Smart Saver Whiz Redemption Demystified – When your deposit has reached maturity, you definitely want to know how to redeem it, right?
With Smart Saver Whiz, the redemption process becomes very easy and seamless. Now, the Smart Saver redemption will be done automatically according to the chosen Smart Saver redemption option.
The funds from the matured Smart Saver will be automatically transferred to the bank account you previously selected. Now, the deposit redemption process in Whiz becomes easier and smoother without any hassle!
Let's take a look at how to redeem your Smart Saver deposit.
Also Read: Step-by-Step Guide: Getting Started with Whiz’s Smart Savers’ Features
Automatic Redemption in Smart Saver Whiz Feature
1. Change Rollover Status to 'Inactive'
To initiate the redemption of Smart Saver, change the rollover status from 'Principal & Interest' to 'Inactive.' Ensure that the rollover status change is made at most 7 days before the maturity date.
After that, when your funds mature, they will be automatically transferred to the main Whiz wallet or the bank account you choose.
If the automatic redemption fails due to issues with the Whiz wallet or the selected bank account, you can proceed with a manual redemption.
Manual Redemption in Smart Saver Whiz Feature
1. If Redemption Fails, Click 'Redeem Balance'
If the automatic redemption fails, you will receive a notification to proceed with a manual redemption. On the Smart Saver details page, click 'Redeem Balance.'
2. Choose Redemption Destination
While on the withdrawal page, choose the withdrawal destination to be the Bank Account.
If you choose to redeem to a bank account, click "Fill Bank Account Details."
3. Choose the Bank Option
Next, choose the bank option according to your account.
4. Enter Bank Account Information
Enter the savings account number. Make sure the account holder's name matches the identification data registered during Smart Saver registration for a smooth withdrawal process. Then click 'Continue'.
5. On the Redeem Balance Page, Click 'Continue'
The bank information you entered will appear; then click 'Continue.'
6. In the Balance Withdrawal Details, click 'Confirm Balance Withdrawal‘
Click 'Confirm Withdrawal' to initiate the fund withdrawal process.
7. Enter PIN
Enter your six-digit PIN. Make sure the entered PIN is correct.
8. Yay! Redemption is Being Processed
Your fund redemption is being processed by the system and takes a maximum of 2 business days.
9. Smart Saver Redemption Successful
When the Smart Saver redemption is successful, you will receive proof of the successful redemption transaction.
Also Read: Smart Saver Funding: Learn How to Save Effortlessly
That's the Smart Saver Whiz withdrawal process. Easy, isn't it? So, no need to worry when you want to start saving with Smart Saver Whiz because the fund withdrawal is now so simple!
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