Would you like to put your money in a savings account and watch it grow? But do you know how to generate money on a KCB Mpesa fixed deposit account in Kenya?
It’s a simple and secure method to save money until you need it, and it earns interest as well.
I’ll show you how to open a KCB Mpesa fixed deposit account in this article.
It can be difficult to save money in your wallet since you will need it, but putting that money into a fixed deposit account protects your money.
You’re certain that your money is safe and increasing, and you’re anticipating predictable returns.
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WHAT ARE FIXED DEPOSITS AND HOW DO THEY WORK?
A fixed deposit account functions similarly to a savings account.
The difference between the two is that fixed deposits do not allow you to withdraw the money at any moment after you have made the deposit.
After the time limit has passed, the money will be available for withdrawal.
In addition, the longer you keep money in a fixed account, the more interest it earns.
[UPDATE 2022] KCB MPESA FIXED DEPOSIT ACCOUNT
Your money will earn a good interest rate whether you deposit local or foreign currencies.
You must allow the funds to remain on the fixed account until the agreed-upon date.
On your deposit to the fixed deposit account, KCB Mpesa pays a 6% annual interest rate.
More interest will accrue the more money you save and the more time you set aside.
The KCB fixed deposit rate account gives you the opportunity to evaluate the rewards on your investment.
You can choose the initial amount to save because the investment size is not limited.
Furthermore, there is no set investment time, so you can choose between one and twelve months to see what works best for you.
In Kenya, KCB is one of the banks with the most adjustable interest rates on fixed deposit accounts.
HOW DO I OPEN A M-PESA FIXED DEPOSIT ACCOUNT WITH KCB?
Because there is no documentation needed, opening a KCB M-PESA fixed deposit account is quick and easy.
The entire procedure is carried out on your cell phone.
The following are the steps to open a KCB Mpesa Fixed Deposit Account in Kenya:
1. Open your phone’s app store and search for sim Toolkit.
2. Navigate to the M-PESA menu.
3. Select “Loans and Savings” from the drop-down menu.
4. Select KCB M-PESA from the drop-down menu.
5. Finally, choose Fixed Savings Account.
6. Choose a fixed deposit.
7. Create a Mpesa Fixed Deposit Account with KCB.
8. Choose between M-PESA and KCB M-PESA as your funding source.
9. Fill in the amount (minimum amount is KES 500)
10. Choose a period of one to twelve months.
11. Put in your M-PESA pin.
12. Double-check the transaction.
You’ll get a text message in a few minutes stating that the account has been set up and the initial amount.
You are free to add extra funds to the account.
DOES THE KCB MPESA PRODUCE INTEREST?
Yes. You can save and earn interest of up to 6.3 percent per year with a KCB Mpesa savings account.
This means that if you save with KCB Bank via Mpesa for a certain period of time, you can receive 6.3 percent interest every year.
That’s how much you can save with Safaricom M-Pesa, and even more.
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