Saving & credit is one of the most crucial features of any elders self help group. As a norm, every member contributes a fixed amount bi-month/monthly towards group saving. The amount may range from Rs. 5 to Rs. 200. The bank account is opened for managing day to day savings and loans from financial institutions. The cumulative saving is utilized for inter-loaning to members for promoting the livelihood and improving the quality of life.
The proper records are maintained for managing savings & credits. The ledger takes into account the actual transaction of the group that is mainly the savings and credit pertinent to every individual. This shows the cumulative savings upto date by an individual and credit he has availed or due credit or interest he has to pay back. The individual passbook is given to each of the members so that the individual can know his savings, credit or interest balance. This book reminds him of the installment amount, interest, savings and other miscellaneous amounts that he has to carry with him for next meeting.
