You can create an NGN Locked Vault on Raenest to set aside your naira savings for a fixed period and earn interest at a fixed rate. Before you begin, make sure you have at least ₦ 50,000 in your Raenest account to meet the minimum deposit.
Steps to Create an NGN Locked Vault
Open the Raenest app: Log in to your account and navigate to the Vault section.
Select NGN Vault: Choose the option to create a naira Locked Vault.
Enter your savings amount: Input the amount you want to save. The minimum deposit is ₦50,000.
Choose your lock period: Select your preferred duration from the available options: 1, 3, 6, 9, or 12 months. You may also choose a custom maturity date where available.
Set your savings goal: Select a suggested purpose, such as Vacation, House, Education, Business, Family, or Retirement. You can also enter a custom name for your Vault.
Select your funding wallet: Choose the Raenest wallet you want to use to fund your Vault. If you select a wallet in a currency other than NGN, currency conversion may be required.
Review your savings details: Check the interest rate, estimated interest, maturity date, and expected payout. If currency conversion applies, review the applicable exchange rate and fees as well.
Confirm your savings: Review the details and confirm the transaction to fund your Vault.
Your NGN Locked Vault becomes active once the funding transaction is successfully completed.
What Happens Next?
Your money will remain locked until the selected maturity date, earning interest at the fixed rate agreed upon when you created the Vault.
When your Vault matures, your original savings and applicable interest will be paid into your Raenest NGN wallet. You will receive a notification once the payout has been completed.
Important: If you withdraw your money before maturity, you will forfeit all accrued interest and pay an early withdrawal fee of ₦1,000. Review the applicable penalty and the amount you will receive before confirming an early withdrawal.
Need help?
If you have questions about your Locked Vault, its interest rate, maturity date, or payout, contact Raenest Support through the app for assistance.