January 26, 2023

2 KCB Mpesa savings accounts that you need

Here is a list of KCB Mpesa savings accounts. KCB Mpesa is a loan and security product offered by KCB Bank to Safaricom Mpesa customers.

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KCB Mpesa offers two types of savings accounts, Mpesa Fixed Savings Account and Mpesa Target Savings Account.

KCB Mpesa does not charge any fees to open both types of savings accounts.

Opening an account is free.

Money saved at Target in the Savings Account earns 6.3% annual interest. For savings, you earn interest compounded till the date of withdrawal, while for fixed savings, you lose interest if you withdraw your money before maturity.

1. KCB Mpesa Savings Account

This account allows you to block a certain amount of money 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

You can set a target and start savings a period of up to 12 months via MPESA.

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.