KCB MPesa Savings Account Features, Interest Earned

KCB MPesa offers two savings accounts – the Target Savings Account and the Fixed Savings Account. Each account allows M-Pesa mobile service users to save as little as 50 shillings and earn a 6.3% interest rate on their accumulated savings.

Before saving with either of these KCB M-Pesa accounts, you must first activate KCB M-Pesa on your phone.

KCB M-Pesa Savings Accounts

1. Fixed Savings Account

This account allows you to lock your savings for a period between 1 month and 12 months.

The minimum deposit is KSh. 500 and you’ll earn an interest rate of 6.3% p.a. on your savings. However, if you withdraw your money before the fixed term ends, you will lose all the interest earned.

See also: A list of ABSA Bank Kenya Branch Codes.

How to Open a KCB MPesa Fixed Savings Account:

• From the M-PESA menu select Loans and Savings
• Select KCB M-PESA
• Now, select Fixed Savings Account
• Next, select Fixed Deposit
• Choose the option, Open Account
• Select the source of funds; M-PESA or KCB M-PESA
• Enter the amount you want to save (a minimum of KSh. 500)
• Enter a period between 1 to 12 months
• Enter your M-PESA PIN and complete the transaction
• You will receive an M-PESA transaction confirmation message.

Read: Mshwari Lock Savings Account – How to Save and Earn Interest.

2. KCB M-Pesa Target Savings Account

With this account type, you set your target and period and then keep saving  (as little as Ksh. 50) until you achieve your target. You will earn an interest rate of 6.3% p.a. on your accumulated savings.

How to Open a KCB MPesa Target Savings Account:

• Select Loans and Savings from your M-PESA menu
• Select KCB M-PESA
• Select Fixed Savings
• Next, select the option, Target Savings Account
• Select Open Account, then the source of funds
• Enter the Target amount you intend to save for the period (target should be more than Ksh. 1000)
• Enter a period from 1 to 12 months
• Enter the amount you want to start with (not less than KSh. 50)
• Enter your M-PESA PIN and confirm the transaction
• You will receive an M-PESA confirmation message.

See also:

1. How to Save with KCB Simba Savings Account, Interest
2. Equity Bank Savings Accounts, Opening Requirements
3. How to Increase Your Zenka Loan Limit
4. Stawika Loan App: Download, Apply & Repay Easily