During the early 2000s, most poor people wished to participate in the formal savings system but found it difficult to make deposit with tiny amounts. At that time, none among formal financial institutions offered a solution to make savings a practical product for poor community. As the bank serving the poor and policy beneficiaries, VBSP conducted pilot studies and deployed the deposit product for members of Savings and credit groups (SCGs). After 9 years of development and continuous renovation, the deposit product for members of SCGs can be considered as the most prominent savings product for the poor community.
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