Requirements To Open A KCB Bank Account In Kenya

This article focuses on the requirements to open a KCB Bank Account in Kenya. KCB is one of the top banks in Kenya that offers a range of finance products. The bank has an asset base of Kshs 887.8 billion with 204 branches located in different parts of the country.

Requirements To Open A KCB Bank Account In Kenya

(a). Personal Transactional Accounts

1. Current Account

With this account, you can transact easily and round the clock at KCB ATMs and millions of outlets worldwide.

Features

Opening balance of Kshs 1,000.
Monthly charge of Kshs 300.
Zero minimum balance.
Visa debit card at a one-off fee of Kshs 430.
Chequebooks at KCB branches at Kshs 8 per leaf.
Global access to ATMs and outlets worldwide with your visa debit card.
Instant access to mobile loans and kopa bill loans.

Requirements

Valid Kenyan ID or passport.
KRA PIN certificate.

2. Jiinue Account

Features

Opening balance of Kshs 200.
Zero minimum balance.
A monthly charge of Kshs 50.
ATM withdrawal charge of Kshs 30.
Local currency banker’s cheque- Kshs 200.
Over-the-counter withdrawal- Kshs 200 (daily amounts above Kshs 1 million charged at Kshs 5,000).

Requirements

Valid Kenyan ID or passport.
KRA PIN certificate.

3. Bankika Personal Account

Features

Zero monthly fees.
Zero minimum balance.
ATM withdrawal charge of Kshs 30.
Visa debit card at a one-off fee of Kshs 430.
One free transfer to a Simba savings account.
Opening balance of Kshs 200.
Over-the-counter withdrawal- Kshs 200 (daily amounts above Kshs 1 million charged at Kshs 5,000).

Requirements

A valid Kenyan ID or passport.
KRA PIN certificate.

4. Student Account

Features

Opening balance of Kshs 100.
Minimum balance of Kshs 100.
Zero monthly fees.
ATM withdrawal charge of Kshs 30.
Visa debit card at a one-off fee of Kshs 430.
Over-the-counter withdrawal- Kshs 200.
Access to HELB.
Free banker’s cheque.

Requirements

Valid Kenyan ID or passport.
KRA PIN certificate.

Savings Accounts

1. Simba Savings

Features

Opening balance- Kshs 1,000.
Minimum balance- Kshs 1,000.
Zero monthly fees.
Free deposits.
Only one withdrawal a month.
Attractive interest rates- up to 5% savings per year.

Requirements

Valid Kenyan ID or passport.
KRA PIN certificate.

2. Cub Account

Features

Free banker’s cheque.
Free standing orders.
Free cubby kits.
Competitive interest rates- up to 5% interest on your savings per year.
Free cash deposits.
Only one withdrawal a month.
Opening balance- Kshs 1000.
Zero monthly fees.

Requirements

Kenyan ID or passport of the parent/ guardian.
Quality passport photo of the parent/ guardian.
Child’s birth certificate.

3. Goal Savings Account

This account enables you to inch closer to your financial and investment ambitions. Lock your savings for a period that suits you from 6 months, making your money work for you with the most competitive interest rates on your savings.

Features

Opening balance- Kshs 1000.
Zero monthly fees.
Free standing orders.

Requirements

Valid Kenyan ID or passport.
KRA PIN certificate.

(b). Business Accounts

For SME

1. Current Account

The SME Current Account is your best bet for growing your business, with requirements of frequent transactions and multiple payments.

Features

Zero opening and operating balance.
Maintenance charge- Kshs 300.
Over-the-counter withdrawal charge- Kshs 200.
ATM withdrawal- Kshs 30.
Local currency bankers’ cheques- Kshs 200.
Free monthly statements.

Requirements

Ceretificate of registration/ incorporation.
KRA PIN certificate.
VAT certificate.
Valid trading license.
Company’s partnership deed (where applicable).
Board resolution (where applicable).

2. Learning Institution Account

This account is designed to meet your school’s unique needs. It gives parents and guardians the freedom to pay for fees conveniently using the KCB app, KCB agents, any branch or through Mpesa.

Features

Zero opening balance.
Zero maintenance charge.
Zero operating charges.
Access overdrafts of up to Kshs 2 million.
Free statements.

Requirements

School registration certificate.
A letter of introduction from the Ministry of Education.
Board resolution.

3. Community Account

With no monthly charges and free cheque deposits, this account is tailor-made for non-profits, charities and religious organisations.

Features

Opening balance- Kshs 1,000.
Zero monthly maintenance.
Zero operating balance.
Chequebook- Kshs 8 per leaf.
Over-the-counter withdrawal charge- Kshs 200.
Local currency banker’s cheques- Kshs 200.
Electronic Funds Transfer and salary processing charge- Kshs 200.

Requirements

A registered association, church, NGO or committee.
Introduction letter from the main body or HQ office.
KRA PIN certificate.
VAT certificate.
Trading license.

4. Telco Dealers and Agents Account

This is an account that meets the unique business needs of Safaricom PLC dealers or Mpesa agents.

Features

Zero opening balance.
Zero minimum operating balance.
Flat monthly fee- Khs 900.

Requirements

Certificate of registration/ incorporation.
Company’s partnership deed (where applicable).
KRA PIN certificate.
VAT certificate.
Board resolution (where applicable).
Valid trading license.

5. Business Savings Accounts

(i). Simba Savings Account

It is one of the most competitive business savings accounts in Kenya with up to 5% per annum interest on savings.

Features

Opening balance- Kshs 1000.
Minimum balance- Kshs 1000.
Zero monthly maintenance fees.

Requirements

Kenyan ID or passport.
KRA PIN certificate.
Certificate of registration/incorporation.
VAT certificate.
Trading license.
Partnership deed where applicable.
Board resolution where applicable.

(ii). Goal Savings Account

Features

Opening balance- Kshs 1000.
Zero monthly fees.
Access to loans of up to 100% of your savings.
Flexible savings period between 6 months and 5 years.
Free standing order for payments into other accounts.
Competitive interest rates give you the best value.

Requirements

Certificate of registration/incorporation.
KRA PIN certificate.
VAT certificate.
Valid trading license.
Company’s partnership deed (where applicable).
Board resolution (where applicable).

For Agri-Business

1. Farmers’ Account

This is an account targeting smallholder farmers. It is designed to take into consideration the cyclical nature of farmers’ income.

Features

Zero opening balance.
Zero minimum operating balance.
Zero monthly maintenance fee.
Debit visa card- one-off fee of Kshs 430.
ATM withdrawal charge- Kshs 30.
Electronic funds transfer and salary processing charge- Kshs 200.

Requirements

Kenyan ID or passport.
KRA PIN certificate.
A quality passport photo.

For My Chama

1. Tuungane Current Account

Features

Zero opening balance.
Zero minimum operating balance.
Zero monthly maintenance fee.
Over-the-counter withdrawal charges- Kshs 50.
Cost of chequebook- Kshs 375 for 50 leaves and Kshs 750 for 100 leaves.

Requirements

Groups registered with social services (self-help groups)

Certificate registration.
Constitution.
National ID/ passports of office bearers.
Confirmed minutes signed by chairman and secretary authorising the opening of account.
One passport-sized colour photo of each signatory.

Groups registered as a limited company

Certificate of incorporation.
Memorandum and articles of association/ CR1, CR2 and CR12.
Board resolution.
ID/passport (alien certificate in case of non-nationals) of directors and signatories.
Company PIN certificate.
One passport-sized colour photo for each signatory.

Unregistered groups

KRA PIN certificates of signatories.
Confirmed minutes signed by chairman and secretary authorising the opening of account.
Unaudited accounts for new groups and audited accounts for groups less than one-year-old.

2. Goal Savings Account

With this account, you lock your savings for periods between 6 months and 5 years while being able to borrow up to 100% of those savings in loans. This account also offers great flexibility, allowing you to open multiple accounts to help you pursue all your dreams.

Requirements

Groups registered with social services (self-help groups)

Certificate of registration.
Constitution.
National ID/ passports of office bearers.
Confirmed minutes signed by the chairman and secretary authorising the opening of accounts.
One passport-sized colour photo for each signatory.

Groups registered as a limited company

Certificate of incorporation.
Memorandum and articles of association/CR1, CR2 and CR12.
Board resolution.
ID/ passport (alien certificate in case of non-nationals) of directors and signatories.
Company PIN certificate.
One passport-sized colour photo for each signatory.

Unregistered Groups

The ID of signatories.
KRA PIN of signatories.
Confirmed minutes signed by chairman and secretary authorising the opening of account.
Unaudited accounts for new groups and audited accounts for groups less than one-year-old.

For a Small Business

1. Bankika Business Account

This account is perfectly tailored for start-up businesses. It offers services such as loans with friendly rates and round-the-clock access to banking to help you scale your biashara.

Features

Zero monthly maintenance fee.
Zero minimum operating balance.
Debit visa card- one-off fee of Kshs 430.
ATM withdrawal charge- Kshs 30.
Over-the-counter withdrawal charge- Kshs 200.

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 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.

2. Entrepreneurs Account

This account is ideal for business customers who are just starting.

Features

ATM withdrawal charge – Kshs 30.
Counter withdrawal- Kshs 200.
No ledger fees, maintenance fees and minimum operating balance.

Requirements

For enterprise businesses;

Original ID.
KRA PIN.
Registration certificate.

For limited companies;

Certificate of incorporation.
Company PIN.
Board resolution to open an account.
Individual director’s ID and PIN.

(c). Corporate Accounts

1. Current Account

This account is ideal for both government and private institutions. It is designed to help you manage your day-to-day operations so that you can access and move your money, make payments and borrow seamlessly.

Features

Charges for this account are dependent on your organisation.

Requirements

Certificate of incorporation.
KRA PIN certificate.
Board resolution or company’s minutes resolving to open an account.
List of authorised persons/ signatories with specified signing mandates.
County treasury and national treasury approval for county and state corporations.
Memorandum and articles of association.
Audited financial statements.
National ID/ Passport/ Alien certificate for foreign nationals.
KRA PIN certificate.

(d). Diaspora Accounts

Transactional Accounts

1. Current Account

Features

Opening balance- Kshs 1,000 or equivalent.
Zero minimum operating balance.
Visa debit card at a one-off fee of Kshs 430.
ATM withdrawal charge- Kshs 30.
Chequebook fee- Kshs 1,050.
Over-the-counter withdrawal fee- Kshs 200.
Incoming swift charge- Kshs 600.

Requirements

Must reside abroad.
Valid Kenyan passport or national ID.
KRA PIN certificate.
Notarized proof of address.
Duly signed FATCA form for USA citizens.
Coloured passport-sized photo.

2. Transactional Account

The flexibility offered by this account allows diaspora customers to transact and manage their money easily and affordably with their individual needs met.

Features

Minimum opening balance- Kshs 1000 or FCY 100 of the respective FCY currency.
Minimum operating balance- Kshs 1000 or FCY equivalent.
No account maintenance charges for amounts above USD 1,000.00 or equivalent in other currencies.
Unlimited withdrawals.
No restriction of deposit into the account.

Requirements

Must reside abroad.
Valid Kenyan passport or national ID.
KRA PIN certificate.
Notarised proof of address.
Duly signed FATCA form for USA citizens.
Coloured passport-size photo.

3. Student Account

This account is made for students in the diaspora. It is ideal for your parents or guardian to send you tuition and pocket money with zero maintenance fees and minimum balance requirements.

Features

Opening balance- Kshs 1000 or equivalent.
Zero monthly maintenance fee.
Zero minimum operating balance.
Visa debit card is accessible at a one-off fee of Kshs 430.
ATM withdrawal charge- Kshs 30.
Over-the-counter withdrawal fee- Kshs 200.
Incoming swift charge- Kshs 600.

Requirements

Must reside abroad.
Valid Kenyan passport or national ID.
KRA PIN certificate.
Notarised proof of address.
Duly signed FATCA form for USA citizens.
Coloured passport-sized photo.

Chama Accounts

1. Tuungane Chama Account

It is the ideal account for a group with common investment goals.

Features

Opening balance of Kshs 1,000 or its equivalent.

Requirements

Must reside abroad.
Valid Kenyan passport or national ID.
KRA PIN certificate.
Notarised proof of address.
Duly signed FATCA form for USA citizens.
Coloured passport-sized photo.

2. Tuungane Investment Account

If your investment group (5-50 members) is looking to purchase land for rental property, commercial vehicles or PSV matatus under organised SACCOs, this account will see to it that your financial needs are met.

Features

Opening balance- Kshs 1000.
Over-the-counter withdrawal charge- Kshs 100.

Requirements

Open to registered and non-registered groups.
Bank statements, 6 months for newly established groups banking with KCB and 3 months for groups with a minimum of one year of banking history with other banks.
Loan repayment ability.

Savings Accounts

1. Goal Account

With this account, you lock your savings for periods starting from 6 months and can borrow up to 100% of your savings at discounted rates.

Features

Opening balance – Kshs 1,000 or equivalent.

Requirements

Must reside abroad.
Valid Kenyan passport or national ID.
KRA PIN certificate.
Notarised proof of address.
Duly signed FATCA form for USA citizens.
Coloured passport-sized photo.

2. Simba Savings Account

Features

Available in the following currencies; USD, GBP, EUR, AUD, CHF, CAD, ZAR, US Dollar, Sterling Pound, Euro Australian dollar, Swiss francs, Canadian dollar and South African Rand.
Minimum operating balance- Kshs 1,000 or USD 100.
No ledger fees.
No maintenance charge.
15% withholding tax on interest payable.

Requirements