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The Installment Savings Account manages the savings received from the members to insure members receive the most favorable rates.
Savings can be made in two ways:
1)Scheduled Savings (a predefined amount of money is set aside each month)
2)Special Savings (savings are made three times a year from bonuses and such)
The savings are made in integral multiples of 1000 yen. Special Savings can only be chosen in combination with Scheduled Savings.
- Interest is compounded twice a year, with the rate dependent on monetary conditions.
Current rate as of March 1, 2012: 0.60% per annum
- Applications for joining the account, making changes to the deposit amount, or restarting a suspended account should be made within the following time frames.
Application periods:
First application period; April 26 to May 25
Second application period; September 26 to October 25
- All procedures relating to this service such as the notification of members, etc., are done through the member institutions. (The service is not available to members of the Voluntarily Continued Insurance plan.)
- In the case of a single-mother household or one involving the recipient of a disability or widow’s pension, if a “Nontaxable Savings Declaration” is submitted, the savings just as any other postal savings and bank deposit will be treated as tax exempt, provided the total sum of savings and the deposits in other financial institutions held by the individual does not exceed 3,500,000 yen.
- If you lose the eligibility as a member, please cancel your account promptly. If you fail to do so, after a period of three months, your account will be treated as an ordinary deposit which does not accumulate any interest.
The right to retrieve the deposit disappears in 10 years due to reaching of the statute of limitation.
Procedures and Notification
| Application for Joining the Account |
Submit the Application during one of the twice-yearly application periods. |
| Notification and payment of saving |
The "Notice for Payment of Deposits" and the "Deposit Statement" are sent monthly to each school. Schools collect the reserve of the saver and deposit to his or her account at the Private School Association before the 10th of the following month (as a rule). |
| To change the deposit amount |
Complete and submit the "Application for Changes in the Deposit" during one of the twice-yearly application periods. |
| Suspending and restarting an account |
If you would like to suspend your account, submit the "Notice Of Account Suspension" no later than the 25th of the month, two months prior to the date you would like the account to be suspended. To restart a suspended account, submit a "Notice of Account Restart" during one of the twice-yearly application periods. |
| Cancellation and deposit refund |
To cancel an account or have the deposit refunded, submit the “Request for Account Cancellation, Deposit Withdrawal” by the 25th of the month. As a rule, the deposit is refunded by the 20th of the following month. In the case of a withdrawal the “Deposit Withdrawal Statement” will be sent to the member institution, while in the case of an account cancellation, both the “Deposit Withdrawal Statement” and the “Deposit Final Statement” will be sent. |
| Notice of savings account balance |
The “Savings Account Balance Statement” stating the savings balance for each month is sent to the member institution on the 25th of each month. Interest is added to the deposit twice yearly (April 1st and October 1st), in each case covering a period one day prior to that date. Information about interest added, etc. is sent to the account owner through the “Savings Account Balance Notification” and to the member institution through the “Savings Account Statement” twice yearly towards the beginning of April and October. |
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