The association that encourages savings for the benefit of its members is known as
Answer Details
The association that encourages savings for the benefit of its members is known as a Credit and Thrift Co-operative Society.
Let me explain this in simple terms:
A Credit and Thrift Co-operative Society is a type of organization where members voluntarily come together to save their money on a regular basis.
The primary purpose of this type of society is to encourage savings among its members. It helps members accumulate their savings in a safe and structured manner.
These societies also provide members with access to credit or loans. The money saved by the members is used to give loans back to them at low-interest rates, which is beneficial for individuals who may not have easy access to standard banking loans.
The profits made by the society through lending are typically shared among the members, hence everyone benefits from their collective savings.
In summary, a Credit and Thrift Co-operative Society is all about saving money together as a group and supporting each other financially by providing easy access to loans.