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M-Shwari Lock Savings Account

What is an M-Shwari Lock Savings Account?

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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 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 six months. 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 for opening an M-Shwari Lock Savings Account?

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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 M-Shwari, click on activate account and accept terms and conditions.

What are the benefits of opening an M-Shwari Lock saving account?

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  • Deposits in this account will earn higher  interest than savings on M-Shwari
  • Low minimum saving amount: The minimum amount is Ksh 500
  • There are no monthly fees on the M-Shwari lock savings account which means that savings will not be used up by bank charges.
  • The interest rate is constant during the investment period, and is calculated daily and paid out at maturity.
  • The M-Shwari lock savings period varies from one month to 6 months depending on the customer needs.

What are the charges due to this account?

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Item Charge
Sending money from M-Shwari account to Lock Savings Account Ksh  0
M-Shwari Lock Savings Account Balance inquiry Ksh 1
M-Shwari LockSavings Account Mini-statement inquiry KSh  1

 

What interest will be payable on the M-Shwari Lock Savings?

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Lock Saving accounts will earn an interest of 7.35% p.a. if money is retained in the account until maturity.

How will the interest be calculated?

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Interest is earned daily but paid out on the maturity date selected by the customer. However, if a customer wishes to access the locked funds before maturity, the interest rate shall be M-Shwari interest rate

How will I know that my M-Shwari Lock Savings Account has matured?

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Upon maturity, a notification will be sent to the you via SMS informing you of the amount saved and the interest earned.

How do I access my M-Shwari Lock Savings deposits upon maturity?

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Upon maturity, the M-Shwari Lockbox savings and the interest earned shall be moved to your M-Shwari account

What is the minimum amount needed to open an M-Shwari Lock Savings Account?

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The minimum target amount is ksh500.

What is the maximum amount that can be saved in an M-Shwari Lock Savings Account?

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There is no maximum target amount. However, M-PESA daily limits apply

How many times can I save into my M-Shwari Lock Savings Account?

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You can save as many times as possible

What is the minimum amount I can top up on my M-Shwari Lock Savings Account?

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The minimum top up amount is Kshs1(one)

What is the minimum deposit amount that one needs to have in their Lock Savings to earn the Lock Savings interest?

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The minimum amount is Kshs 1000.

What is the minimum time period for an M-Shwari Lock Savings Account:

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The minimum period is one (1) month.

What is the maximum time period for an M-Shwari Lock Savings Account:

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The maximum period is six (6) months.

Can a customer withdraw their funds before maturity date?

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Yes. However, a customer will receive the requested money after 48hours. Additionally, accessing the funds will result in the M-Shwari interest rates rather than the lock savings interest rates

How to open a Lock Savings Account:

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Go to M-PESA menu, Select Loans and Savings, Select M-Shwari, Open Lock Savings. Use the same process on MySafaricom App