Savings Plans

Various Saving Plans for your needs.
S1 & S2: Mandatory Accounts
S1
Mudharabah Share Capital
S1
This savings facility is designed to recognize our members as owners of SGM.
Mandatory Account
Recognised member as owner of SGM
Voting Rights
S$1,000 upon application (minimum)
Annual Dividend from Surplus
Withdrawable upon ceasation of membership
S2
Mudharabah Subscription
S2
This savings facility is created to inculcate good saving habits among our members.
Mandatory Account
Wealth Accumulation
Retirement
S$30 monthly (minimum)
Annual Dividend from Surplus
Withdrawable for the purchase of house, Umrah or Haj Pilgrimage and education expenses but should maintain a balance of $500.00
S3, S4 & S5: Optional Accounts
S3
Mudharabah General Savings
S3
This savings facility is catered for members’ short-term expenditure.
Optional Account
Short-term expenditure such as yearly holiday, to renew road tax, income tax, festive season and other contingencies purposes
S$30 monthly (minimum)
Annual Returns
No Withdrawal Limit
S4
Mudharabah Haj/Umrah Savings
S4
This saving facility is established to help our members who are planning to perform the Umrah or Haj Pilgrimage in the future.
Optional Account
Umrah or Haj
S$30 monthly (minimum)
Annual Dividend Not applicable
Withdrawable upon performing of Umrah or Haj Pilgrimage.
S5
Mudharabah Education Savings
S5
This saving facility is set up to help our members set aside savings for their children and their own future education purposes.
Optional Account
Education Purpose
$30 per month (minimum)
Annual Returns Not applicable
No Withdrawal Limit
FAQ: Quick Answers Here

What are the types of returns that I can earn on my savings?

You can earn annual dividends from your mudharabah share capital and mudharabah subscriptions savings depending on SGM surplus.

What are the types of savings facilities available in SGM?

The types of savings facilities available are as follows:

1. Mudharabah Share Capital (S1)
2. Mudharabah Subscriptions (S2)
3. Mudharabah General Savings (S3)
4. Institutional MemberMudharabah Haj Savings (S4)
5. Mudharabah Education Savings (S5)

Can I withdraw my savings anytime?

You can withdraw your savings at the following time and purposes:

1. Mudharabah Share Capital (S1) – upon ceasation, resignation and retirement.
2. Mudharabah Subscriptions (S2) – upon ceasation, resignation, retirement, education, Haj pilgrimage.
3. Mudharabah General Savings (S3) – anytime
4. Mudharabah Haj Savings (S4) – write-in and upon approval by the Board.
5. Mudharabah Education Savings (S5) – write in and upon approval by the Board.

How can I check my savings balances?

You may call our officers at 6743 9595 to check your savings balances. You are required to provide us with your membership number for verification or you may leave your name, membership number, contact number and your enquiries for our officer to get back to you as soon as possible.

How do I withdraw my savings?

You can withdraw your savings by calling our contact officers and check the amount you are eligible to withdraw. All successful withdrawal can be collected at our office or you may authorize another person, in writing to collect on your behalf.