OPay Fixed Deposit Withdrawal is the ability to cash out your Fixed Savings from your OPay Account. OPay Fixed Savings is a savings feature that allows users to earn interest on their fixed deposit savings.
In contrast to its counterpart, Owealth, where interest is paid out daily, with Fixed Savings, interest is only disbursed on the due date, along with the principal amount.
Opay Fixed Deposit offers two modes: locked and unlocked. Opting to lock your funds means receiving all the interest immediately, with your funds inaccessible for the chosen duration.
Conversely, choosing not to lock your funds results in interest being paid at the due date. However, withdrawing early entails forfeiting all accrued interest.
How to withdraw OPay Fixed Deposit
1. Open your Opay application and head to the finance section, then select the Savings page. From there, click on the "Fixed" option to access the fixed deposit screen where your savings plans are managed.
2. On the fixed deposit screen, you'll find a list of your active savings plans. Choose the one you wish to liquidate and proceed by clicking on it. This action will lead you to the details of the selected plan.
3. Within the plan details, locate and click on the "Liquidate" option to initiate the liquidation process. You'll then be prompted to specify the reason for liquidating your savings, such as "Emergency funds."
4. Review the details one last time and confirm the liquidation by clicking on the "Liquidate" button. Your Fixed Savings plan will be terminated, and the funds will be credited to your Owealth account within 24 hours, marking the completion of the process.
OPay Fixed Liquidattion
First of all, do note that a Fixed Liquidation implies a fixed process or schedule for converting assets or investments into cash. In a financial context, liquidation usually means selling off assets to generate cash, often to meet short-term obligations.
OPay fixed liquidation is a financial service where OPay offers you a structured and predictable way to convert your savings into cash. This could involve fixed terms and conditions, ensuring that you know when and how much they can liquidate, providing a reliable means to access liquidity when needed.
In a nutshell, liquidating OPay Fixed Savings is aimed at enhancing user access to cash and managing liquidity more effectively. For more instances, you can check out Zenith Bank Loan Liquidation to learn how to liquidate a Loan in Nigeria.