Housing Finance Bank officially launched the NSSF Savers Advance in a campaign dubbed “Move”.
The NSSF Savers’ Advance is a product designed for NSSF members who will soon be eligible for mid-term access to their savings or their full retirement benefits.
This innovation follows the recent signing of the NSSF Amendment Bill 2021, which granted members aged 45 years and above, who have saved with the fund for at least a decade, midterm access to 20% of their savings.
Noting this, Housing Finance Bank created a product, the NSSF Savers’ Advance, which allows savers who are soon qualifying for midterm or full access to their savings an opportunity to “Move” ahead with their plans and clear their obligation with the Bank when they receive their benefits.
The target customer for this product is one who is close to 45 years or 55 years of age where they can access 20% of their savings, or full-term benefits respectively. This member wishes to access funds for investing as they wait for their time to access their savings as per the set qualification criteria.
With this solution, eligible members can now access financing for their home improvement, construction, business start-up or meeting school fees needs.
