Requirements To Open Absa Bank Accounts In Kenya

This article focuses on the requirements to open Absa Bank accounts in Kenya. Absa Bank Kenya is part of Absa Group Limited, an African financial services group that aims to be the pride of the continent. Formerly Barclays Bank, it is one of the best banks in Kenya offering a wide range of financial products and services.

Requirements to Open Absa Bank Accounts in Kenya

(a). Current Accounts

1. Absa One Current Account

This enables you to enjoy one account where you can define how you bank in a ‘pay as you go’ model, meaning you only pay for transactions made.

Benefits

Get an instant vertical debit card and PIN issuance at all branches.
Access to Absa Connect lifestyle events to help you network.
Access to digital channels with mobile money (Mpesa, Airtel Money) and secure biometric access.
Access to an Absa chequebook and instant money transfer through pesalink.
Multicurrency prepaid card with up to 8 major currencies.
Access to foreign currency savings account available in USD and GBP currencies.
0.3% cashback paid monthly on all ATM/debit card swipe transactions.
Guaranteed cashback rewards when you take up additional products.
Free Absa junior savings account at rates from 7% per annum.
Access to motor, education or medical insurance at competitive rates.
Access to unsecured loans of up to Kshs 6 million for personal customers and Kshs 10 million for business customers.
Discounted home loans and vehicle finance with insurance premium financing.

Requirements for this account

KRA PIN.
National Identity Card (Kenyan) or passport (non-Kenyan).
1 passport phone.
Signature specimen ( if you are applying online).
No monthly fees applicable.
No minimum balance required.

2. Prestige Banking Account

This account enables you to bank with distinction. You enjoy preferential pricing, extended banking hours and enhanced loan and credit card limits. You can apply for the account online.

Benefits

Get 100% waiver of maintenance fees when your balances exceed Kshs 3,500,000.
Get up to 50% cash back on your maintenance fees with their product bundles.
Earn monthly cashback rewards for using your debit and credit card.
Access to exclusive prestige centres and digital banking.
A foreign currency account at no extra cost.
Access to a pool of relationship officers.
Access to visa multi-currency card in 8 major currencies.
Free twin plus account that earns you monthly cashback rewards on your current account balances and transactions.
Differentiated and priority service in all branches.
Access to international and local trips for business owners.

3. Ultimate Account

For a flat monthly fee, you get access to bundled services with exclusive monthly rewards and free insurance, plus every banking utility you can imagine.

Benefits

Monthly cash back rewards from your current account balances and for using your debit card and credit card with their twin plus account.
Up to 50% cash back on your maintenance fees when you take up any of their product bundles.
Access to zidisha savings, target save account, and foreign currency savings account.
Free mobile and internet banking.
Free ATM withdrawals.
Free salary processing.
No deposit fees.
No minimum balance required.
Access to mortgages with fast approval and turn around.
Access to international visa credit card with limits from Kshs 50,000.
Access to unsecured loans of up to Kshs 6 million.
Access to customised education, medical, vehicle and domestic insurance solutions.
Free domestic package content cover of Kshs 100,000.
Free digital forced withdrawals cover of Kshs 20,000.
Job loss insurance solution with your loan covering 9 months repayment in case of retrenchment.

Documents required

KRA PIN.
National ID or passport for non-Kenyans.
Signature specimen (if applying online).
I passport photo.

4. Ignite Account

This is a student’s account with no maintenance fees.

Benefits

No maintenance fees.
Debit card.
Access to the Absa Ready to Work programme.
Access to cash anytime.
Access to Zidisha Savings Account.

Documents required

KRA PIN.
National ID or passport for non-Kenyans.
Signature specimen for those applying online.
1 passport photo.
Valid student ID or a letter of admission.

5. Foreign Currency Current Account

This account is for individuals who transact in foreign currency. The account is available in USD, GBP and EUR for your personal and business needs. You can apply for the account online.

Benefits

Negotiated exchange rates.
USD visa debit card.
International money transfers.
Manage your account via mobile and internet banking.
Unsecured personal loans in USD and EUR.
Access mortgage in foreign currency USD, GBP and EUR.

Requirements

Monthly fee of USD 7.30.
No minimum balance required to open the account.
No maintenance fee charged for prestige and premier customers.
KRA PIN.
National ID or passport for non-Kenyans.
Signature specimen if applying online.
1 passport photo.
Work/business permit (non-Kenyans without KRA PIN).

6. Premier Account

This product enables you to bank in a league of your own and get all the recognition and VIP treatment you deserve.

Benefits

Get a dedicated financial consultant that you can always rely on to make your banking hassle free and convenient.
Access all the premier banking services at a flat fee of Kshs 3,100.
Exclusive platinum debit card with cashback on spend.
Free foreign currency accounts in all major currencies.
Get direct access to foreign exchange dealing room equipped with the nest dealers in the market.
Access the bank’s multicurrency prepaid card with up to 8 different currencies in one card.
Access cash back rewards of up to 0.3% on swipe transactions on debit and credit cards.
Get 100% waiver of maintenance fees when your balances exceed Kshs 7 million or loans exceed Kshs 14 million.

Requirements

Balance of Kshs 7 million and above.
Home loan of minimum Kshs 2 million.
Minimum salary entry of Kshs 300,000.

Documents required

KRA PIN.
National ID or passport for non-Kenyans.
Signature specimen for those applying online.
1 passport photo.

(b). Savings Accounts

1. Absa Digital Savings Account

This is an award winning account that pays you a bonus when you meet your savings goals. The less you transact the more interest your earn.

Benefits

The account pays you a bonus when you reach your savings goals.
Earn a fixed interest rate, plus bonus rewards, based on your transactions- the more you withdraw, the lower the return. The fewer transactions, the more returns.
No minimum balance required.
No charges.
Competitive interest rates.
Bonus rewards to help grow your savings.
Quarterly interest.

Documents required

KRA PIN.
National ID or passport for non-Kenyans.
Signature specimen (for those applying online).
1 passport photo.

2. Foreign Currency Savings Account

The account is available in USD and GBP currencies. You earn competitive rates as you grow your savings.

Benefits

No minimum balance required to open the account.
No account charges.
Competitive interest rates. You earn interest when your balance is above USD/GBP 5,000.
No minimum balance required to open the account.
No account charges.
Competitive interest rates. You earn interest when your balance is above USD/GBP 5,000.

Requirements

KRA PIN.
National ID or passport for non-Kenyans.
Signature specimen (those applying online).
1 passport photo.
Work/ business permit (non-Kenyans without KRA PIN).

3. Target Save Account

With this account, you select an investment period of 3 to 10 years and see how your money grows.

Benefits

It includes cover that pays savings to your loved ones in the event of your death or disability.
It is a long-term savings solution of up to 10 years.
You earn competitive interest rates on your savings.
Insurance cover contributes to your savings in case of death or permanent disability.
A free standing order helps you achieve your target.
No maintenance fees.
Target period from 1-10 years.

Requirements

KRA PIN.
National ID or passport for non-Kenyans.
1 passport photo.

4. Junior Savings Account

It is for children between the ages of 1 month and 17 years.

Benefits

Competitive interest rates starting from 7% per annum.
Access to fun and developmental activities centred on science, art, sports, travel and technology.
No charges.
Free piggy bank when you fund your Absa Junior Account.
Quarterly events focusing on science, technology, arts, theatre, sports, musicals.
Exclusive access to Absa junior partners with discounts and offers on events.
Access to education policies for long-term savings, medical insurance etc.

Documents required

Original birth certificate for the child or adoption papers if child is adopted.
Parent’s national ID or passport (non-Kenyans).
KRA PIN.

5. Fixed Deposit Savings Account

This account enables you to access superior returns. You choose interest payment frequencies beginning from monthly to annually.

Benefits

Minimum balance required is Kshs 50,000 to open the account.
No account charges.
Competitive interest rates.
Choose your interest payment frequency from monthly to annually.

Documents required

National ID or passport (non-Kenyans).
KRA PIN or work permit (non-Kenyans without KRA PIN).

6. Twin Reward Account

It is a call deposit account that pays you interest based on average balances held. Customers can access funds at their convenience.

Benefits

A reward is paid monthly for average balances held in the account.
Additional reward is paid for POS transactions done in the connected current account.
Manage your account via mobile and internet banking.
Interest is paid into the account monthly.
Withdraw funds without losing interest.

Requirements