Savings is an integral part of the microfinance program, which offers its members a number of savings plans. Members make weekly or monthly deposits with Shakti tocreate a resource base for members to avail in the future.
My Savings is mandatory for all borrowers of Shakti, in order to educate them on the importance of responsibly saving income and ensuring security for the future. My Savings entitles members to save a fixed amount per week with no facilities for withdrawal.
Family Savings is a flexible, voluntary savings plan with weekly deposits. They can choose a fixed amount, adjust their loan installment and withdraw their family savings whenever they choose.
Member DPS is a voluntary scheme for Micro Loan members who can save fixed amounts on a monthly basis and withdraw the loan after maturity. For ME loans the scheme is mandatory. Both schemes allow withdrawal with interest if the member decides to leave the organization.
Shakti Foundation also grants loan waivers upon the death of a member for her outstanding loan amount and the registered nominee receives her deposited savings.