M-Shwari 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 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.

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.

  • 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.

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

M-Shwari lock interest is earned daily and paid out monthly.

Customer Savings Amount Lock Savings INTEREST RATE
KSHS 1-20000 3% P.A
KSHS 20001-50,000 5% P.A
>KSHS 50,001 6% P.A

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

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

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

The minimum target amount is ksh500.

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

You can save as many times as possible

The minimum top up amount is Kshs1(one)

The minimum amount is Kshs 1000.

The minimum period is one (1) month.

The maximum period is six (6) months.

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

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

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