This account allows you to set a target and make deposits towards achieving that target.
How does it work?
- Go to M-PESA menu
- Select Loans and Savings
- Select KCB M-PESA
- Select Fixed Savings
- Select Target Savings Account
- Select Open Account
- Select source of funds;
- M-PESA or KCB M-PESA
- Enter Target amount you intend to save for the period (amount needs to be more than KES 1000)
- Enter period (1 up to 12 months)
- Enter initial deposit amount (not less than KES 50)
- Enter M-PESA PIN and confirm transaction
- You will receive an M-PESA confirmation.
- You top up continuously until you achieve your target.
- You can deposit money into the target account through: M-PESA or KCB M-PESA
- You can choose from target periods of 1 up to 12 months with a minimum contribution of KES 50.
- You earn interest on cumulative interest.
- Early withdrawal of funds from Target Savings is allowed subject to withdrawal of the entire amount saved. Total interest on savings will be earned to the day of the withdrawal.
- You get cash back immediately to your KCB M-PESA account on prompting cash back.
- Minimum target period is 1 month.
- Enjoy attractive Interest rates of 6.3% p.a. on your savings.