Requirements To Open A Co-operative Bank Account In Kenya

This article focuses on the requirements to open a Co-operative Bank account in Kenya. Co-operative Bank of Kenya is incorporated in Kenya under the Company Act and is also licensed to do business in banking under the Banking Act. The bank’s mission is to offer a wide range of innovative financial solutions leveraging heavy investment in multi-channel, national and regional presence and with a focus on excellent customer experience by a highly motivated and talented team.

Requirements To Open A Co-operative Bank Account In Kenya

(a). Personal Banking Accounts

1. Current Account

This account allows you to deposit and withdraw any amount of money at your convenience.

Features

  • Cheque book.
  • Ledger fee of Kshs 35 per entry.
  • Monthly maintenance fee of Kshs 300.
  • No operating balance.
  • Statements issued monthly.

Requirements

  • Original ID or passport as well as a copy.
  • 1 referee.
  • Minimum opening balance of Kshs 5,000 for individual account and Kshs 10,000 for companies or co-operative societies.
  • For companies, Memorandum and Articles of Association, Registration Certificate and Directors’ Resolutions are required.
  • Copy of KRA PIN.

2. Salary Account

This is a transactional account designed to facilitate salary processing. It is targeted at employees.

Features

  • No minimum opening balance.
  • No minimum operating balance.
  • No monthly maintenance fee.
  • Salary processing fee applicable.
  • Access to loan products such as personal loans and cash advances.
  • Debit card.
  • Access to a credit card.

Requirements

  • Identity card/ passport, original and copy.
  • Passport photo (to be taken at the branch).
  • Letter of introduction from employer/ employment letter.
  • Kshs 600 for the debit card (inclusive of excise duty of 20%).
  • Copy of KRA PIN.

3. Children’s Account (Jumbo Junior)

It is a transactional account designed for children below the age of 18 years for the safekeeping of money.

Features

  • Automatic membership to the Jumbo Junior Club which entitles one to a free ele-bank on opening a new account and a free birthday card on child’s birthday anniversary.
  • Discounted bank cheques for fees payment.
  • Interest payable at 3%.

Requirements

  • Parent’s or guardian’s original ID card as well as a copy.
  • Copy of birth certificate of the child.
  • Minimum opening/operating balance of Khs 500.
  • Debit card (optional) at Kshs 600.
  • Copy of KRA PIN.

4. Youth Account (YEA Access Account)

The YEA Access Account is foryouth aged between 18 and 30years trying to make it happen.

Features

  • No minimum opening balance.
  • No minimum operating balance.
  • Kshs 600 for the debit card.
  • Discounted bank cheques for fees payment for account holders only.

Requirements

  • Original ID card as well as copy.
  • Copy of KRA PIN.

5. Goldfish Access Account

This is the perfect account for high net worth individuals.

Features

  • Minimum opening and operating balance of Kshs 50,000.
  • Monthly maintenance fee of Kshs 400 for balances below minimum.

Requirements

  • OriginalID card or passport as well as a copy.
  • One referee.
  • Minimum opening balance of Kshs 50,000.
  • Copy of KRA PIN.

6. Hekima Savings Account

Features

  • No minimum opening balance.
  • No minimum operating balance.
  • No monthly maintenance fee.
  • 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.

(b). Business Banking Accounts

1. Haba na Haba Account

Features

  • No minimum operating balance.
  • Access to funds as many times as required.
  • The account holder can access business loans.
  • Debit card available for withdrawals as well as for payments purposes at all VISA branded points.
  • Low monthly ledger fee.
  • Offers transactional solutions to account holders.
  • Convenient mobile banking and internet banking available.

Requirements

  • Copy of National ID card.
  • Minimum opening balance of Khs 550.
  • Copy of KRA PIN.

2. MSME Current Account

This is a current account for all your business needs.

Features

  • Free monthly e-statements.
  • Alerts- SMS/ Email.
  • Free in-housing standing order.
  • Access to trade finance services.
  • Access to non-financial service solutions.
  • Access to daylight overdrafts and MSME asset solutions.
  • Negotiated FX conversion rates.

Requirements

  • Copy of National ID.
  • Minimum opening balance of Kshs 550.
  • Copy of KRA PIN.

(c). Group Accounts

1. Mshiriki Current Account

It is a transactional account for groups and chamas, registered or informal, to support their financial goals safely and securely.

Features

  • No minimum operating balance.
  • Access to funds as many times as required.
  • Cheque withdrawals making reconciliation easier.
  • No monthly ledger fee.
  • Free withdrawals.
  • Free deposits.
  • Groups can acces group loans.
  • Convenient mobile banking and internet banking available.
  • Cheque book costs Kshs 10per cheque leaf on requisition.

Requirements

  • Originals and copies of NationalID of the official signatories.
  • Minimum opening balance of Kshs 2000.
  • Group registration certificate.
  • Group constitution.
  • Letter of introduction from the registering authority.
  • Group minutes resolving to open the account.
  • List of members with ID numbers and signatures.
  • Copy of KRA PIN.
  • For informal groups; signatories to open a joint account and copy of KRA PIN.

(d). Investment Accounts

1. Fixed Deposit Account

This is an investment account in which a customer deposits a specified amount of money for a certain/ fixed period of time.

Features

  • Minimum opening amount is Kshs 50,000 or FCY equivalent.
  • Account holders can borrow against their deposits.
  • Period ranges from 1 to 12 months.
  • The customer is paid a competitive rate for the period the money is held in the account.

2. Call Deposit Account

This is an investment account in which a customer deposits a specified amount of money for an indefinite period of time for a return. One can call or withdraw the funds any time subject to a minimum period of 7 days and prior notice of 24 hours.

Requirements

  • 1 passport size photograph (optional).
  • Identity card- original and copy.
  • PIN certificate.
  • Other features as per the contract certificate.

Co-operative Bank Contacts

Head Office: Co-operative House, Haile Selassie Avenue, Nairobi.

Contacts: 020 277 6000/ 0703 027 000.

Email: customerservice@co-opbank.co.ke.

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Zack Abuyeka

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