The Fiji Public Service Credit Union (FPSCU) was organised in the late 1960s and was registered on June 2, 1972. It has now been in operation for 40 years. As an on-going entity, FPSCU has proven to withstand the economic turmoils in Fiji.
Membership of the credit union is open to employees united by a common bond or association, and in permanent employment. Employers can assist (as a social welfare program for their employees) with deduction of member's contribution from their pay and remit of the same to FPSCU office.
FPSCU provides a range of products and services which include: deposits: shares, savings term deposit, special purpose accounts e.g Christmas club, education account and compulsory savings accounts. Loans: shares/savings, co-maker, unsecured (partly secured by shares), asset secured and; risk management: share-savings insurance, death -benefit scheme, retirement savings.
Credit unions charge a lower interest rate on lending and savings products without hidden charges like other financial institutions.
The FPSCU special purpose accounts are Shares: (non-withdrawals unless member resigns from CU), with an annual dividend paid depending on profit made.
Compulsory savings: (Paid out only on retirement; annual interest paid), Christmas savings: (paid out in November) and education savings: (Paid direct to institution). We intend to introduce childrensaving, who may only join as saving members.
Shares, is members' equity and a minimum subscription of $10 per fortnight is required for membership.
A compulsory (retirement) Savings is mandatory, and a minimum subscription of $10 is deducted per fortnight. Members are encouraged to save as much as he/she can afford.
The main purpose of introducing this package is, to educate our members of the need to save and hopefully, with the increasing savings they will be able to form the habit and get out of the cycle of borrowing, through better management of their income.
So, why wait? Come into 11 Goodenough Street, Suva where we can discuss in detail your benefit as a member, and feel a sense of 'belonging' and 'ownership' when you join as a member. So to be a saver join FPSCU today.