This article focuses on the requirements to open a Stanbic Bank account in Kenya. Stanbic Bank is Kenya’s sixth-largest commercial bank as measured by total assets and is a member of the Standard Bank Group. It is listed at the Nairobi Securities Exchange and has a countrywide presence of 25 branches in Kenya. It offers a suite of financial services that span personal and business banking as well as corporate and investment banking.
Requirements to Open a Stanbic Bank Account in Kenya
(a). Personal Transactional Accounts
1. Private Banking Current Account
This account enables you to enjoy personalised service and tailored offerings to suit your requirements.
What you get
- Dedicated relationship managers 24/7 to assist you with your financial needs.
- Dedicated tellers and a comfortable lounge in selected branches.
- Visa debit card and Gold credit card.
- Free life cover insurance on the current account up to Kshs 1,000,000.
- Offshore banking with Standard Bank- Isle of Man.
- Preferential rates on your deposits.
- Preferential lending rates.
- Access to personal unsecured loans of up to Kshs 4 million.
- Access to home loans.
- Access to asset financing.
- Preferential forex rates.
- Remote banking allowing clients to transact by phone, via internet banking and email.
- Access to tailored Stansure Platinum Insurance (for motor vehicle, personal/family medical, professional indemnity, life, home and contents insurance).
- Insurance premium financing at discounted rates.
Requirements
- Copy of your National ID.
- Proof of residence (utility bill or lease agreement).
- 3 months statement from your current bank or a recent payslip.
- KRA PIN.
2. Smart Direct Account
With this account, you get Income Protection and Life Insurance for just Kshs 100 per month.
What you get
- Free monthly e-statements upon signing up.
- You only pay for what you use.
- Minimum operating balance is Kshs 1,000.
- Access to loan facilities including salary advance for customers on payroll.
- Access to a chequebook.
- No minimum operating balance.
Requirements
- Copy of your National ID.
- Proof of residence (utility bill or lease agreement).
- One month’s statement from your current bank or a recent payslip.
- KRA PIN.
3. Private Banking Bundled Account
What you get
- Dedicated relationship managers 24/7 to assist you with your financial needs.
- Dedicated tellers and a comfortable lounge in selected branches.
- Visa debit card and Gold credit card (Mastercard).
- Free life cover insurance on the current account up to Kshs 1,000,000.
- Offshore banking with Standard Bank- Isle of Man.
- Preferential rates on your deposits.
- Preferential lending rates.
- Access to personal unsecured loans of up to Kshs 4 million.
- Access to home loans.
- Access to asset financing.
- Preferential forex rates.
- Remote banking allowing clients to transact by phone, via internet banking and email.
- Access to the bank’s tailored Stansure platinum insurance (for motor vehicle, personal/family medical, professional indemnity, life, home and contents insurance).
- Insurance premium financing at discounted rates.
Requirements
- Copy of your National ID.
- Proof of residence (utility bill or lease agreement).
- 3 months statement from your current bank or a recent payslip.
- KRA PIN.
4. Executive Banking Account
What you get
- A bundle fee of Kshs 990 per month.
- Access to multiple current accounts in different currencies for the bundle fee.
- Available to both salaried and non-salaried individuals.
- 4 free cash withdrawals per month.
- 2 free bankers cheques per month.
- 1 free external standing order per month.
- Free Stanbic Bank ATM cash withdrawals.
- Ability to deposit funds via Mpesa.
- Access to gold debit and credit card with no joining fees.
- Access to monthly cash advance via mobile banking.
- Free salary credit.
- Income protection i.e. retrenchment cover of up to Kshs 900,000. This is equivalent to a gross salary of Kshs 300,000 per month. This is available to salaried clients.
- Life cover of 6 months gross income/ salary capped at Kshs 1.8 million.
- Funeral cover of Kshs 100,000.
- Access to an executive banker and a team of executive assistants to cater to your financial needs.
- No minimum operating balance.
- Ability to make payments locally and internationally via the bank’s digital channels.
- Dedicated tellers in select branches.
Requirements
- Waiting period of 1 year required for retrenchment benefit to kick in. This is one year from the day the account was opened.
- Minimum opening balance and service fees applicable as indicated in the bank’s price guide.
- Eligible to all individuals 18 years and above.
5. Pay as you go
This enables you to enjoy transactionalbanking which will enable you to do your payments by cheques, bank transfers, debit card payments, drafts or online transfers and only pay when you transact.
Whay you get
- Minimum opening balance of Kshs 1,000.
- Instant ledger fee of Kshs 40 for every transaction (plus transactional fees where applicable).
- No minimum operating balance.
- Access to salary advance for customers on payroll.
- Can be opened for both localand foreign currencies.
Requirements
- Copy of ID.
- 1 passport size photo.
- Proof of residence (utility bill or lease agreement).
- 1 month latest payslip/ current bank statement.
(b). Business Bank Accounts
1. Business Current Account
This is a flexible account for businesses of all sizes that want more from a bank account than paying and receiving funds.
Whay you get
- No limit to the number of withdrawals you may make.
- Competitive rates apply on all foreign exchange transactions with 0% commission charged.
- 50 and 100 leaf chequebooks.
- Your business current account gives you access to services such as trade finance and a wide range of loan products.
- Sweeping arrangements may be made to transfer funds automatically from your current account to other accounts in your Stanbic Bank portfolio.
- Current accounts may be operated in Kenya shillings as well as major foreign currencies.
- Access to business online platform (a self-service e-channel for business account holders).
Requirements
- Directors board resolution on company letter head resolving to open accounts with.
- Copy of company certificate of incorporation.
- Copy of company KRA PIN.
- Copy of memorandum and articles of association or CR1+ CR2.
- Copy of CR12 + latest company annual return.
- Copy of ID or passport for directors (account signatories).
- One colour passport photo for each signatory.
- Copy of current utility bill for all signatories and at least two directors (should be within 3 months) or a letter on company letterhead confirming the residential addresses for each.
- Physical address confirmation document for the company offices e.g.current utility billor lease etc.
2. Pamoja Trader Business Account
This account emphasises the bank’s aspirations of working together with you (pamoja) in providing superior service at an affordable price. A Pamoja Trader Business Account is the ideal account for microenterprises. It is a pay as you go account so you only pay for the services you use.
What you get
- Statements can be scheduled at a frequency of your choice (daily, weekly or monthly).
- Optional free visa debit card, including secondary card if requested.
- No minimum balance.
- Free puresave account.
- No monthly ledger fee.
- Access to Stanbic Bank and Pesapoint ATMs.
- Point of sale transactions.
- Access to internet banking with free internal transfers.
- Access to loans for qualifying customers.
- Free cash handling for deposits below Kshs 500 000.
- No fees charged on foreign exchange purchases and sales.
- Free incoming credits.
- Free internal standing orders.
(c). Savings and Investments Accounts
Stanbic Bank offers a range of savings and investment accounts that earn attractive and competitive interest rates to help you reach your financial goals.
1. Call Deposit Account
With this account, you earn an attractive return on your funds and still be able to access it as and when required.
What you get
- An initial deposit of Kshs 20,000 is required or its forex equivalent.
- No service fee.
- Attractive interest rates pegged on prevailing market rates.
- Unlimited deposits.
- Funds available on demand and no notice required for liquidation to current or savings accounts.
- There is no maximum balance required on this account.
- Sweeping arrangement.
Requirements
- Copy of ID.
- I passport size photo.
- Proof of residence (utility bill or lease agreement).
- 1 month latest payslip/ current bank statement.
- Existing customers should fill in the secondary application form (available at the branch).
- KRA PIN certificate.
2. PureSave Account
The account helps you to save your spare cash and build up your cash reserves.The account’s features and competitive interest rates make your money work for you.
What you get
- Attractive interest rates paid for balances above Kshs 5,000.
- One free cash withdrawal allowed per month (over the counter).
- Free internet access to your savings accounts.
- Free funds transfer from Mpesa to your savings account.
- Personal loan of up to 80% of your savings amount.
- Pre-approved advances of up to 80% of your savings balances.
- Access to the bank’s transactional accounts with a link to the Puresave account with free inter-accounts standing order.
- No monthly fees charged.
- Interest calculated daily and paid monthly.
- Access to a current account with free access to internet and mobile banking.
Requirements
- Copy of your ID.
- Proof of residence.
- 3 months statement from your current bank or a recent payslip.
3. Fixed Deposit Account
This account guarantees you a fixed return on your money over a definite period of time.
What you get
- Minimum investment of Kshs 20,000.
- Deposit amount is fixed during the investment period.
- Interest rate is fixed during the investment period and is calculated and paid at maturity.
- Funds are available upon maturity.
- Free banking- no monthly management fees is charged on the account.
- No maximum investment amount.
- Interest payable advised at the time of booking the deposit.
Requirements
- Copy of ID.
- 1 passport size photo.
- Proof of residence (utility bill or lease agreement).
- 1 month latest payslip/ current bank statement.
- Existing customers should fill in the secondary account application form (available at the branch).
- KRA PIN.
Stanbic Bank Contacts
Local: 0800 720 044.
International: 020 326 8888.
Email: customercare@stanbic.com.
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