[ad_1]
There are many banks in Kenya but only a couple of them are good. If you want to save money and get interest of up to 15% per year, below is the list of banks to choose:
—-Stanbic Bank Kenya
Fixed Deposit Account
Stanbic Bank Kenya offers fixed rates of 6%-14% per annum. Their minimum investment is Ksh 20,000.
The bank does not charge management fee, it’s free to save money in their account. There is also no maximum amount you can save. Even if you have Ksh 1 billion, they will allow you to save in this account and earn interest.
Documents required
- A new customer should bring the below documents for account opening
- ID copy
- 1 passport size photo
- Proof of residence (utility bill or lease agreement)
- 1 month latest payslip/current bank statement
- Existing customers should fill in the Secondary Account Application Form (available at the branch)
- KRA PIN required
Visit any Stanbic Bank branch to open an account.You can also contact them online through their process to inquire more.
—-Cooperative Bank Kenya
Fixed Deposit Account
Another good bank to save your money in is Cooperative Bank.It offers fixed deposit account which yield interest of 7%-14%.If you negotiate with them well, they will give you fixed interest of 9% per annum.
Assuming that you save Ksh 3 million in a year, the interest you will earn in that period is Ksh 270,000, assuming the rate is 9%.
You will save money for a period of 1 to 12 months.
To start saving in the fixed deposit account, below are the requirements:
Features
- Minimum opening balance – Nil
- Minimum operating balance – Nil
- Monthly maintenance fee – Free
- Interest calculated daily on credit balances and paid quarterly
- Permits only one withdrawal per calendar quarter
- Regular statements every 6 months
- No ATM or debit card
Requirements
- Original ID Card or Passport as well as a copy
- Copy of KRA PIN
The longer the period to save the higher your interest rate.
—–Standard Chartered Bank
Standard Chartered Bank offers the highest rates on Fixed Deposit savings. If your savings are in millions, the rate will be between 8% and 12 %.
The bank accepts customers to open a fixed deposit account online.
The lowest amount to save is Ksh 100,000.
Standard Chartered Bank Fixed Deposit account interest rates
| DEPOSIT AMOUNT IN KES | INTEREST RATE PER ANNUM | |||||
| Call | 1 month | 3 Mnths | 6 Mnths | 9 Mnths | 12 Mnths | |
| 100K – 1,999,999 KES | 1.00% | 1.15% | 1.25% | 1.35% | 1.50% | 2.00% |
| 2,000,000 – 9,999,999 KES | 1.00% | 1.15% | 1.35% | 1.50% | 1.75% | 2.25% |
| 10,000,000 – 19,999,999 KES | 1.00% | 1.15% | 1.50% | 1.75% | 2.00% | 2.50% |
| 20,000,000 – 29,999,999 KES | 1.00% | 1.15% | 2.00% | 2.25% | 2.50% | 2.75% |
| 30,000,000 – 39,999,999 KES | 1.15% | 1.20% | 2.50% | 2.75% | 3.00% | 3.25% |
| 40,000,000 – 49,999,999 KES | 1.15% | 1.25% | 3.00% | 3.25% | 3.50% | 3.75% |
| 50,000,000 – 74,999,999 KES | 1.25% | 1.50% | 3.50% | 3.75% | 4.00% | 4.25% |
| 75,000,000 – 99,999,999 KES | 1.25% | 1.60% | 3.75% | 4.25% | 4.50% | 4.75% |
| 100,000,000 + KES | 1.25% | 1.75% | 4.00% | 4.50% | 4.75% | 5.00% |
FCY Term Deposit Counter rates
| DEPOSIT AMOUNT IN GBP | INTEREST RATE PER ANNUM | |||
| 1 month | 3 Months | 6 Months | 12 Months | |
| 5,000 – 49,999 GBP | 0.01% | 0.04% | 0.05% | 0.07% |
| 50,000 – 99,999 GBP | 0.01% | 0.05% | 0.07% | 0.10% |
| 100,000 + GBP | 0.01% | 0.07% | 0.10% | 0.10% |
You can save the amount in Kenyan Shillings, USD, Sterling Pounds or Euro
—-Kingdom Bank
Fixed Deposit Account
Kingdom Bank is associated with Cooperative Bank of Kenya. It pays interest of up to 10% per annum on savings.
The minimum savings are Ksh 5,000.
How to open a Savings Account at Kingdom Bank
Features of the Kingdom Bank Savings Account
- Minimum Opening Balance – Ksh. 500
- Minimum Opertating Balance – Ksh. 500
- No monthly maintenance fee/ charges.
- Interest payable quarterly at 4% per annum for amount above Ksh. 5,000
- Permits only one withdrawal per calendar quarter.
- Regular staements every 6 months.
- –
No Debit Card
Account Opening Requirements.
- – Parent’s or guardian’s original ID Card or Passport.
- – Copy of birth certificate of the child.
- – Copy of parent’s or guardian’s KRA PIN.
—KCB Bank
KCB Bank is the largest bank in Kenya. It offers fixed rate of up to 6% on savings.
You can open a Goal account where you lock the money for 6 months to 5 years and earn 6% interest or be able to borrow up to 100% of your savings. Alternatively, open a savings account and save money every month to earn interest of 3%-6% annually.
To open an account, you need Valid Kenyan Passport or ID.KRA Pin and Ksh 1,000.
The account does not charge monthly fee.
—–DTB Kenya
Most tycoons save their money with DTB Bank.The interest rate ranges between 5% and 15% per year depending on the amount to save.
Features
- Currency – Kenya Shillings, US Dollars (USD) and Great Britain Pounds (GBP)
- Minimum deposit amount –
- KSH. 100,000
- USD. 10,000
- GBP. 10,000
- Term –
- Fixed deposits – one month, three months, six months, one year
- Call deposits – a minimum of seven days
Requirements
- Individual Accounts
- National ID (Kenyan citizens)
- Valid passport & Foreign certificate (Foreign Citizens)
- One passport size photo
- KRA PIN Certificate (Kenya Revenue Authority)
- Proof of Physical address (Lease agreement/ Utility bill indicating- name and physical address)
—–NCBA Bank
Fixed Deposit account
NCBA is among top 3 best banks for Fixed Deposit Account. It can pay interest of up to 16% on your savings.
Features
- Minimum opening balance of KES 100,000.
- Minimum investment term of one month.
- Interest payment options are flexible, allowing interest to be paid at different intervals or upon maturity.
The lowest interest rate is 4% per year.
I will strongly recommend NCBA because it’s given positive reviews by all customers.
—ABSA Bank
Fixed Deposit account
ABSA is a stable bank, implying that you’ll never lose your money. One thing you should note when saving money is whether it’s safe or not.
Features
- It is an interest-bearing bank deposit available in both the local currency and a range of foreign currencies.
- The deposit will be redeemed after a fixed term, e.g. 30, 60 or 90 days. The longer the fixed term, the higher the rate of interest paid.
Interest rate balance band:
- 0 – 5,000: 0.00%
- 5,000 – 25,000: 1.00 %
- 25,000 – 100,000: 1.50%
- 100,000 – 500,000: 2.00%
- >500,000: 2.50%
—–Bank of Africa
There are 2 types of deposit accounts for investment purposes;
- Call Deposit
- Preferable for very short investment periods i.e. for a few days
- Suitable when the funds can be required or called up anytime e.g. funds held on behalf of a client by a law firm
- Minimum amount to invest is Kshs 50,000
- Has no defined investment period
- Funds can be invested and liquidated at any time without penalty
- Earns lower rates of interest than fixed deposit
- The rates payable are advised every month by the Treasury and Liabilities departments and are based on current market conditions
- Fixed (term) deposit
- Earns higher rates of interest than call deposit
- Preferable for longer investment periods i.e. for a few months
- Minimum amount to invest is Kshs 50,000
- Has defined investment periods of 1 month, 2 months, 3 months, 6 months and 1 year
- The rates payable are advised every month by the Treasury and Liabilities departments and are based on current market conditions
- Funds can only be liquidated after the expiry of the investment period
- In the event the funds are prematurely withdrawn, the customer unreservedly accepts that all the interest that had accrued on the deposit shall be forfeited. The Bank may however, at its sole and absolute discretion, pay the customer interest which will be determined by the bank.
—-Family Bank
in our Fixed Deposit Account . The minimum amount to invest is Kshs 30,000. BENEFITS. Flexible terms of 1, 3, 6, 9 and 12 months.The interest rate ranges between 4% and 8% per year.
—I&M Bank
I&M Bank offers high interest rates on savings.Their rates range between 4% and 10% per year.Minimum deposit is Ksh 50,000.You can save between 1 month and 1 year.
[ad_2]
Source link
