In this article, I will share the two types of KCB Mpesa savings accounts to opt for when you would like to save your money with KCB bank.
It is easy to save money, as you will do it on your phone.
KCB M-PESA is one of its mobile banking products in collaboration with Mpesa.
After activating your Mpesa account, you can start to save and have your money earn interest.
Additionally, you’ll have the chance to borrow a loan from your phone.
Among the simplest ways to grow your money is to put the money on a saving account, which will earn your interest at the end of the day.
KCB bank offers you by opening either a fixed account or a target account.
Actually, savings will attract an interest rate of over 6% per year.
You can save as little as ksh.50.
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KCB Mpesa Target Savings Account
A target saving account is easy to open and sets the amount you would like to save for a certain period.
You will grow your account by making deposits directly from your Mpesa account until you achieve your target.
The minimum amount to save in this account is KES 50.
How To Create KCB Mpesa Target Savings Account
1. Go to your mobile apps and select the Sim toolkit app.
2. Go to your M-PESA
3. Choose Loans and Savings
4. Select KCB M-PESA
5. Select Fixed Savings
6. Select Target Savings Account
7. Select Open Account
8. Select source of funds; either from M-PESA or KCB M-PESA
9. Enter the Target amount you intend (the minimum amount has to be KES 1000)
10. Next, enter a period between 1 and 12 months
11. Enter initial deposit amount (not less than KES 50)
12. Enter your M-PESA PIN
13. Confirm the transaction
After a few minutes, you’ll receive a confirmation SMS the account has been set.
KCB M-Pesa Fixed Savings Account
You can lock your money on KCB Mpesa fixed saving account and withdraw the money the time you need it.
The money attracts the interest of 6% per year.
But if you withdraw the money before the due time, it will lead to forfeit all interest acquired.
How to Register KCB Mpesa fixed savings Account
1. Select M-PESA
2. Select “Loans and Savings”
3. Select KCB M-PESA
4. Select Fixed Savings Account
5. Select Fixed deposit
6. Open Account
7. Select the source of funds; either M-PESA or KCB M-PESA
8. Enter amount (minimum amount is KES 500)
9. Enter period between 1 up to 12 months
10. Enter M-PESA PIN
11. Confirm the transaction
After a few minutes, you’ll receive a confirmation SMS the account has been set.
That is all the types of KCB Mpesa savings accounts.
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, Tuungane Chama Account, Apply for Credit Cards, KCB Opening Hours, KCB Mpesa Interest Rate, Diaspora Banking, Salary Advance, Paybill Number, Savings Interest Rate, Business Account, Prepaid Master Card, KCB Student Account.
