Common use of M-Shwari Lock Savings Account Clause in Contracts

M-Shwari Lock Savings Account. 5.3.1. In order to use the Lock Savings Account with the Bank, you must be a registered Safaricom subscriber, an M- Shwari Account holder and you must have activated your Lock Savings Account in accordance with this clause 5.3. 5.3.2. All instructions to the Bank to activate, manage and operate the Lock Savings Account and to move money to and from your M-Shwari Account for purposes of the Lock Savings Account shall be made electronically through the Lock Savings System Menu. 5.3.3. To activate your Lock Savings Account, you must select the Open Lock Savings option, or such other option made available for that purpose on the Lock Savings System Menu and transfer the Principal Amount from your regular M-Shwari Account to the Lock Savings Account. 5.3.4. Upon activation and successful transfer of the Principal Amount to the Lock Savings Account, you will receive an SMS confirming activation, the Principal Amount and the Lock Period. 5.3.5. You will be required to maintain the Principal Amount for the duration of the Lock Period during which period such Principal Amount shall be unavailable for use. 5.3.6. At the end of the Lock Period, the Bank will credit your regular M-Shwari Account with the Principal Amount and the Interest accrued. 5.3.7. Without prejudice to the foregoing, you may add more funds to the Lock Savings Account and set a different Lock Period. Such funds may be accessible at the end of such Lock Periods or in accordance with the provisions of clause 5 of these Terms and Conditions. 5.3.8. Any query and complaint you may have relating to the Lock Savings Account shall be addressed to the Bank through Safaricom’s Customer Care Centre or Retail Shops. 5.3.9. Subject to the provisions of this clause, you may access the Principal Amount before the end of the Lock Period. 5.3.10. In order to access the Principal Amount before the end of the Lock Period the Customer shall Request the Bank through the Lock Savings System Menu by selecting the Withdraw Funds option or such other option made available on the Lock Savings System Menu for that purpose (hereinafter in this clause referred to as “Withdraw Funds”). 5.3.11. The Bank will credit your regular M-Shwari Account with the Principal Amount and the Interest accrued up to the point of withdrawing funds after forty- eight (48) hours from the time in which the Customer makes a Withdraw Funds request in accordance with clause above. 5.3.12. Upon the successful completion of the Withdraw Funds Request, you will be informed by way of an SMS from the Bank that the Principal Amount and the Interest accrued to date have been transferred to your regular M- Shwari Account. 5.3.13. You may check the balance of the funds in your Lock Savings Account by way of the Check Balance option or such other option made available for that purpose on the Lock Savings System Menu using your Equipment. You will receive a USSD System pop up message or an SMS disclosing the balance in your Lock Savings Account. 5.3.14. You may obtain a mini statement based on the last five (5) transactions of your Lock Savings Account by way of the Mini Statement option or such option made available for that purpose on the Lock Savings System Menu using your Equipment. You will receive a USSD System pop up message or an SMS disclosing the last five (5) transactions of your Lock Savings Account. 5.3.15. You may request for one bank statement per year with regards to the funds in your account free of charge at any Safaricom Retail Shop. Any additional statements within that year will be provided at a cost of twenty-five (25) shillings, or such other fees as notified by the Bank from time to time, per page over the counter.