Opay Safebox is a savings plan on the opay application which you can deposit daily, weekly or monthly and earn interest on your savings.
What differentiate it from other opay savings product is that to make a withdrawal before the due date, you’ll have to pay a penalty/breaking fee, this is to promote savings discipline.
How Does Opay Safebox Withdrawal Work
On Safebox you can set the withdrawal date, this is like a maturity date, if you don’t set your own withdrawal date, you can as well withdraw on opay default withdrawal dates, which are march 31st, June 30th, September 30th and December 31st.
If you withdraw before the withdrawal date that you set, or apart from any of the four dates above, a breaking fee will be charged.
A breaking fee is a charge deducted for requesting a withdrawal on non-withdrawal days. Breaking fees are 2.5% of the withdrawal amount, this is to promote savings discipline and help you meet your savings goals faster.
How to Withdraw from Opay Safebox Account
Withdrawing from Opay Safebox Account is easy, just follow the below steps.
Step 1: Open your Opay application and login to your account.
Step 2: On the bottom of the application, you’ll see “Finance”, click on it.
Step 3: Click on “Safebox” and the dashboard will open.
Step 4: Click on “Withdraw”.
Step 5: Enter the withdrawal amount, you’ll be shown the breaking fee, click on “Next”.
Step 6: Confirm your withdrawal, input your Opay transaction pin and click on withdraw.
Step 7: Your Withdrawal will be processed and the money will be paid to your Opay balance within 24 hours.
How to turn off Autosave Deposit on Opay Safebox?
- On your spend and save screen, click on Autosave deposit.
- Check the bottom of the screen and click on turn off auto save deposit
- Enter payment PIN and confirm.
- That’s all.