VisionFund Cambodia

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Frequently Asked Questions
  1. What is Social Investor Term Deposit? 
  2. What benefits I can get when placing deposit with VisionFund Cambodia? 
  3. What are the requirements for opening account with VisionFund Cambodia? 
  4. What kind of document will I receive as evidence after opening an account with VisionFund Cambodia? 
  5. Can I have an account with joint ownership?
  6. How long can I place my deposit?
  7. Can I open more than one Social Investor Term Deposit account with VisionFund Cambodia?
  8. In what currency can I open an account with VisionFund Cambodia?
  9. Is my interest receivable from Social Investor Term Deposit subject to any tax payment?
  10. How and when can I get my money back?
  11. Is it possible to renew my deposit for another term?
  12. Can I give instruction to renew my deposit :
  13. Can I withdraw my deposit before maturity date?
  14. How do I add or remove additional authorized signatories to/from my account?
  15. What should I do if my Certificate of Deposit is lost or damaged?
  16. What document should I bring along when needing to do any transactions on my account?
  17. What if I need additional documents such as Account Statement or Account Balance Confirmation?
  18. How do I open a Social Investor Term Deposit account if I am living abroad?
  19. How do I deposit money with VisionFund Cambodia if I stay abroad?
  20. If I have an account with VisionFund Cambodia, can I deposit/withdraw at any VisionFund’s provincial branch?
  21. What should I do if needing more information or clarification?

1. What is Social Investor Term Deposit?

Social Investor Term Deposit is a term deposit product targeting at those who are passionate in helping the poor, particularly towards the well-being of children. You can reach your social goal while maintaining your financial target by depositing with VisionFund Cambodia. In due course, your money will be lent back to the community to start or grow their businesses. VisionFund Cambodia will manage your money safely and effectively.

2. What benefits I can get when placing deposit with VisionFund Cambodia?

          Placing your deposit with VisionFund Cambodia, you will enjoy benefits as below listed:
  •  Participation in poverty reduction through microfinance
  •  Choice for short-term investment to generate income from your surplus fund
  •  Well-protected and secured fund placement
  •  Good return on investment in both financial and social aspects
  •  Friendly, fast, and convenient services

3. What are the requirements for opening account with VisionFund Cambodia?

For individual

-  For Cambodian,  must have any of the documents below: 

  •  Valid Cambodian identification card, or
  •  Passport which is valid for at least 3 months, or
  •  Family book (for family member, attach other documents with portrait), or
  •  Residential book (attach other documents with portrait), or 
  •  If doesn't have any of the above documents, he/she must have residential document certified by local authority (attach other documents with portrait) 
-  For Foreigner living in Cambodia,  must have passport which is valid for at least 3 months 
-  For Foreigner living outside Cambodia, must have the following documents: 
  •  Passport which is valid for at least 3 months or valid identification card, and
  •  Reference letter from an acceptable introducer living in Cambodia (eg. Account holder or parties known to VisionFund Cambodia), supported by his/her valid identification card or valid passport

For corporate/organization

must have the following documents: 

  • Identification card/passport of authorized signatories
  • Memorandum and articles of association; 
  • Business registration certificate; 
  • Authorization form; 
  • Other documents (if available).

Note: Those aged less than 18 years old are also allowed for account opening with VisionFund Cambodia; however, they are not allowed to personally operate the account. In such case, their parents or guardians aged over 18 years old operate the account on their behalf based on the power and authority as stated and instructed in specimen form.

4. What kind of document will I receive as evidence after opening an account with VisionFund Cambodia?

By having Social Investor Term Deposit with VisionFund Cambodia, you will receive a Certificate of Deposit as a proof that your money is deposited in a specific account for a particular period of time.

5. Can I have an account with joint ownership?

Yes, you can choose to hold an account personally or open a joint account consisting of account holders up to a maximum of three people.

6. How long can I place my deposit?

You can place your deposit with VisionFund Cambodia at various terms at your choice; deposit term can be 1, 3, 6, 9, 12, 18, and 24 months. The longer term you place your deposit, the higher interest rate you will get.

7. Can I open more than one Social Investor Term Deposit account with VisionFund Cambodia?

Sure, you can open more than one account with VisionFund Cambodia.

8. In what currency can I open an account with VisionFund Cambodia?

You can open account either in Local currency (KHR) or US dollar (USD).

9. Is my interest receivable from Social Investor Term Deposit subject to any tax payment?

Your interest earning is subject to withholding tax based on a specific prevailing rate determined by General Department of Taxation, Ministry of Economy and Finance, Royal Government of Cambodia from time to time. Currently, withholding tax of six percent (6%) is applied on resident customers and fourteen percent (14%) on non-resident customers. Therefore, only net-off amount after tax is paid out.

10. How and when can I get my money back?

You can withdraw your deposit for both principal and interest after maturity date of a contract. No additional interest will be earned after maturity date of a Social Investor Term Deposit unless you choose the option for contract (automatic) roll-over.

11. Is it possible to renew my deposit for another term?

VisionFund Cambodia offers choices for contract roll-over; therefore depositors can renew their deposits for a further term upon request. Two options for contract roll-over are available:

  • Roll-over both principal and interest
  • Roll-over only principal

Roll-over options are listed on the Account Opening Application Form for depositors to select upon their preference at the time of opening the account.

12. Can I give instruction to renew my deposit :

  • At anytime before the maturity of my deposit?

Yes, you can. Please visit VisionFund’s office during service hour and inform to our staff accordingly. VisionFund’s staff will adjust your contract status to automatic roll-over contract upon your request.

  • After the maturity of my deposit?

Kindly visit VisionFund’s office during service hour and notify VisionFund Cambodia. VisionFund will create new contract for you to extend deposit with us. No interest will be earned after maturity date and before receiving your formal notification to extend your deposit. Your deposit will begin to earn interest only after your notification to extend your deposit has been received by VisionFund.

13. Can I withdraw my deposit before maturity date?

Normally, cash withdrawal can be done after maturity date of a contract. Anyway, in case you wish to have premature withdrawal, you need to notify VisionFund Cambodia at least one (1) working day before such withdrawal. In this case, you will get only 20% of actual net accrued interest.

Furthermore, premature withdrawal within two weeks (15 days) counting from account opening date is subject to an administrative charge determined by VisionFund Cambodia from time to time.

14. How do I add or remove additional authorized signatories to/from my account?

You can decide to add or remove additional authorized signatories to/from your account from time to time by giving formal notice to VisionFund Cambodia. You need to fill in New Specimen Requisition Form attached with the new specimen signature(s). For corporate account, an additional document of the company resolution is required.

15. What should I do if my Certificate of Deposit is lost or damaged?

If the certificate of deposit is lost or damaged, you are required to immediately notify VisionFund Cambodia and requisite for a new one .You are totally responsible for any liability that may occur prior to such notice. In this case, you need to pay an administrative fee determined by VisionFund Cambodia.

16. What document should I bring along when needing to do any transactions on my account?

Kindly bring your identification document together with Certificate of Deposit with you whenever you need to do any transactions on your account.

17. What if I need additional documents such as Account Statement or Account Balance Confirmation?

Account Statement or Account Balance Confirmation is offered upon request; however, you need to pay for an administrative fee determined by VisionFund Cambodia.

18. How do I open a Social Investor Term Deposit account if I am living abroad? 

For those who reside abroad, please visit our website at www.visionfund.com.kh/product/savings/Social-Investor-Term-Deposit and download application forms. Fill the forms, scan and send it to VisionFund Cambodia via e-mail. You shall then be contacted by our Officer for further instructions.

19. How do I deposit money with VisionFund Cambodia if I stay abroad?

You can transfer your money to our bank account upon request and we will take it as effective after we have received your money and you will be responsible for any bank/fee charges.

20. If I have an account with VisionFund Cambodia, can I deposit/withdraw at any VisionFund’s provincial branch?

Currently, VisionFund Cambodia offers savings service at Head Office only. Therefore, if you would like to operate your account, kindly visit our Head office at address as mentioned below. VisionFund Cambodia plans to extend our savings service to our operation areas at provincial/town in the near future.

21. What should I do if needing more information or clarification?

For more details, please kindly contact VisionFund Cambodia through (855) 12 222 024/ 23 6555 014 or directly visit our office at # 20, Street 71, Sangkat Tonle Bassac, Khan Chamkarmorn, Phnom, Penh, Cambodia.

Note: The above FAQ is merely for purpose of general information only and not to be construed as any form of contract or commitment on the part of VisionFund Cambodia.

 
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