Wekeza Scheme is a withdrawable deposit account where depositors can place short term deposits for specified periods of time usually between one to twelve months. The account targets members with large sums of money that they have put aside for investment and they are fairly certain of the period that they can commit the funds.
- Minimum Ksh.50,000 but member can add any other amount below 50,000 even Ksh.10,000
- Interest is computed daily and credited at the maturity of the contract period.
- Three, Six, and Twelve Months
- Can be used to secure loans at 100%
- Loss of the interest income in full on withdrawal before maturity date
- Time frame for refunds is 5 working days
The customer will be issued with a Certificate of Deposit upon depositing the money.The Certificate of Deposit details the amount deposited, date deposited, interest rate applicable, contract period and the maturity date
What can investor do on maturity?
1. Re-invest the whole amount
2. Withdraw part and re-invest the balance
3. Withdraw the whole amount (Principle plus interest)
|Duration of Investment||Hurdle Rate (p.a)|
|3 Months||7%(prevailing minimum rate as per CBK guidelines)|
|More than 12 Months||10%|