If you save with KCB Mpesa, it is imperative you would like to know KCB Mpesa interest rates.
This article will share with KCB savings interest rates either at your target account or fixed account and KCB Mpesa loan interest rates.
KCB Bank is among the banks in Kenya, offering mobile banking services and loan rendering through mobile phones.
It is equally important to know the interest rate earned when you save or apply for a loan.
What Is KCB M-PESA?
KCB Mpesa is a product of KCB bank’s partnership with Safaricom. Precisely, KCB Mpesa is one of the KCB mobile banking products to save and apply for a loan through the phone.
KCB allows its customers to save as little as ksh.1 through KCB Mpesa and then apply for a loan.
To open their account, there are no forms required or visit the KCB bank branch.
Everything is done on the mobile phone.
Since the launch of this product, it has attracted many customers as the savings can earn interest and also conveniently apply for a short-term loan when you need to boost your business.
KCB M-PESA savings interest rates
The rate of interest your saving earns depends on the type of saving account you have opened.
There are two types of KCB Mpesa saving account Fixed Savings Account and Target Savings Account.
KCB Mpesa Target Savings Account Interest rate
If you have opened a target saving account, your saving will attract an interest rate of up to 6.3% per year.
Sometimes you may not set your target account for 12 months, but the savings will still earn interest depending on your set period.
KCB Mpesa Fixed Savings Account Interest Rate
If you have set a fixed saving account, your savings will attract an interest rate of 6.3% per year.
Remember you have to wait until the set time to earn the interest.
If you initiate the withdrawal before the set time, then interest will be calculated until you have withdrawn the savings.
KCB Kenya M-Pesa Loan Rates
KCB Mpesa also offers a loan service, a short-term loan either for emergency purposes to boost your business or enterprise.
After issuing the loan, you have to pay at an interest rate of 7.5 percent per month.
The rate excludes all excise duties.
The KCB group revises the interest rate occasionally, so it is important to get updates when the interest changes.
Here is the list of our KCB articles:
Fixed Deposit, Mobi Loan, Careers, Cub Account, Forex Exchange, Types of Accounts, Activate Mobile Banking, Mpesa Loan, Savings Account, Tuungane Chama Account, Apply for Credit Cards, KCB Opening Hours, Diaspora Banking, Salary Advance, Paybill Number, Savings Interest Rate, Business Account, Prepaid Master Card, KCB Student Account.