PalmPay CashBox is a savings product service on the PalmPay App. The CashBox is powered by Blooms Microfinance Bank Limited which licensed by CBN. The PalmPay CashBox allows you to manage and grow your money in a more flexible way compared with fixed savings.
You can get interest payout everyday, while the funds you deposit in the CashBox will not be locked and you can withdraw principal and interest at anytime with no penalty. PalmPay CashBox can also be used for making transfers, bill payments, and loan repayments like PalmPay Balance, while PalmPay Balance does not pay you interest.
What is PalmPay’s CashBox?
CashBox on PalmPay is a savings services that allows users to save and earn interest per their investment. The feature is backed by Blooms MFB Limited. PalmPay just serves as a host of the product, while Blooms manages the finances: savings, investments and interest.
However, with CashBox, you can get interest payout everyday on your savings and your actual money will not be locked. CashBox can also be used for making transfers, bill payments, and repay outstanding loans on the PalmPay App.
How PalmPay CashBox Works
The PalmPay CashBox works by making savings effortless and rewarding. CashBox offers two ways to save: you can make one-time deposits whenever you have extra cash, or set up Auto Save to automatically transfer funds from your PalmPay balance into your savings.
Interestingly, you’ll earn daily interest on your savings balance, so your money grows a little bit every single day. However, if you need to withdraw your savings, no problem. CashBox offers complete flexibility, allowing you to withdraw your money back to your PalmPay balance at any time, with no penalties for early withdrawal.
Getting started with CashBox is simple. Just update your PalmPay app to the latest version. Then, find the CashBox option within the app and follow the easy steps to activate your savings account. Once activated, you can make your first deposit and start watching your money grow with daily interest.
PalmPay CashBox puts you in control of your finances. It’s a flexible and rewarding way to save for your goals, big or small.
PalmPay CashBox Interest
For CashBox balances up to ₦10,000, the rate is 20% p.a. Balances above ₦10,000 but within ₦100,000 will have the first ₦10,000 at 20% p.a., and the remaining balance at 16% p.a.
Balances above ₦100,000 will get 20% p.a. on the first ₦10,000, 16% p.a. on the amount above ₦10,000 but less than ₦100,000, and 8% p.a. on the remaining balance.
How is the CashBox interest paid and calculated?
Interest is credited to your CashBox account daily at around 6:00 AM and is determined based on your balance as of approximately 10:00 PM the previous day. It is compounded daily on both the principal and any previously earned interest. The interest is calculated as follows based on your account balance:
- If your CashBox balance is up to N10,000: Daily Interest Payout = Balance * [(1 + 20%)^(1/365) – 1] – 10% withholding tax.
- If your CashBox balance is more than N10,000 but does not exceed N100,000: Daily Interest Payout = (N10,000 * [(1 + 20%)^(1/365) – 1] + (Balance – N10,000) * [(1 + 16%)^(1/365) – 1]) – 10% withholding tax.
- If your CashBox balance exceeds N100,000: Daily Interest Payout = (N10,000 * [(1 + 20%)^(1/365) – 1] + N90,000 * [(1 + 16%)^(1/365) – 1] + (Balance – N100,000) * [(1 + 8%)^(1/365) – 1]) – 10% withholding tax.
Due to Nigerian Tax Regulation (NTR), you’ll have to pay a 10% withholding tax on the interest earned on your savings. Therefore, the daily interest payout is after-tax.
PalmPay CashBox Withdrawal
When can I deposit into my CashBox?
You can deposit money into your CashBox at any time. Make a deposit before 10:00 PM, and you’ll earn interest the next morning.
Can I withdraw money from CashBox anytime?
Absolutely! You can withdraw your savings (including all earned interest) from CashBox anytime without penalties.
CashBox helps you grow your funds and still gives you access to it. But remember, if you withdraw before 10:00 PM, you will not earn interest on the withdrawn amount the next day.
PalmPay CashBox’s Auto Save
What is Auto CashBox in PalmPay?
Auto Save is a function that once enabled, will automatically transfer funds from your PalmPay Balance into your CashBox at night every day and will also automatically deposit any received transfers into your CashBox directly. It saves you the hassles of funding your CashBox manually. You simply relax and watch your money grow.
What’s the maximum amount that I can save in CashBox?
KYC Tier 1 users can save up to N200,000 and KYC Tier 2 users can save up to N400,000. KYC Tier 3 users can save up to N10,000,000. However, it’s important to note that the daily amount you save should not exceed your PalmPay balance’s daily transaction limit. If you wish to save more money and earn higher returns, please consider upgrading your KYC level.
PalmPay CashBox Limit
What are the daily transaction limits for CashBox?
For KYC Tier 1 users, the limit is N5,000,000. For KYC Tier 2 users, the limit is N200,000, and for KYC Tier 3 users, the limit is N1,000,000. These limits apply to all transactions made with CashBox, including withdrawals, transfers, bill payments, and repayments. Depositing money into CashBox does not count towards these limits.
What are the daily transaction limits for CashBox?
For KYC Tier 1 users, the limit is N5,000,000. For KYC Tier 2 users, the limit is N200,000, and for KYC Tier 3 users, the limit is N1,000,000. These limits apply to all transactions made with CashBox, including withdrawals, transfers, bill payments, and repayments. Depositing money into CashBox does not count towards these limits.
PalmPay CashBox Reviews
Is PalmPay CashBox Safe and Legit?
Your financial security is our priority, said PalmPay. CashBox is licensed and regulated by the Central Bank of Nigeria (CBN), with all deposits insured by the National Deposits Insurance Commission (NDIC). Moreover, PalmPay uses industry-leading encryption technologies to secure all your transactions and account information, ensuring a safe and worry-free savings experience.
Conclusion
PalmPay CashBox offers a befitting solution for those seeking a user-friendly and rewarding savings experience. With its combination of daily interest earnings, flexible deposit and withdrawal options, and competitive interest rates, the CashBox provides users with effortlessly growing of money.
Whether you’re aiming for a short-term saving goal or building wealth for the long haul, PalmPay CashBox provides a convenient and accessible tool to manage your finances and achieve your financial objectives.
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