Sovereign Target Savings Plan (TSP) is an investment linked contributory scheme that is strategically designed for individuals who desire to build funds for specific projects, acquisition of assets, as well as special events like weddings, tertiary education finance and other noble activities of life requiring targeted financial size.
Benefits of TARGET SAVINGS PLAN (TSP)
- Higher returns above Banks’ savings rate
- Subscriber entitled to periodic account statements,
- Online updates and financial e-journals
- Contribution is designed and built around clients’ cash-flow
TSP is tailored to customer cash-flow like salary or periodic business income and is
packaged to cut across all classes of people. The major target is the retail class, owners
of Small and Medium Enterprises as well as Salary earners who desire safety of capital and
higher returns on their Savings while targeting specific major expenditure in the future.
Features of TARGET SAVINGS PLAN (TSP)
- Initial minimum deposit of N1million and balance contributed over the investors
prefered tenor (Monthly, Quarterly or bi-annually).
- Interest rate is 5% above average Commercial Bank savings rate.
- Subscriber in emergency financial need can request a bridge facility of up to 70% of
their account balance after one year.
- No withholding tax is charged on savings.