This is a list of KCB Mpesa savings accounts. KCB Mpesa is a loans and savings product offered by KCB Bank to Safaricom Mpesa customers. KCB Mpesa offers two types of savings accounts, Mpesa Fixed savings account and Mpesa Target savings account.
KCB Mpesa charges no fees to open the two types of savings accounts. It is absolutely free to open the accounts.
Money saved in the Target and Fixed savings accounts earn interest at 6.3% per annum. For Target Savings, you earn accrued interest up to the date of withdrawal while for Fixed Savings, you forfeit interest if you withdraw your savings before maturity.
1. KCB Mpesa Fixed Savings Account
This account allows you to lock a specific amount of cash for a period of up to 12 months.
How To Open A KCB Mpesa Fixed Savings Account
- Go to Mpesa menu.
- Select Loans and Savings, KCB Mpesa.
- Select Fixed Savings Account.
- Select Fixed deposit.
- Open Account.
- Select the source of funds.
- Mpesa or KCB Mpesa.
- Enter amount. The minimum amount needs to be Kshs 500.
- Enter period (1 up to 12 months).
- Enter Mpesa PIN and complete the transaction.
2. Mpesa Target Savings Account
This account allows you to set a target and make deposits towards achieving that target for a period of up to 12 months.
How To Open A KCB Mpesa Target Savings Account
- Go to Mpesa menu.
- Select Loans and Savings.
- Select KCB Mpesa.
- Select Fixed Savings Account.
- Select Target Savings Account.
- Select Open Account.
- Select source of funds, Mpesa or KCB Mpesa.
- Enter the target amount you intend to save for the period. The minimum amount is Kshs 1,000.
- Enter period (1 to 12 months).
- Enter initial deposit amount. The amount should not be less than Kshs 50. You will receive an SMS indicating the amount you have saved and the period chosen.
- Enter Mpesa PIN and complete the transaction.
