This article focuses on the requirements to open a Family Bank account in Kenya. Family Bank became a fully-fledged commercial bank in May 2007. From only one branch in 1985, it has grown over time and currently enjoys a network of 92 branches countrywide.
Requirements To Open A Family Bank Account In Kenya
(a). Current Accounts
1. Personal Current Account
With the personal current account, you have the option to obtain both a debit card and cheque book, offering you greater control over your funds.
Features
- Debit card available.
- Hassle-free (paperless) banking.
- Convenient banking, money through pesapap mobile banking.
- Get notifications on account transactions through Pesa Pap.
- Easy account opening requirements and procedures.
- Easily accessible through countrywide network of branches, Family Bank and VISA-branded ATMs.
Benefits
- Access to various loan facilities provided by the bank.
- Personal accident insurance benefit will be provided as an optional benefit of this account.
- No ledger fees.
- Unlimited access to funds.
- Bank statements are available on request.
Requirements
- Original National ID or a valid passport and photocopy.
- For joint accounts, an ID or a passport copy is required for each person to be included.
- Any amount of cash to open the account.
- Passport-size photo (taken at the branch).
2. Salary Account
It is the ideal personal bank account for employed customers. It is an easy and convenient solution that allows you to access your salary, allowances and wages.
Features
- No minimum opening balance.
- No minimum operating balance.
- Visa debit card available at Kshs 500.
- Affordable salary processing fee.
- No ledger fees.
Benefits
- Free monthly e-statements.
- Access to salary advance of 50% of your net salary.
- Access to salary loan after 6 months salary credit.
- Access to check-off loans with a repayment period of up to 84 months.
- Access to credit cards.
- Access to insurance cover.
- Asset financing available.
- Access to alternate banking channels; Pesapap, mobile banking, internet banking and agency banking.
Requirements
- Fill the account application form available at your nearest branch.
- Original and copy of national ID or passport.
- Any amount of money to open the account.
- Customer identification photo will be taken at the branch.
- Introduction documents such as bank statements, introduction letter from another customer, a copy of utility bills in the customer’s name.
3. Mwananchi Account
This is a multipurpose account that can be used for processing of salaries, pensions, agricultural payments, dividends as well as business proceeds.
Features
- Includes debit card.
- Low opening and minimum account balance.
- Paperless banking.
- Convenient banking through pesapap mobile banking app.
- Get notifications on your account transactions through pesapap.
- Easy account opening requirements and procedures.
- Easily accessible through countrywide network of branches, Family Bank ATMs and VISA branded ATMs.
Benefits
- Access to various loan facilities provided by the bank.
- Personal accident insurance benefit provided as an optional benefit of this account.
- No ledger fees.
- Unlimited access to funds.
- Bank statements available on request.
Requirements
- Original and copy of nationalID or valid passport.
- Any amount of cash to open the account.
- Free passport size photo taken at your preferred branch.
- For joint accounts, a nationalID or passport copy is required for each applicant.
4. Scholar Account
This is a personal current account for students in tertiary learning institutions, above the age of 18. It is designed to help you make sound financial decisions and kick start your journey to success.
Features
- Debit card available.
- No account maintenance fees.
- Free photo is captured on account opening.
- Free bankers cheque for fees payment.
- Free cash deposits.
- Easily accessible through countrywide network of branches, Family Bank and VISA branded ATMs.
- Personal accident benefit available.
Benefits
- No ledger fees.
- Low account opening balance.
- Deposit or withdraw cash via pesapap.
- Free standing order from Family Bank account to scholar account.
- Get your HELB loans disbursed through this account.
- Family access debit card available at an affordable fee.
Requirements
- Passport size photo (taken at the branch).
- Original nationalID or valid passport and a copy.
- Admission letter/ college ID/ introduction letter.
- Opening and minimum balance of Kshs 200.
5. Maestro Visionary Account
The account is tailored for young professionals 18 to26 years of age. It is tailored for young forward thinking individuals.
Features
- Access your account using your Family Bank Visa debit card.
- Easily block your debit card by using your mobile phone.
- Deposit and withdraw money any time via any Family Bank branch, ATM, Pesapap mobile banking, internet banking and family bank agents countrywide.
Benefits
- Low opening and minimum balance as well as no maintenance fees.
- Free cash deposits and mobile banking registration.
- Get access to personalloans, mortgages and asset finance.
- Fast and easy account opening process with minimal paperwork.
Requirements
- Original and copy of national ID or passport.
- Passport size photo taken at the branch.
- Signed and stamped introduction letter.
- Minimum opening balance of Kshs 200 and Kshs 300 for debit card.
- Minimum operating balance of Kshs 100.
(b). Savings Accounts
1. Tujenge Account
This account offers you an opportunity to freely build up your savings for future use or in case of emergencies. It enables you to put away a portion of your income through standing orders, contractual agreements or deposit cash whenever you want.
Features
- Can be opened with any amount.
- Interest earning balance is Kshs 20,000 calculated annually on average monthly balances.
- Facilitates a savings plan through cash, cheque, standing order or check-off from your employer.
- 4 free withdrawals per year.
Benefits
- Absolutely no charges.
- Loans available up to 90% of the deposit amount.
- Free statement available on request.
- Earn interest annually.
- Lower interest rate on loans secured by the deposit.
Requirements
- Photocopy of National ID.
- Any amount of cash to open the account.
- A free passport size photo will be taken at your preferred branch.
2. Mdosi Junior Account
This is an ideal option for children below 12 years of age and is operated by a parent or guardian. It is an account that is in line with the aspirations that many parents have for their children.
Features
- 3 free withdrawals per year.
- Interest earning balance of only Kshs 5,000.
- Loans of up to 90% of the amount in the account.
Benefits
- Free standing order from your Family Bank account to your child’s Mdosi Junior Account.
- Free banker’s cheque to pay your child’s school fees.
- Free photo of parent/guardian taken at your preferred branch.
- No ledger fees charged.
- A free home bank.
Requirements
- Original and copy of parent/guardian’s national ID or valid passport.
- Original and copy of child’s birth certificate, birth notification, clinic card, baptism card.
- Opening balance of Kshs 200 or Kshs 1000 for your child to start using Henry or Hannah Hippo Bank immediately.
3. Extra Cool Visionary Account
It is an account for creative, intelligent and responsible young people looking for their own financial space. It is open to individuals between 12 and 18 years of age. As a parent or guardian, you can open this account for your child at any Family Bank branch.
Features
- Debit card available.
- Withdraw or make deposits into your account via pesapap mobile banking.
- No maintenance fees.
- Loans of up to 90% of the amount in the extra cool visionary account.
Benefits
- Withdraw cash any time at all Family Bank ATMs and VISA branded ATMs countrywide.
- Free standing order from a Family Bank account to your extra cool visionary account.
- Free banker’s cheque for payment of school fees (per quarter).
- Get access to financial literacy seminars for the youth.
- Low opening balance of Kshs 200.
- Low operating balance of Kshs 100.
Requirements
- Original and copy of National ID.
- Free passport photo taken at your preferred Family Bank branch.
- Original and copy of birth certificate.
- Signed and stamped introduction letter.
- Opening balance of Kshs 200.
4. Chama Account
Chama Account is a savings account designed for formal and informal groups such as chamas, self-help groups, welfare groups, partnerships and investments groups and helps facilitate wealth creation and welfare activities of its members. It can also be used to appraise customers for chama loans.
Features
- Minimum opening balance of Kshs 200.
- Minimum operating balance of Kshs 2000.
- The maximum chama loan repayment period is 48 months.
- Minimum loan of Kshs 500,000.
Benefits
- Access to chama loans up to 3 times the average savings in the chama account.
- Attractive interest rates offered.
- Free internal standing order to the chama account.
- Access to free chama workshops every 3 months.
- Bancassurance services available.
- Treasury and trade finance services available.
- Assignment of a dedicated relationship manager to handle the chama business.
- Family Bank will facilitate investment in treasury bills,bonds, commercial papers and shares.
- Access to pesapap mobile banking.
Requirements
- The number of members should be between five and 35 members for non-incorporated groups during the time of application.
- The chama or investment group may be registered or non-registered.
- The chama will need to have saved for at least 6 months with Family Bank to qualify for chama loan.
- Monthly contributions by group members will be encouraged and proof provided when applying for a loan.
(c). Investment Accounts
1. Call & Fixed Deposit Accounts
With this account, you earn competitive interest rates when you invest your money.
Features
- Flexible terms of 1,3,6,9 and 12 months.
- Fast access to loans of up to 90% of the deposit amount.
- Lower interest rate on loans secured by the deposit.
Benefits
- Competitive interest rates offered.
- Interest portion is paid in case of pre-mature withdrawal of deposit.
- Automatic roll-over upon maturity can be pre-arranged.
- No charges on fixed deposit account.
- Certificate available on placement.
Requirements
- Minimum deposit amount of Kshs 30,000.
Family Bank Contacts
- 0703 095 445
- 0703 095 000
- 020 3252 445
- 020 3252 000
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