National Trade Union Council (NTUC Thrift Loan)

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NTUC Thrift and Loan Co-operative Limited was registered on 24th April 1998 as a Co-operative Society under the Co-operative Societies Act and the jurisdiction of the Ministry of Community Development of Singapore.

The co-operative was founded by the National Trades Union Congress (NTUC) and is supported by the Singapore Labour Foundation (SLF), trade unions and cooperatives of the NTUC and its affiliates.

NTUC Thrift is a credit co-operative serving the financial needs of its members.

Objectives

The primary objectives of NTUC Thrift are:

  • to promote the economic interest of its members
  • to encourage thrift and savings among its members
  • to receive and accept deposits from members
  • to offer loans to its members on reasonable terms
  • to maximise shareholders’ returns

Its mission is to inculcate the good habit of thrift to ordinary members. With higher interest rates on savings and deposits and lower loan charges, NTUC Thrift aim to stretch the economic dollar of its members.

 

Join as an Ordinary Member:

Upon joining NTUC Thrift, members are required to make a deposit of $20 to their Subscription Capital Account.

This Subscription Capital represents your “share” in the co-operative. The Subscription Capital Account is paid dividend income when it is declared by the co-operative each year.

To be a Thrift member, you have to be:-

• a member of any NTUC affiliated union or co-operative. Thrift may assist you with your application to join the General Branch Union;
• above 18 years of age;
• Citizens of Singapore or resident in Singapore; and
• not an undischarged bankrupt or have not been convicted of any offence punishable with imprisonment.

Resignation

Members are required to give 3 months notice in writing if they intend to resign as a member. Full redemption of the Subscription Capital is allowed only upon cessation of membership.

“Thrift is committed to cultivate the good habit of saving amongst its members. Make regular deposits conveniently with monthly deductions via GIRO. Start with a small monthly deposit into your savings account and watch it accumulate faster with our higher interest rates.”

Loan Products

Personal Loan (Unsecured)

Having an emergency and need a small loan?
At NTUC Thrift, you can take up a Personal Loan of up to 2 times your gross monthly salary.

Eligibility and Conditions

• NTUC Thrift member
• Guarantor(s) / Thrift Deposit / Banker’s Guarantee is required.

Amount

Maximum $30,000 or 2 times of gross monthly salary, whichever is lower

Tenure

Maximum repayment period of 4 years.

Interest Rates

11.50% p.a. on monthly rest basis.

Administrative Fee

$10 (non-refundable) is payable on application by non-Thrift members to start the credit evaluation process.

Processing Fee

$75 or 1% of approved loan amount, whichever is higher. Payable upon signing the Letter of Offer.

Disbursement

Loan disbursement shall be made 3 months after the membership commencement date.

Savings Products

Savings Account

Enjoy higher interest on your savings with a regular monthly savings plan via GIRO.

Conditions

• You must be a Thrift member
• Initial deposit required: min $20 and max $200 (cannot exceed GIRO amount applied for)
• Monthly savings by GIRO only : min $20 and max $200

Rate

Click here for more information on our rates.

Benefits

• No service fee
• Convenient and rewarding regular saving scheme
• Please refer to Flexi-Save account if you wish to save through a flexible savings plan.

Flexi Save

We offer one of the highest savings rate in town!

Conditions

• You must be a Thrift member
• Minimum deposit of $10

Rate

Click here for more information on our rates.

Benefits

• No service fee
• Flexibility of contributions
• Please refer to Savings if you wish to save regularly on a monthly basis via GIRO.

Thrift Junior Savings Account

A savings account held in trust for members’ children below 18 years old. Enjoy higher interest rates and give your child(ren) a head start.

Conditions

• You must be a Thrift member
• Your child must be below the age of 18 to qualify
• Parent and child must be Singapore citizen or Singapore permanent resident
• Initial deposit required: min $20 and max $200 (cannot exceed GIRO amount applied for)
• Monthly savings by GIRO/cheque: min $20 and max $200

Rate

Click here for more information on our rates.

Benefits

• No service fee
• Make regular contributions conveniently with GIRO

SkillsSave account

An account with contributions received from both the participating employers and the individual members for the purchase of courses based on an approved course list.

For Whom

The SkillsSave scheme is restricted to staff from NTUC Fairprice Co-operative, NTUC Childcare Co-operative and NTUC Income.

Rate

0.25% p.a.

To Participate

Staff from the respective Co-operatives can refer to their HR Dept for details.

Reimbursement

Application for reimbursement of course fees and/or exam fees shall be processed only upon commencement of the course or completion of exams. The member shall submit the application for reimbursement on the prescribed form (click here for the Reimbursement form) together with the original or certified true copy of the course payment receipt.
Successful applicants shall have the reimbursed amount debited against the member’s SkillsSave account and the funds paid by cheque to the member within 10 working days. Alternatively, the member may choose to credit their funds into their savings account with Thrift.

Closure of Account

For accounts that are closed, NTUC Thrift shall transfer the balance to the SkillsSave account holder or his/her nominee(s) as indicated in the nomination form or to his/her estate.
The account shall terminate upon:

i) death
ii) reaching Statutory Retirement Age
iii) failure to meet the minimum balance for the account
i) Upon death
The employer or SkillsSave account holder’s next of kin shall inform Thrift on the death of a member and submit a certified true copy of the death certificate or the original document for verification.

ii) Reaching Statutory Retirement Age
Upon reaching the statutory retirement age as prescribed by the Retirement Age Act, NTUC Thrift shall then close the account and pay the proceeds to the SkillsSave account holder directly. The SkillsSave account holder has the option to either close or continue to maintain and utilize the funds in the account.

iii) Failure to meet the minimum balance for the account
The current minimum amount is $10, subject to review. If the account balance is below the minimum for a period not less than 12 months, NTUC Thrift shall request for a top up of the SkillsSave account. If the SkillsSave account holder does not wish to top up, Thrift shall close the account and credit the funds to the account holder’s savings account with NTUC Thrift or disbursed by cheque.

Fixed Deposit

Our fixed deposit rates are highly rated and amongst the best in town. (promotional rates offered by banks and financial institutions excepted)

Conditions

• You must be a Thrift member
• You must be at least 18 years old and a Singapore citizen or Singapore permanent resident
• Minimum deposit of $500

Rate

Click here for more information on our rates.

Benefits

• Auto-renewal for your convenience.
• Several tenors to choose from to meet your needs.

Thrift Junior Fixed Deposit Account

A fixed deposit account held in trust for members’ children below 18 years old. A Thrift Junior FD enjoys additional interest rates of 0.02% p.a over and above our prevailing Board Rates.

Conditions

• Parent must be a Thrift member
• Child must be below or equals to 18 years old when Fixed Deposits matures.
• Parent and child must be a Singapore citizen or Singapore permanent resident
• Minimum deposit of $5000
• Deposits must be placed for a minimum period of 24 months

Rate

Click here for more information on our rates.

Benefits

• Auto-renewal feature. Auto-roll over your fixed deposits for as long as you desire.

Thrift Senior Account

A fixed deposit account tailored specially for Senior Citizens who are our members. Senior Citizen members enjoy additional interest rates of 0.02% p.a over and above our prevailing Board Rates.

Conditions

• You must be a Thrift member
• You must be above 50 years of age to qualify
• Children of Senior Citizen members may join Thrift and apply for Thrift Senior preferential interest rates as joint applicants. (Terms and conditions apply)
• You must be a Singapore citizen or Singapore permanent resident
• Minimum deposit of $5000
• Deposits must be placed for a minimum period of 12 months

Rate

Click here for more information on our rates.

Benefits

• Auto-renewal feature. Auto-roll over your fixed deposits for as long as you desire.

Frequent Asked Questions

Who can be members of NTUC Thrift?

Singapore citizens / PRs who are:
• NTUC Linkcard holders, members of Unions or NTUC Co-operatives
• above 18 years of age

How do I join Thrift as a member / open an account with Thrift?

To join Thrift, complete the Membership Application Form and mail it with a copy of your identity card, union card and a cheque for $20 made payable to “NTUC Thrift & Loan Co-operative Limited” to our address at 1 Marina Boulevard #15-08 NTUC Centre, Singapore 018989.

Click here for the online Membership Application Form.

What benefits do NTUC Thrift members enjoy?

NTUC Thrift members enjoy (i) higher interest rates on their savings and deposits, (ii) savings and economise on loans with low interest charges, (iii) dividend income on the subscription capital when NTUC Thrift declares a dividend payout.

What is a Subscription Capital Account?

The Subscription Capital Account represents members’ “share” in the co-operative. The minimum subscription amount is $20.

Can we withdraw from the Subscription Capital Account?

Subscription Capital funds may be withdrawn:

i) upon cessation of membership
ii) upon approval of the Board of Directors
iii) after 5 years or some other duration as maybe imposed by the Employer or Union if it was opened under the Enbloc Savings Scheme.

Is there any interest paid on the Subscription Account?

No interest is paid. However, dividends will be paid based on the outstanding balance in the Subscription Account when a dividend is declared.

How do I open a Savings or Fixed Deposit Account?

To open any account, please complete the account opening form and indicate the type of account you wish to open at the top of the application form. Send the completed form together with your cheque for the deposit made payable to NTUC Thrift & Loan Co-operative Limited”. Upon receipt of the form and the cheque we will proceed to open the account for you.

How do I obtain a loan?

Thrift provides loan facilities only to its members. We offer the following loans: Personal loan (Secured), Education loan, Renovation Loan, New Housing Loan and Housing Loan (Refinancing).

To apply, please complete the Application Form for Loans and return it with a copy of your latest 3 months’ computerised payslip or 6 months’ CPF statement or 2 years’ Income Tax Return (for self-employed) and latest 3 months’ statements of your active bank account(s) and credit card account(s) to us.

Please note that you are required to flurnish at least ONE guarantor for Education Loan and Renovation Loan.Other criteria and conditions for the respective loans are stated on the Application Form.

For Personal Loan (Secured) , funds placement (Fixed Deposit/Savings/Subscription or Banker’s guarantee) as security/collateral is required.Loan amount will be up to the value of security/collateral pledged. For example, if you wish to take a loan of $5,000, you will need to place a savings/fixed deposit or Banker’s guarantee of at least $5,000 (plus interest) with NTUC Thrift in order to get the loan. The funds placement can be from a 3rd party.

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