KCE is one of the best banks to operate an account in Kenya. Below are the requirements for opening account at KCB Bank Kenya:

PERSONAL ACCOUNTS

Current Account

Current account is the most common account from KCB Bank. Opening balance required for this account is Ksh 2,000 only. There is no minimum operating balance and no ledger fee. You will get access to ATM and online banking.

What is required

  • Copy of Kenyan National ID (both sides) or
  • Copy of Valid Kenyan Passport (include bio data page)
  • One colored passport size photograph 
  • Proof of address abroad e.g Utility Bill, Bank Statement, Pay Stub, Driver’s License.
  • Kenyan KRA PIN number
  • Proof of source of foreign currency for foreign currency account, eg paystub /bank statement/employment contract
  • KCB account opening form & Indemnity form
  • FATCA & W9 for applicants residing in the US

Transactional Account

What is required*

  • Copy of Kenyan National ID (both sides) or
  • Copy of Valid Kenyan Passport (include bio data page)
  • One colored passport size photograph 
  • Proof of address abroad e.g Utility Bill, Bank Statement, Pay Stub, Driver’s License.
  • Kenyan KRA PIN number
  • Proof of source of foreign currency for foreign currency account, eg paystub /bank statement/employment contract
  • KCB account opening form & Indemnity form
  • FATCA & W9 for applicants residing in the US

Student Account

Of course if you are a student, this is your ideal account. The opening balance for Student Account is Ksh 2,000.There is no minimum balance required, meaning that you will withdraw to the last coin.

Requirements

  • Copy of Kenyan National ID (both sides) or
  • Copy of Valid Kenyan Passport (include bio data page)
  • One colored passport size photograph 
  • Proof of address abroad e.g Utility Bill, Bank Statement, Pay Stub, Driver’s License.
  • Kenyan KRA PIN number
  • Proof of source of foreign currency for foreign currency account, eg paystub /bank statement/employment contract
  • KCB account opening form & Indemnity form
  • FATCA & W9 for applicants residing in the US

Simba Savings Account

What We Need From You

  • Valid Kenyan ID or passport
  • Your KRA PIN certificate

The interest rate is up to 8.5% per annum.

ACCOUNTS FOR BUSINESS

SME Accounts

Requirements

  • Certificate of Registration/Incorporation
  • KRA PIN Certificate
  • VAT Certificate
  • Valid Trading License
  • Company’s Partnership Deed (where applicable)
  • Board Resolution (where applicable)

Account Rates & Fees*

  • Zero opening and operating balance
  • Maintenance charge – Kes 300
  • Over the counter withdrawal charge – Kes 200
  • ATM withdrawal – Kes 30
  • Local currency Bankers Cheques – Kes 200

Agri-Business Accounts

Requirements

  • Kenyan ID or Passport
  • KRA PIN certificate
  • A quality passport photo

Account Rates & Fees*

  • Zero opening balance
  • Zero minimum operating balance
  • Zero monthly maintenance fee
  • Debit Visa card – one-off fee of Kes 430
  • ATM withdrawal charge – Kes 30
  • EFT (Electronic Funds Transfer) and Salary Processing charge – Kes 200

Chama Account

Reuirements

Groups registered with Social Services (Self Help Groups)

  • Certificate of Registration
  • Constitution
  • National ID cards/passports of office bearers
  • Confirmed minutes signed by Chairman and Secretary authorizing opening of account
  • One passport sized color photo of each signatory

Groups registered as a limited company

  • Certificate of Incorporation
  • Memorandum and articles of Association/CR1, CR2 and CR12
  • Board Resolution
  • IDs/Passport (Alien Certificate in case of non–nationals) of Directors and signatories.
  • Company PIN certificate
  • One passport sized color photo for each signatory

Unregistered groups

  • KRA PIN certificates of signatories
  • Confirmed minutes signed by Chairman and Secretary authorizing opening of account
  • Unaudited accounts for new groups and audited accounts for groups less than one year old

Account Rates & Fees*

  • Zero opening balance
  • Zero minimum operating balance
  • Zero monthly maintenance fee
  • Over the counter withdrawal charges – Kes 50
  • Cost of cheque book – Kes 375 for 50 leaves; and Kes 750 for 100 leaves

Account For a Small Business

Requirements

Sole proprietorship

  • Valid Kenyan ID or passport
  • Your KRA PIN certificate
  • A good quality passport photo

Partnership

  • Valid Kenyan ID or passport
  • KRA PIN certificates of each partner
  • A good quality passport photo
  • Partnership deed/partnership resolution indicating signatories and signing mandate

Limited Liability Company

  • Valid Kenyan ID or Passport.
  • Quality passport photo
  • KRA PIN certificate
  • Certificate of incorporation
  • Memorandum and Articles of Association
  • Board of Directors resolution to open an account in KCB
  • Audited books of account for a business that has existed for more than one year

Account Rates & Fees*

  • Zero monthly maintenance fee
  • Zero minimum operating balance
  • Debit Visa card – one-off fee of Kes 430
  • ATM withdrawal charge – Kes 30
  • Over the counter withdrawal charge – Kes 200

Accounts for cooperates

Requirements

  • Certificate of Incorporation
  • KRA PIN certificate
  • Board resolution or company’s minutes resolving to open an account
  • List of authorized Persons/Signatories with specified signing mandates
  • County Treasury and National Treasury approval for County & State Corporations
  • Memorandum & Articles of Association
  • Audited financial statements
  • Identification details including:
  • National ID/Passport/Alien certificate for foreign nationals
  • KRA PIN Certificate

Tuungane Chama account

Requirements

  • Must reside abroad
  • Valid Kenyan Passport or national ID
  • KRA PIN certificate
  • Notarized proof of address e.g. utility bill, driving license
  • Duly signed FATCA form for USA citizens
  • Colored passport sized photo

Opening balance for this account is Ksh 1,000.

Tuungane Investment Account

If your investment group (5-50 members) is looking to purchase land for rental property, commercial vehicles or PSV matatus under organized saccos, this account will see to it that your financial needs are met. The Tuungane investment account will allow KCB to finance your investment group’s projects and bring them to fruition.

Requirements

  • Open to registered and non- registered groups
  • Bank statement:

6 months for newly established groups banking with KCB Bank

3 months for groups with minimum of one-year banking history with other banks

Account Rates & Fees*

  • Opening balance – Kes. 1,000.00
  • Over the counter withdrawal charge – Kes. 100

*Charges are not inclusive of tax

Accounts for Diaspora

Transactional Accounts

What is required*

  • Copy of Kenyan National ID (both sides) or
  • Copy of Valid Kenyan Passport (include bio data page)
  • One colored passport size photograph 
  • Proof of address abroad e.g Utility Bill, Bank Statement, Pay Stub, Driver’s License.
  • Kenyan KRA PIN number
  • Proof of source of foreign currency for foreign currency account, eg paystub /bank statement/employment contract
  • KCB account opening form & Indemnity form
  • FATCA & W9 for applicants residing in the US

The opening balance is Ksh 2,000. No operating balance is required.

You will be provided with ATM services as well as online access to online banking.

Savings Accounts

Goal Account

What You Require

  • Must reside abroad
  • Valid Kenyan Passport or national ID
  • KRA PIN certificate
  • Notarized proof of address e.g. utility bill, driving license
  • Duly signed FATCA form for USA citizens
  • Colored passport sized photo

Goal account will earn interest of up to 8.5% per year.The minimum period of saving in the account is 6 months and maximum period is 5 years.The account does not attract any ledger and maintenance fees.Over the counter withdrawals are free.

Simba Savings Account

Account is suitable for those planning to buy assets in Kenya.

What is required*

  • Must reside abroad
  • Valid Kenyan passport or national ID
  • KRA PIN certificate
  • Notarized proof of address e.g. utility bill, driving license etc.
  • Duly signed FATCA form for USA citizens
  • Colored passport sized photo
  • Minimum opening balance – Kes. 1000 or foreign currency equivalent
  • Minimum Operating Balance – Kes.1000 or foreign currency equivalent
  • No account maintenance charges.
  • Withdrawals limited to 12 per year-Restrict to one withdrawal per month
  • No restriction of deposit into account

Interest rates***

Kes. Rate (p.a.)
1-100,000 5%
100,001-1,000,000 6%
1,000,001-10,000,000 7.5%
10,000,001-20,000,000 8.0%
Above 20,000,000 8.5%
CURRENCY Rate 
AUD 0
CAD
CHF 
EURO 0.20% 
GBP 0.20% 
USD 0.50%  
ZAR  0

Cub Account

Requirements

  • Must reside abroad
  • Valid birth certificate of the child.
  • Valid Kenyan Passport or national ID of parent/guardian
  • KRA PIN certificate of parent/guardian
  • Notarized proof of address e.g. utility bill, driving license etc.
  • Duly signed FATCA form for USA citizens
  • Colored passport sized photo of parent/guardian

Account Rates & Fees

  • Opening Balance of Kes. 1000 or equivalent
  • Zero monthly maintenance fee
  • Minimum operating balance of Kes. 1000 or equivalent
  • Over the counter withdrawal fee of Kes 200
  • Incoming swift charge of Kes 600

Diaspora Chama Account

Requirements

  • Must reside abroad
  • Valid Kenyan Passport or national ID
  • KRA PIN certificate
  • Notarized proof of address e.g. utility bill, driving license
  • Duly signed FATCA form for USA citizens
  • Colored passport sized photo

Opening balance for this account is Ksh 1,000 only



Source link

February 11, 2024

Written by:

X