How CDS account works?
A certificate of deposit, more commonly known as a CD, is a special type of savings account. You deposit your money into the account and agree not to make any withdrawals for a certain period of time. At the end of that time, you get your money plus whatever was earned in interest back.
Opening a CDS Account enables you to trade in securities through the Colombo Stock Exchange. Your CDS account should be opened and maintained through a Participant organization (a stockbroker or a custodian bank). You may select a participant from our lists of Direct Participants or Indirect Participants.
One can access the SMS service by sending an SMS with the word Register to 22372 and following the instructions thereof to complete the registration. The SMS service allows you to access your CDS account and keep track of your shares on your mobile phone anywhere and at any time.
There's no limit on the number of CDs you can have and it's possible to have multiple CDs at the same bank or different financial institutions. Whether it's appropriate for you to have more than one CD can depend on your financial goals and needs.
To register, send the word Register to 22372 and you will receive instructions on how to register for the service. Each SMS costs Kshs. 10.00 You can also get your statements via the email that you registered at the point of opening your account.
Generally, CDs compound daily or monthly. The more often the CD compounds, the faster your savings will grow. The answer varies by account, but most CDs credit interest monthly. Some may allow you to have the interest transferred to a different account, such as a savings account or a money market account.
Like savings accounts, CDs earn compound interest—meaning that periodically, the interest you earn is added to your principal. Then that new total amount earns interest of its own, and so on.
A five-year CD at a competitive online bank could have a rate of 1.50% APY, which would earn nearly $40 in five years. A five-year CD rate closer to the national average, such as 0.57%, would earn about $7.
What is a CDS account number? A CDS account number is a unique 9-digit number. However, if you are asked for a CDS account number, you usually have to enter a total of 15 digits which includes the 9 digits of the CDS number, 3 digits of the broker code and 3 digits of the branch code.
How to deposit cash into your Mplus CDS account - YouTube
How do I make a CDS account?
- 1.Register/Login. Click Register /Login the Client Portal tab or at the top of this page.
- 2.Accept T&C. Carefully read the terms and Conditions and Click Agree.
- 3.Enter CDS & ID Number. Key in your CDS and National ID/Passport Number and click Verify & Create Account.
- 4.Check Email.
What is my CDS account number. A client CDS number is their unique identification that represents the account holding their securities in the CDS system. It is found on the top of the statement and is titled "Account Number".
- Go to Google Play or Apple Store on your phone.
- Search CDSC Kenya, download and install the application.
- Open the CDSC application, click on Register and follow the instructions;
- After registration, go to your email to retrieve your login credentials.
CDSC is 50% owned by the Capital Markets Challenge Fund Ltd, 22.5% by the NSE, 18% by the Association of Kenya Stockbrokers Nominees Ltd, 7% by the CMA Investor Compensation Fund and 2.5% by the Uganda Securities Exchange.
How to deposit cash into your Mplus CDS account - YouTube
Kshs 90 per transaction subject to a minimum of Kshs 50,000 & a maximum of Kshs 1M per annum.
That said, Safaricom shares move fast and it is safe to expect the transaction to be concluded within 2 working days.
- Go to Google Play or Apple Store on your phone.
- Search CDSC Kenya, download and install the application.
- Open the CDSC application, click on Register and follow the instructions;
- After registration, go to your email to retrieve your login credentials.
