Requirements To Open A National Bank Account In Kenya

This article focuses on the requirements to open a National Bank account in Kenya. National Bank was incorporated on 19th June 1968. It is currently a subsidiary of KCB Group after a successful acquisition in 2019. It offers a range of banking services like accounts, loans, insurance, investments, debit and credit facilities.

Requirements To Open A National Bank Account In Kenya

(1). Personal Accounts

(a). Current Accounts

(i). Personal Current Account

Rates and fees

Opening balance- Kshs 1,000.
Ledger fee- Kshs 35 (on minimum of Kshs 500 per month).
Unauthorised overdraft fee- Kshs 500.
Cheque book per leaf- Kshs 12.50.
Zero interest is payable.

Requirements

Your original and copy of ID/Passport.
1 passport photo (taken at the branch).
KRA PIN certificate.
Proof of address/ source of funds.

(ii). Premium Account

This is a first rate product that fits the lifestyle of high-end banking customers.

Rates and fees

Opening balance- Kshs 5,000.
Ledger fee- Kshs 1,200 per month.
Zero ledger fee on Kshs 200,000 balance.
ATM withdrawal- zero.

Requirements

Your original and copy of your ID/ Passport.
1 passport photo (taken at the branch).
KRA PIN certificate.
Proof of address/ source of funds.

(iii). Foreign Currency Current Account

Rates and fees

Opening balance- USD 100, EUR 100, GBP 100.
Ledger fee- USD 10 for balances below USD 2,000.
Ledger fee- EUR 6 for balances below EUR 2,300.
Ledger fee- GBP 3.50 for balances below GBP 1,400.

(b). Savings Accounts

(i). Ahadi Savings

The Ahadi Savings Account makes it easy for you to save money, with low charges and attractive interest rates that help your money grow faster and your dreams materialize quicker.

Rates and fees

Opening balance- Kshs 1,000.
Interest rate- 5% p.a every quarter at a tiered rate.
Zero ledger fees.
Zero OTC charges.

Requirements

Your original and copy of your ID/ Passport.
1 passport photo taken at the branch.
KRA PIN certificate.
Proof of address/ source of funds.

(ii). Vision Savings Account

It is a children’s saving account with attractive rates, 5% per annum on your savings.

Rates and fees

Minimum opening balance- Kshs 500.
Minimum operating balance- Kshs 500.

Requirements

Originaland copy of guardian’s National ID/ Passport.
Birth certificate / notification of birth of child.
1 passport photo of the guardian/parent to be taken at the branch.
PIN certificate of guardian/parent.
Proof of address/ source of funds (refer to AML document).

(iii). Ahadi Premium Account

Rates and fees

Opening balance- Kshs 5,000.
Minimum operating balance- Kshs 1,000.
Interest rate- 5% per annum every quarter at a tiered rate.
Zero ledger fees.
Zero OTC charges.

Requirements

Your original and copy of your ID/Passport.
1 passport photo (taken at the branch).
PIN certificate.
Proof of address / source of funds.

(c). Transactional Accounts

(i). Nat625 Mobile Account

This account allows you to enjoy all the perks and services of an account right in the comfort of your home or office as you go about your day to day tasks.

Rates and Fees

Maximum value per transaction- Kshs 70,000.
Maximum account balance- Kshs 150,000.

Requirements

You need to be 18 years and above.
You need to have a functioning smart mobile phone.

(ii). National Transactional Account

This account enables you to access your money globally through a visa debit card anytime.

Rates and fees

Opening balance- Kshs 500.
Operating balance- Kshs 500.
Counter withdrawal fee- Kshs 200.
Ledger fee- Kshs 250 (if balance falls below Kshs 50,000).

Requirements

Your original and copy of your ID/ Passport.
1 passport photo (taken at the branch).
KRA PIN certificate.
Proof of address/ source of funds.

(iii). Student Account

This account allows you, the student pursuing tertiary education, to manage your allowances, loans and keep track of your expenditure.

Rates and fees

Opening balance Kshs 500.
No operating balance.
Counter withdrawal fee- Kshs 200.

Requirements

Original and copy of your ID/Passport.
Original and copy of your student ID.
1 passport photo (taken at the branch).
KRA PIN certificate.
Letter from college/ learning institution.
Proof of address/ source of funds.

(iv). Wekeza Account

With its affordable rates and easy access to your money, this account is ideal for people with an irregular stream of income. Enjoy the flexibility as you effectively manage your money, which is accessible on mobile too.

Rates and fees

Opening balance- Kshs 400.
Operating balance- Kshs 50.
Conter withdrawal fee- Kshs 200.
Zero account maintenance fee.

Requirements

Your original and copy of your ID/ Passport.
1 passport photo (taken at the branch).
KRA PIN certificate.
Proof of address/source of funds.

(v). Taifa Account

This is the perfect account for those who are salaried. The account allows you easy access to your funds and is convenient to manage and accessible even on your mobile phone.

Rates and fees

Opening balance- Kshs 500.
Operating balance- Kshs 500.
Counter withdrawal fee- Kshs 200.

Requirements

Your original and copy of ID/ Passport.
1 passport photo (taken at the branch).
KRA PIN certificate.
Proof of address/ source of funds.

2. Business Accounts

(a). Micro Banking Accounts

(i). Jenga Biashara Account

This account is tailored to provide low-cost banking services to micro customers while ensuring convenience, affordability and simplicity. It targets micro-entrepreneurs such as retailers, grocers, salons, boutiques and chemists.

Rates and fees

Opening balance- Kshs 1000.
Zero operating balance.
No service and ledger fees.

Requirements

Copy of National ID and PIN.
If registered, business registration certificate.

(ii). Jenga Biashara Current Account

This account is tailored to provide all-in-one benefits to micro customers while easing the costs of operation through a friendly flat daily charge. It targets entrepreneurs running stable businesses and in need of chequebooks.

Rates and fees

Opening balance of Kshs 1,000.
Monthly maintenance fee of Kshs 560.
Cheque book.
Zero minimum operating balance.
Free unlimited ATM withdrawals.

Requirements

Copy of National ID and PIN.
If registered, business registration certificate.
Certificate of incorporation for limited companies.

(b). SME Accounts

(i). SME Current Accounts

With no minimum or operating balance required, this account is affordable and tailored to the specific needs of your growing enterprise. Get a cheque book, access to financing and free monthly statements.

Rates and fees

Zero minimum and operating balance.
Opening balance- Kshs 5,000.
Mobile banking transaction fee- Kshs 30 per transaction.
ATM withdrawal fee- Kshs 30 per transaction.
Free e-statements.

Requirements

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

(ii). SME Transactional Account

Made for the day-to-day operational needs of a micro-enterprise, this account allows you to manage and grow your money.

Rates and fees

Zero minimum and operating balance.
Zero maintenance fee.
Opening balance of Kshs 5,000.
ATM withdrawal fee- Kshs 30 per transaction.
Free e-statements.

(iii). School Current Account

This account is made to cater to the needs of your public or private education institution. It gives parents and sponsors a safe and secure platform to pay school fees while helping your school in the collection, payment and overall management of its money.

Rates and fees

Zero minimum opening and operating balance.
Opening balance-Kshs 5,000.
Mobile banking transaction fee-Kshs 30 .
Monthly maintenance fee- Kshs 600.
Ledger fee- Kshs 30 per transaction.
Cash handling fee- 0.15 % for amounts above Kshs 1 million (on both deposits and withdrawals).
Free internal transfers within the bank’s branches.

3. Corporate Accounts

(i). Corporate Current Account

Rates and fees

Zero minimum operating balance.
Zero cash handling charges.

Requirements

Duly completed application form.
Board of directors resolution to open account.
Management accounts for the current year and audited accounts for the last financial year.

4. National Amanah Accounts

(i). Amanah Taifa Account

Rates and fees

Minimum opening and operating balances- Kshs 500.
Zero account maintenance fee.
Auto-cash ATM withdrawal fee- Kshs 30.

(ii). Almasi Account

This account was created with the female customer and her unique banking needs in mind. From affordable rates to networking opportunities with other women, this account is made for your success.

Rates and fees

Minimum operating balance- Kshs 1000.
Zero account maintenance fee.
Auto-cash ATM withdrawal fee- Kshs 30.

(iii). Amanah Student Account

This account is designed for the needs of college or university students. You get to enjoy low rates and a free banker’s cheque to pay your fees.

Rates and fees

Zero operating balance.
Auto cash ATM withdrawal fee- Kshs 30.

(iv). Amanah Personal Current Account

Easy to manage, affordable and with access to loans, this is the ideal account to manage all your money management needs without the need for a minimum balance to operate.

Rates and fees

Ledger fees- Kshs 400.
Zero minimum balance.

(v). Amanah Vision Account

This account carries you through your vision for a secure future for your child. Earn great interests while instilling a lifelong habit of saving in your child.

Rates and fees

Zero account maintenance fee.
Minimum operating balance- Kshs 500.
Free standing order to Amanah Vision Account.

(vi). Amanah Jenga Account

Affordable, access to loans and no limit on withdrawals, are the features of an account that is designed to satisfy the specific needs of your business.

Rates and fees

Zero operating and monthly maintenance fee.

(vii). Amanah Business Current Account

This account is able to keep up with the moving parts of your growing business.

Rates and fees

Zero operating balance.

5. Diaspora Accounts

(a). Savings Account

(i). Ahadi Account

The Ahadi Account will help you grow your money so that you may ultimately make that investment you have always wanted to back at home. Interest earned on this account is tiered up to 7% and can be operated in KES, USD, GBP and EUR.

Requirements

Kenyan ID/ valid Kenyan passport.
Proof of address and photo.

(ii). Vision Account

The account can be used to save for your children’s immediate and future school fees needs. This account has no monthly fees and is available to children under 18 years.

(iii). Fixed & Call Deposit Account

With this account, you have the choice to run it in KES, USD, GBP or EUR.

Requirements

Kenyan ID/ valid Kenyan passport.
Proof of address and photo.

(b). Transactional Accounts

(i). Wekeza Account

This account does not attract any monthly charges and is operated in KES.

Rates and fees

Minimum opening balance- Kshs 1,000.
Operating balance- Kshs 1,000.
Zero monthly charges.

(ii). Personal Current Account

Rates and fees

Minimum opening balance- 100 USD or its equivalent.
Monthly charge- Kshs 600
Zero minimum operating balance.

Requirements

Kenyan ID/ Valid Kenyan passport.
Proof of address and photo.

(iii). Premium Current Account

Rates and fees

Minimum operating balance- USD 100 or equivalent.
Zero bank or transaction charges where premium balance (Kshs 200,000) is maintained.
Monthly charge- Kshs 1,200 when balance falls under premium threshold.
Ledger and transaction fees- Kshs 1,200 when balance falls under premium threshold.

Requirements