Do you want to know how the Safaricom lock account work in Kenya? Read this guide.
An m-shwari lock savings account allows mpesa users to set aside some funds for a specific purpose within a specified period.
How Does Safaricom Lock Account Work In Kenya
Safaricom lock account enables customers looking for high-interest rates and those that wish to keep their money safely for a period of one to six months.
Once you deposit money in a locked account, it will remain there until it matures.
For you to access this service, you must be a mshwari customer.
The minimum target required to open a lock savings account is five hundred Kenyan shillings, with no maximum target amount.
Note that you can save as many times as possible. However, m-pesa daily limits apply.
How To Open A Lock Savings Account Works
If you want to open and save money into the Safaricom lock savings account, you must be a mshwari customer.
Follow the procedure below to join m-shwari and start saving on the platform.
1. Go to your mobile phone and open the m-pesa menu.
2. Choose the loans and savings option.
3. Tap on an m-shwari and select lock savings account.
4. Then, go to open an account and select whether you want to save from mpesa or mshwari.
5. Set the target amount and period. Then proceed to make the first deposit, either from m-pesa or m-shwari, to activate the lock savings account.
6. A notification message will therefore be sent to you by Safaricom via SMS.
Use the same process of registration if you want to open a Safaricom lock account using Mysafaricom App.
Withdraw Of Funds From Lock Savings Account
You will only be accepted to withdraw funds after the maturity date.
After withdrawing, you will receive a notification via SMS informing you of your saved amount and the interest earned upon maturity.
If you have an emergency and you wish to withdraw the amount you have saved before the date matures, you can do so, but you will receive the requested amount after 48 hours.
When you withdraw the amount you have saved before the maturity date, it will result in m-shwari interest rates rather than the Safaricom lock savings interest rates.
Safaricom lock account is an account that allows m-shwari customers to save for a defined purpose and for a specified amount of time.
Funds saved in a lock savings account are safely kept in the account until the maturity date, which you determine as a customer. This maturity date ranges from one to six months.
Mshwari interest is earned daily, but you will get this interest on the maturity date that you select.
The minimum deposit amount you need to have in your Safaricom lock savings account to earn lock saving interest is Kshs. 1000.