Lock Savings Account
This is a savings account that allows M-Shwari customers to save for a defined purpose and for a specified amount of time.
The funds saved on the M-Shwari Lock savings account will be kept in the account until the maturity date; this maturity date is determined by the customer upon opening the account and ranges between one and twelve months. Customers can make micro deposit into this.
The M-Shwari Lock Savings account is ideal for customers looking for higher interest rates and those wishing to keep money away safely for one to six months.
What are the requirements of opening a Lock Savings Account?
- One must be an M-Shwari customer in order to access this service.
- To join M-Shwari, Go to your M-PESA menu, select “My account” and “Update menu” then go to your M-PESA menu, select Loans and Savings, Mshwari, click on activate account and accept terms and conditions.
What are the benefits of opening a Lock Savings Account?
- No minimum savings
- There are no charges levied on the M-Shwari Lock Savings account.
- The interest rate is constant during the investment period, and is calculated and paid out monthly or at maturity.
- The Lock period varies from one month to six months depending on the customer needs.
What interest will be payable on the M-Shwari Lock Savings Account?
M-Shwari lock savings interest is earned daily but paid out monthly into the lock savings account.
(Table on site)
How does one access the Lock Savings Account Menu?
- On the M-PESA menu, go to Loans and Savings
- Select M-Shwari
- Select Lock Savings Account
How do I Open and Save into Lock Savings Account?
- Go to M-PESA, Loans and Savings
- Select M-Shwari
- Select Lock savings account
- Open an account
- Select to save from either M-PESA or from M-Shwari
- Enter Target Amount,
- Enter period between 1-12 months
- Enter amount to save
- You will receive an SMS confirmation that your Lock Savings Account has been set up.
- The next time you save, go to the Lock Savings option under M-Shwari, select to save from either M-Shwari or M-PESA, enter amount and then your M-PESA PIN to complete your transaction.
How will I know that my money in M-Shwari Lock Savings has matured?
- Upon maturity, a notification will be sent to you via SMS from M-Shwari informing you of the amount saved and the interest earned.
Can a customer withdraw their funds before maturity date?
- However, a customer will receive the requested money after 48hours. A customer has the option to withdraw the entire amount or make a partial withdrawal of the funds
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