Over the past few years, Opay has emerged as a prominent name in the banking sector, gaining widespread recognition for its user-friendly operations and diverse range of products accessible through its mobile application.
One noteworthy offering is the fixed savings product, which has rapidly gained popularity since its introduction on the Opay platform. With over a million users availing of this service, it has become a key feature of Opay’s financial ecosystem. underscoring its popularity and effectiveness.
Today, In this article, we will share more details on fixed savings, how to lock money on opay savings and explore how individuals can leverage this feature to securely lock away their funds while earning interest.
Understanding Opay Locked Fixed Deposit Savings
Opay Fixed Savings is a financial plan designed to provide interest on fixed deposit savings. Interest is disbursed only upon the due date along with the principal amount.
Opay Fixed Savings Modes
Opay Fixed Deposit offers two modes: locked and unlocked. When opting to lock your savings during plan creation, two key outcomes occur:
All interest accrued is immediately credited to your account.
The deposited funds become inaccessible until the due date, regardless of any circumstances, requiring you to wait until the maturity date.
Alternatively, if you choose not to lock your savings, interest will be paid upon the due date alongside the principal amount. However, you retain the flexibility to liquidate your funds at any time.
How to Lock Money on Opay Savings
To lock money on Opay, follow these simple steps:
Open your Opay application on your iPhone or Android device. This is the first step that requires all users to do.
Navigate to the “Finance” section in the footer navigation.
Select “Fixed” on the savings page from the options.
Click on “Create a Plan.”
The plans varies, it depends on your choice. Choose the duration period, such as 30-60 days, 60-300 days, or 300-1000 days. Note that longer durations yield higher potential interest.
Provide the plan name, amount, and payback date.
Select whether the plan will be locked or unlocked. Remember, if locked, you cannot withdraw the funds until the due date.
Proceed to the payment page and select your preferred payment method, which can be your Opay account, Owealth, ATM card, or bank deposit.
Upon successful payment, your plan will be created.
The table below illustrates the interest rates you can earn by fixing an amount of money on Opay for a specified period:
Duration (Days)
Balance ≤ N300k
Balance > N300k
7-60
15%
6%
61-180
16%
7%
181-364
17%
8%
365-1000
18%
9%
Interest Rates
As depicted, longer savings durations correspond to higher potential interest earnings. For savings up to N300,000, interest rates range from 15% to 18% annually, while for amounts exceeding N300,000, interest rates range from 6% to 9% for the excess amount.
Example Calculation
Suppose you decide to fix N500,000 for 90 days, falling within the 61-180 days range. The interest calculation would be as follows:
Interest on the first N300,000: (16% * 300,000) / (365 days) * (90 days) = N11,835 Interest on the remaining N200,000: (7% * 200,000) / 365 * (90) = N3,452 Total Interest Earned: N15,287 * 10% withholding tax = N1,528 Total Interest Earned in 90 Days: N13,759
Additional Facts about Locking Money on Opay
Withdrawing savings in advance results in a forfeiture of 100% of the accrued interest.
Upon liquidation, funds are transferred to your Owealth account within 48 hours.
In compliance with Nigerian tax regulations, a 10% withholding tax is applied to the interest earned for each savings plan.
Should you have any further inquiries or require assistance, please do not hesitate to reach out.
FAQS
Can I lock my money with Opay?
To ensure the security of your Opay account, you can take swift action by dialing *955*131# to lock your Opay account. Alternatively, if you suspect any fraudulent activity related to your card, you can dial *955*132# to immediately lock your card hassle-free.
Your safety and peace of mind are our top priorities. By utilizing these quick and simple codes, you can protect your funds and prevent unauthorized access to your account or card.
How do I withdraw my locked money on Opay?
Your funds will be securely locked and unavailable for withdrawal before the due date, regardless of any circumstances. You must patiently wait until the scheduled due date to access your money.
How do I put security on my Opay app?
Ensuring secure access to your OPay App on Android is crucial for safeguarding your financial transactions. With the integration of Face ID, accessing your OPay account becomes even more convenient and secure. Here’s how you can enable Face ID on your OPay App:
Step 1: Open “Phone Manager/Master” App
Locate and open the “Phone Manager” or “Master” app on your Android device. This app is typically pre-installed on most Android devices and serves as a utility tool for managing various aspects of your phone.
Step 2: Access “App Lock” Feature
Scroll down within the Phone Manager app until you find the “App Lock” option. Tap on it to access the App Lock settings.
Step 3: Unlock with PIN, Password, or Face ID
If App Lock is already enabled, you will be prompted to unlock it using your PIN or password. Enter your PIN or password to proceed.
If you haven’t set up App Lock previously, you’ll need to configure it by following the on-screen instructions. Once configured, you can choose to unlock the feature using your PIN, password, or Face ID, depending on your device’s capabilities.
Step 4: Enable Face ID
If your Android device supports Face ID, you’ll have the option to enable it within the App Lock settings. Simply toggle the Face ID option to enable it.
Step 5: Confirm Face ID Setup
Follow the prompts to set up Face ID for App Lock. This typically involves scanning your face using the front-facing camera of your device. Ensure you are in a well-lit environment and position your face within the designated area on the screen for accurate scanning.
Step 6: Complete Setup and Verify Face ID
Once the setup process is complete, your Android device will prompt you to verify Face ID by scanning your face again. This helps ensure the accuracy and reliability of the Face ID feature.
Step 7: Access OPay App with Face ID
Now that Face ID is enabled for App Lock, you can securely access your OPay App using Face ID authentication. Simply open the OPay App, and when prompted to unlock, your device will scan your face to grant access.
