PalmPay Cashbox is an automated savings solution, offering users a safe and straightforward method of securing their funds.
Cashbox equips users with the ability to establish automated savings routines, accrue interest on their savings, and have unrestricted access to their funds whenever required.
Cashbox interest rate
With palmpay cashbox you can get interest earnings on your savings up to 16% p.a. This Interest is paid to each customer every morning on the amount in their CashBox account as at 10:00 PM of the preceeding date.
The total interest will be paid to you after tax in compliance with Nigerian tax regulation.
You can withdraw all the money in youbr Cashbox balance, including the accrued interest, anytime you need it. Withdrawal from palmpay CashBox for FREE. Also Cashbox withdrawal comes at no charges, no waiting period, no penalties!
How to get started
To get started with PalmPay Cashbox, all you need to do is
- login to your palmpay app
- Click on ‘finance’
- click on ‘wealth’
- Click on ‘Save Now’
From there, you’ll be able to decide how much you want to deposit, set your savings period and see the estimated interest
Principal and Interest Guaranteed
Palmpay Cashbox guarantees both the principal amount and the interest accrued against any potential risk or loss.
Unlike some savings plans where interest is paid monthly or annually, the CashBox pays interest on a daily basis, thereby contributing to a faster growth of your savings.
Insured by NDIC
The PalmPay CashBox ensures financial security by having all deposits insured by the Nigerian Deposit Insurance Corporation (NDIC).
This means that in the unlikely event of any financial difficulty, your deposits are protected, thus ensuring the absolute safety of your money.
Highest Security Standards
Alongside these safeguards, the CashBox is also fortified with the highest security standards.
It strictly adheres to the Payment Card Industry Data Security Standard (PCIDSS) and employs bank-grade encryption technology to secure your funds and transactions.
This provides an added layer of security to your savings, guaranteeing peace of mind when it comes to managing your finances.
Automatic Saving Service Agreement
The CashBox is integrated with the PalmPay app, which provides automatic saving services.
Users can enable automatic transfers from their PalmPay balance to their CashBox once they receive any funds.
Additionally, there’s an option for a scheduled transfer which initiates a daily timed transfer of funds to the CashBox.
However, to avail of these services, users must agree to the Automatic Saving Service Agreement, which essentially enables PalmPay to share user information with Transsnet, including real-time transfer records and balance information.
Moreover, users must ensure that their PalmPay account is in good standing, as any irregularities could disrupt the automatic saving service.
It’s also essential to note that the providers reserve the right to suspend, terminate, or adjust the automatic saving service based on certain conditions.
Termination of Services
Users can terminate the automatic saving service at any time. If the termination occurs before the scheduled transfer time on a given day, the transfer will not be performed for that day.
However, if the termination happens after the scheduled transfer, the automatic saving will not occur from the next natural day onwards.
The providers can also stop providing the automatic saving service at any time without prior notification. As a user, you agree to indemnify the providers in case of any loss caused by such action.
In Conclusion
The PalmPay CashBox, with its robust security measures and guaranteed interest, provides a unique and efficient way of saving money.
As with any financial service, it’s crucial to carefully read and understand the terms and conditions before agreeing to them.
The CashBox is not only a secure deposit box for your savings, but it is also a trusted companion that supports your financial growth journey.
With this innovative product, saving has never been more straightforward, secure, and profitable.
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