only if the sources are either the UN Agencies or the UNJSPF.
· Dividends on savings are determined and declared by the Board semi-annually and applied retroactively.
· Minimum balance required for the computation of dividends is fixed at Birr/USD 200.00. Ceiling on dividend bearing savings shall be determined by the Board.
· Members from the General Service Category may save only in Birr while members from Professional Category in USD.
· On-line Statements of accounts will be made available. Balances could also be checked with the Office of the Association anytime.
WITHDRAWAL SERVICES
· Withdrawal from savings accounts by a member without loan is always possible without any restriction.
· Withdrawal by a member with outstanding loan is possible by leaving an amount equal to 10% of the loan balance in the savings account for Birr borrowers and by leaving USD 200 for USD borrowers.
· A member with loan can freely withdraw from his/her savings an amount exceeding the outstanding loan balance.
· Withdrawal requests can be made in person, by phone or by fax for members working/living out of Addis Ababa by making the necessary Indemnity for Funds transfer arrangement with the Office of the Association.
· Withdrawal services are provided on daily basis.
LOAN SERVICES
The UNSSCA stands out as a unique financial institution in offering various kinds of loan services to its members. These are:
· Collateral loan (loan against pledge of savings) upto Birr 400,000.00 or USD 200,000.00.
· Co-maker loan - maximum of Birr 300,000.00 or USD 200,000.00.
· Signature loan - (loan without a co-maker or pledge of savings) maximum of Birr 200,000 or USD 140,000. Ceiling of a signature loan cannot exceed the balance in the accumulated pension statement of the borrower.
· The Consumer loan of upto USD 100,000.00 Conditions for this type of loan are similar to a Signature loan.
· The three types of loans are repayable within 120 months and the consumer loan is within 72 months.
· Interest rates vary on the above types of loans and in their respective currencies. The variation is from 6.0% to 9.0%.
· A member may take different types of loans at a time without exceeding the aggregate loan ceilings of Birr 400,000.00 or USD 200,000.00.
· These services are available to members on fixed-term appointments who have continuous services of five years or more with a UN agency and who have participated in the UNJSPF. Members with lesser years of services are entertained under special arrangements.
· Non-members can co-make loans (can guarantee loans), a borrower may provide upto two co-makers and one can co-make upto a maximum of four borrowers.
· Members could also come together and take joint loans.
· Loans could be taken for any purpose; and,
· Loans to retirees are treated under different and special arrangements.
CONDITIONS OF LOANS
· A borrower needs to have a valid (unexpired) contract of at least three months.
· His/her guarantor should have a valid contract covering the repayment period.
· A collateral loan can be granted against blocked-savings account with UNSSCA.
· Net salary could be committed only upto 55% for repayment of own loan(s) and upto 75% for own loan(s) and guarantorships.
· It is a requirement to have at least 10% of the loan amount accumulated in the mandatory savings account in advance for Birr borrowers and USD 200 for Dollar borrowers.
· Alternatively, acceptable arrangement can be made to allocate this amount.
· A new member qualifies for his/her first loan after saving with the Association, through payroll deductions, at least for one year for General Service and one month for Professional staff members. Other irregular deposits by the UN Office such as entitlements or member to member transfers shall not be considered for this purpose.
· A copy of the latest salary advice, latest Pension Statement and that of the letter of appointment are the basic documents needed for loan and gurantorship purposes.
REFINANCING OF LOANS
· Existing loans could be refinanced up to the respective maximum limits at any time.
· There is no time or frequency limit to top up a loan.
· A topped up loan shall be governed by a new contract and the prevailing loan conditions.
· Loan refinancing conditions and policies can be reviewed and changed by the Board of Directors from time to time as required.
LOAN LIFE PROTECTION INSURANCE
· The UNSSCA has an Internal Loan Life protection scheme in case of death.
· The monthly premium to this scheme is only 1.0% on the declining loan balances.
· Loans to retirees do not have such coverage and are not allowed to participate.
JOINT OPERATION OF ACCOUNTS
Members are allowed to maintain and operate jointly their savings accounts with their spouses or close family member.
DESIGNATION OF BENEFICIARIES
Members are at liberty to designate beneficiaries in case of death which could also be amended or revoked at own free will.
FUND TRANSFER SERVICES
Services are provided by the UNSSCA include inter-member transfer of deposits as well as transfer of funds abroad from:
· Birr to Birr account only since Birr is not a convertible currency;
· USD to Birr account;
· USD to USD account;
· Savings to loan accounts and loan to savings;
· Member to member transfers; and,
· USD accounts to any country by wire or fax.
STATEMENTS OF ACCOUNTS
The UNSSCA uses automated Savings and Credit Management System and members’ statements of accounts are updated automatically. Members can access, view and print their statement of accounts by logging to:
http://unssca.uneca.org
CERTIFICATIONS
Certificates of membership, savings and loan balances of members are issued upon written requests of the concerned members for various official purposes.
CONFIDENTIALITY
Transactions carried out with the Association are strictly confidential and personal.
UNSSCA'S SERVICE STYLE
Based on first-come, first-served basis.
