Which of the following programs can be withdrawn annually or after five years of maturity?

The correct choice involves understanding the features of various savings and loan programs. Modified Savings programs are designed to allow members to withdraw their funds after specific periods, such as annually or after five years of maturity. This flexibility is a key characteristic, as it provides savers with the option to access their funds without penalty after a predetermined time.

In contrast, regular savings accounts typically do not have the same maturity requirements or withdrawal restrictions, often allowing for easier access to funds at any time. Multi-Purpose Loans are different altogether, as they serve as a borrowing mechanism rather than a savings account, meaning they focus on lending rather than the conditions for fund withdrawal. Calamity Loans also operate on specific conditions related to emergencies and may not allow for annual access or a structured maturity phase like the Modified Savings program does.

Thus, the Modified Savings program stands out for its structured withdrawal options, which are explicitly defined, making it the correct answer.