Facebook-f Instagram Linkedin-in

FAQs

Frequently Asked Questions

Any person, who is working in the Mining, Petroleum, Oil and Gas sectors in PNG. Membership is also open to other sector employees within PNG.

No. Savings with MPSL is not compulsory. It is a voluntary savings scheme that gives members flexibility to access savings to fulfil their urgent financial commitments such as school fees, customary obligations, holiday expenses and funeral expenses.

MPSL offers three savings accounts. The accounts are:

  • School Fee Savings – Can only be used for education related expenses
  • General Savings – For any other purposes
  • Christmas Savings – Enables savings for the festive season in November, December and January
  • Kids Savings – to encourage a savings culture for the young ones
  • Family Savings – joint accounts for families who wants to do savings
  • Employment bonus savings – competitive interest will be paid for this savings account.

The purposes of these accounts are to:

Encourage members to save regularly
Enable members to obtain larger loans when required

  • Minimum savings of K10.00 per deposit (whether paid on fortnightly or monthly basis).
  • A minimum balance of K50.00 must remain always in the account.
  • Withdrawals are allowed only for education related purposes.
 
  • Minimum savings of K20.00 per deposit (whether paid fortnightly or monthly).
  • Minimum withdrawal of K200.00 at any one time.
  • Members may withdraw up to 50 % of their net total savings balance in their General Savings Account and only one withdrawal per month is allowed.
  • A member must save for a continuous period of three months or more and have a minimum balance of K200.00 before a loan is allowed.
  • Minimum savings of K10.00 per deposit (whether paid fortnightly or monthly).
  • Withdrawals are only allowed in November, December and January of each year.
  • A minimum balance of K20.00 must remain always in the account.
  • Savings cannot be used as security against loans.
  • Minimum savings of K50.00 per deposit
  • Withdrawals are not allowed.
  • This savings account will enable you to apply for a loan at 1:2 ratio
  • Interest for this particular savings account is paid monthly

Yes. The Society pays interest on savings based on the surplus funds (profit) made each year.