Gabon

Education Savings Plan

Description

The Orabank Education Savings Plan is designed to help customers build up savings to cover their children's tuition fees and/or accommodation costs when they go to university.

  • 5% gross interest rate.
  • Initial deposit of 50,000 CFA francs.
  • 10-year minimum term.
  • No upper limit.
  • Regular monthly or quarterly payments totalling 120,000 CFA francs or more per year.

Requirements for setting up a plan

  • Available to all natural persons resident in Gabon.
  • Initial deposit of 50,000 CFA francs.
  • Two (2) ID photographs.
  • Certificate of residence or a water, electricity or telephone bill in the parents' names.
  • A certified photocopy of the applicant's national identity card or passport.

How the plan works

Build up savings over a period of at least ten years.
Applicants are not required to hold an Orabank current account.
The funds deposited are only available once the contractual period has ended.

  • Earn interest on your savings at a gross annual rate of 5%.
  • No service charges or account closure fees.
  • Make monthly or quarterly payments.

Home Savings Plan

Description

With the Orabank Home Savings Plan, you build up savings over a period of at least four (4) years and can then take out a mortgage worth up to seven (7) times the amount saved.

Features

  • 3.5% gross interest rate.
  • Initial opening deposit of 75,000 CFA francs.
  • 4 - 10-year term.
  • No upper limit.
  • No service charges.
  • No cash withdrawals during the contractual period.

Requirements for setting up a plan

  • Available to all natural persons resident in Gabon and aged under 60.
  • Applicants must open a current account with an initial deposit of 25,000 CFA francs or agree to have their salary paid into the account.
  • Initial minimum deposit of 75,000 CFA francs.
  • Two (2) ID photographs.
  • Certificate of residence or a water, electricity or telephone bill.
  • A certified photocopy of the applicant's national identity card or passport.
  • Certificate of residence or a water, electricity or telephone bill.
  • A certified photocopy of the applicant's national identity card or passport.

How the plan works

You build up savings over a period of at least four (4) years, at the end of which you become eligible to apply for a mortgage worth up to seven (7) times the amount saved.
Applicants must open a current account with Orabank.
The funds borrowers save serve as their personal contribution towards the purchase of a property.

  • Make monthly or quarterly payments.
  • You can have two (2) plans in place at the same time.
  • You have the option of extending your plan on an annual basis.
  • At the end of the contract you become eligible to take out a mortgage worth up to seven (7) times the amount of capital saved.
  • The maximum amount that can be borrowed is 100,000,000 CFA francs.

Personal Pension Plan

Description

The Orabank Personal Pension Plan is designed to allow adult customers to save for their retirement.

Features

  • 5.75% gross interest rate.
  • 10-year minimum term.
  • Initial deposit of 100,000 CFA francs.

Requirements for setting up a plan

  • Available to all natural persons who are resident in Gabon for tax purposes and are in work.
  • Applicants must hold an Orabank current account.
  • Make payments at any time or set up regular monthly or quarterly payments.
  • Two (2) ID photographs.
  • A certified photocopy of your national identity card or passport, or of your residence permit if you are a foreign national living in Gabon.

How the plan works

You build up savings over a period of at least 10 years.
Interest is calculated on 31 December every year and paid into your account, where it earns interest in turn.
The funds deposited are only available once the contractual period has ended, unless the plan is cancelled.

However, from the third year you can request advances worth up to 30% of the amount paid towards the Personal Pension Plan.
You can request immediate payment of the capital saved plus any interested earned.
You can defer repayment for a period of up to 3 years. The funds saved will continue to earn interest at the rate agreed when the plan was taken out.

  • Applicants must hold an Orabank current account.
  • No upper limit.
  • No service charges or account closure fees.
  • Earn interest on your savings at a gross annual rate of 5.75%.
  • Choose how often you want to make payments.
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