SBM Bank List of Accounts, how to Open an account and charges

When opening an account at SBM Bank, you are required to produce your National ID or Passport. They also require Passport photo and KRA Pin. Below we are going to list the accounts you can operate at SBM Bank, documents required and charges.

SBM ACCOUNTS FOR INDIVIDUALS

Baraka Collection Account

Eligibility / Documents Required

• Original and copy of certificate of Incorporation/Certificate of Registration.
• Compliance Certificate issued by Registrar of Companies (for companies incorporated outside of Kenya)
• Original and copy of the Memorandum & Articles of Association (CR1, CR2, CR8)
• CR 12 (valid for 90 days ) or annual returns
• Most recently audited financial statements
• Duly signed and sealed Board of Directors’ Resolution to open an account, signatories & signing mandate
• Company & Directors’ KRA PIN certificates
• Copy of original National ID/Passport of directors & signatories
• Passport size colored photos of director and account signatories.
• Valid business permit
• License from a governing body (e.g. mining, IRA, SASRA etc.)
• Fully completed and signed Foreign Account Tax Compliance Act & Common Reporting Standard certification forms for Kenyans residing abroad
• Additional documents may be required as per the nature of the institutions.

Rates & Fees

• Corporate Debit Card issuance/replacement fee – Kes. 500
• Standing order – Kes. 300
• Banker’s cheque – Kes. 400
• Counter withdrawal fee – Kes. 200

** All fees and charges are subject to 20% excise duty

Aspire Plus Current Account

Eligibility / Documents Required

• Original and copy of certificate of Incorporation/Certificate of Registration.
• Compliance Certificate issued by Registrar of Companies (for companies incorporated outside of Kenya)
• Original and copy of the Memorandum & Articles of Association (CR1, CR2, CR8)
• CR 12 (valid for 90 days ) or annual returns
• Most recently audited financial statements
• Duly signed and sealed Board of Directors’ Resolution to open an account, signatories & signing mandate
• Company & Directors’ KRA PIN certificates
• Copy of original National ID/Passport of directors & signatories
• Passport size colored photos of director and account signatories.
• Valid business permit
• License from a governing body (e.g. mining, IRA, SASRA etc.)
• Fully completed and signed Foreign Account Tax Compliance Act & Common Reporting Standard certification forms for Kenyans residing abroad
• Additional documents may be required as per the nature of the institutions.

Rates & Fees

• Corporate Debit Card issuance/replacement fee – Kes. 500
• Monthly ledger fee – Kes. 350
• Standing order – Kes. 300
• Banker’s Cheque – Kes. 400
• Counter withdrawal fee – Kes. 200
• Transaction fee (applied after 14 transactions) – Kes. 25

Elite Current Account

Eligibility / Documents Required

• Duly filled account opening form
• Original and copy of your Kenyan National ID/Passport/Alien ID
• 2 colored passport size photos
• Your KRA PIN
• Indication of next of kin
• A utility bill
• Proof of source of funds

In addition, for foreigners:

• Signed Foreign Account Tax Compliance Act (Kenyans living in US and US Citizens) / Common Reporting Standard forms (Kenyans living abroad and foreigners)
• Your visa/work permit/alien certificate

Rates & Fees

• Monthly ledger fee – Kes. 1,899
• Debit card replacement – Kes. 500
• Standing order – Kes. 300
• Bankers cheque – Kes. 400
• Counter withdrawal charge – Kes. 200
• Subsequent cheque book; 50 leaves – Kes 750; 100 leaves – Kes.1,450

Platinum Saver Account

Eligibility / Documents Required

To apply for SBM Platinum Saver Account, visit any SBM (K) Branch to fill in an account
opening form with the following:

• Original Kenyan national ID card and copy or
• Original and copy of valid passport
• Valid VISA
• Alien Certificate, work permits/dependent pass/student pass/internship or
  research pass/certificate of permanent residence
• KRA PIN
• 1 passport size colored photo
• Foreign Account Tax Compliance Act completed forms for qualifying persons or entities. Any person who
  responds in the affirmative to this question MUST complete the Foreign Account Tax Compliance Act forms:
  1. Are you a US citizen?
  2. Are you holding a US permanent resident card (Green card)?
  3. Were you born in the US?
  4. Have you ever granted power of attorney or signatory authority to a person
     with a US address?
  5. Do you have a US residential address?
  6. Do you have a correspondence, C/O or hold mail address in the US?
  7. Do you have a standing order to a US Bank account?
  8. Do you have a US telephone no?
  9. Are you a US resident?
• Fully completed and signed Common Reporting Standard (Common Reporting Standard) certification forms
  where applicable.

If you fit this description, this account is for you.

• A person saving for their first car
• A young professional saving for a diploma or degree
• Someone working towards building an emergency fund
• A business owner saving for new office space
• A couple saving for their first child, or for school fees
• A farmer saving for a new tractor

Pebble Savings Account

Eligibility / Documents Required

• Original and copy of child’s Birth Certificate/Notification of Birth
• A duly filled account opening form
• Original and copy of your Kenyan National ID/Passport/Alien ID
• 2 colored passport size photos
• Your KRA PIN
• Indication of next of kin
• A utility bill
• Proof of source of funds

In addition, for foreigners:

• Signed Foreign Account Tax Compliance Act (Kenyans living in US and US Citizens) / Common Reporting Standard forms (Kenyans living abroad and foreigners)
• Your visa/work permit/alien certificate

Rates & Fees

• Standing order – Kes. 300
• Bankers cheque -Kes. 400
• Counter withdrawal – Kes. 200

Instant Saver Account

Eligibility / Documents Required

• A duly filled account opening form
• An original and copy of your Kenyan National ID/Passport/Alien ID
• 2 colored passport size photos
• Your KRA PIN
• Indication of next of kin
• A utility bill
• Proof of source of funds

In addition, for foreigners:

• Signed Foreign Account Tax Compliance Act (Kenyans living in US and US Citizens) / Common Reporting Standard forms (Kenyans living abroad and foreigners)
• Your visa/work permit/alien certificate

Rates & Fees

• Standing order – Kes. 300
• Bankers cheque – Kes. 400
• Counter withdrawal charge – Kes. 200

SBM ACCOUNTS FOR BUSINESS

Baraka Collection Account

Eligibility / Documents Required

• Original and copy of certificate of Incorporation/Certificate of Registration.
• Compliance Certificate issued by Registrar of Companies (for companies incorporated outside of Kenya)
• Original and copy of the Memorandum & Articles of Association (CR1, CR2, CR8)
• CR 12 (valid for 90 days ) or annual returns
• Most recently audited financial statements
• Duly signed and sealed Board of Directors’ Resolution to open an account, signatories & signing mandate
• Company & Directors’ KRA PIN certificates
• Copy of original National ID/Passport of directors & signatories
• Passport size colored photos of director and account signatories.
• Valid business permit
• License from a governing body (e.g. mining, IRA, SASRA etc.)
• Fully completed and signed Foreign Account Tax Compliance Act & Common Reporting Standard certification forms for Kenyans residing abroad
• Additional documents may be required as per the nature of the institutions.

Rates & Fees

• Corporate Debit Card issuance/replacement fee – Kes. 500
• Standing order – Kes. 300
• Banker’s cheque – Kes. 400
• Counter withdrawal fee – Kes. 200

Plus Current Account

Eligibility / Documents Required

• Original and copy of certificate of Incorporation/Certificate of Registration.
• Compliance Certificate issued by Registrar of Companies (for companies incorporated outside of Kenya)
• Original and copy of the Memorandum & Articles of Association (CR1, CR2, CR8)
• CR 12 (valid for 90 days ) or annual returns
• Most recently audited financial statements
• Duly signed and sealed Board of Directors’ Resolution to open an account, signatories & signing mandate
• Company & Directors’ KRA PIN certificates
• Copy of original National ID/Passport of directors & signatories
• Passport size colored photos of director and account signatories.
• Valid business permit
• License from a governing body (e.g. mining, IRA, SASRA etc.)
• Fully completed and signed Foreign Account Tax Compliance Act & Common Reporting Standard certification forms for Kenyans residing abroad
• Additional documents may be required as per the nature of the institutions.

Rates & Fees

• Corporate Debit Card issuance/replacement fee – Kes. 500
• Monthly ledger fee – Kes. 350
• Standing order – Kes. 300
• Banker’s Cheque – Kes. 400
• Counter withdrawal fee – Kes. 200
• Transaction fee (applied after 14 transactions) – Kes. 25

Business Plus Current Account

Eligibility / Documents Required

• Original and copy of certificate of Incorporation/Certificate of Registration.
• Compliance Certificate issued by Registrar of Companies (for companies incorporated outside of Kenya)
• Original and copy of the Memorandum & Articles of Association (CR1, CR2, CR8)
• CR 12 (valid for 90 days ) or annual returns
• Most recently audited financial statements
• Duly signed and sealed Board of Directors’ Resolution to open an account, signatories & signing mandate
• Company & Directors’ KRA PIN certificates
• Copy of original National ID/Passport of directors & signatories
• Passport size colored photos of director and account signatories.
• Valid business permit
• License from a governing body (e.g. mining, IRA, SASRA etc.)
• Fully completed and signed Foreign Account Tax Compliance Act & Common Reporting Standard certification forms for Kenyans residing abroad
• Additional documents may be required as per the nature of the institutions.

Rates & Fees

• Corporate Debit Card issuance/ replacement fee – Kes. 500
• Monthly ledger fee – Kes. 1,250
• Standing order – Kes. 300
• Banker’s cheque – Kes. 400
• Counter withdrawal fee – Kes. 200
• Transaction fee (applied after 50 transactions) – Kes. 25

Genesis Current Account

Eligibility / Documents Required

• Original and copy of Certificate of Incorporation/ Certificate of Registration.
• Compliance certificate issued by Registrar of Companies – for companies incorporated outside Kenya
• Original and copy of the Memorandum & Articles of Association/(CR1, CR2, CR8)
• CR 12 (valid 90 days ) or annual returns
• Latest audited financial statements
• Sealed & duly signed Board of Directors Resolution to open an account, A/C signatories & signing mandate
• Company & Directors KRA PIN
• Copy of National ID /Passport of Directors & Signatories
• Passport size colored photos for Director and account Signatories
• Valid Business Permit
• License from governing body (e.g. Mining, IRA, SASRA etc.)
• Fully completed and signed FATCA & CRS certification forms for Kenyan nationals residing abroad
• Additional KYC may be required as per the nature of the institutions

Rates & Fees

Corporate Debit Card issuance/ replacement – Kes. 500.00
Standing Order – Kes. 300.00
Chequebook (50/ 100 leaf) – Kes. 14.50 per leaf
Bankers Cheque – Kes. 400.00
Per transaction ledger fee – Kes. 30.00( or FCY equivalent)

Jijenge Biashara Account

Eligibility / Documents Required

• Original and copy of certificate of Incorporation/ Certificate of Registration.
• Compliance certificate issued by Registrar of Companies – for companies incorporated outside Kenya
• Original and copy of the Memorandum & Articles of Association/(CR1, CR2, CR8)
• CR 12 (valid 90 days ) or Annual returns
• Latest audited financial statements
• Sealed & duly signed Board of Directors Resolution to open an Account, A/C signatories & signing mandate
• Company & Directors KRA PIN
• Copy of National ID /Passport of Directors & Signatories
• Passport size colored photos for Director and account Signatories.
• Valid Business Permit.
• License from governing body (e.g. Mining, IRA, SASRA etc.)
• Fully completed and signed FATCA & CRS certification Forms for Kenyan nationals residing abroad
• Additional KYC may be required as per the nature of the institutions.

Rates & Fees

Corporate Debit Card issuance/ replacement – Kes. 500.00
Standing Order – Kes. 300.00
Cheque book (50/ 100 leaf) – Kes. 14.50 per leaf
Bankers Cheque – Kes. 400.00
Per transaction ledger fee – Kes. 10.00( or FCY equivalent)

SBM ACCOUNTS FOR CORPORATES

Plus Current Account

Eligibility / Documents Required

• Original and copy of certificate of Incorporation/Certificate of Registration.
• Compliance Certificate issued by Registrar of Companies (for companies incorporated outside of Kenya)
• Original and copy of the Memorandum & Articles of Association (CR1, CR2, CR8)
• CR 12 (valid for 90 days ) or annual returns
• Most recently audited financial statements
• Duly signed and sealed Board of Directors’ Resolution to open an account, signatories & signing mandate
• Company & Directors’ KRA PIN certificates
• Copy of original National ID/Passport of directors & signatories
• Passport size colored photos of director and account signatories.
• Valid business permit
• License from a governing body (e.g. mining, IRA, SASRA etc.)
• Fully completed and signed Foreign Account Tax Compliance & Common Reporting Standard certification forms for Kenyans residing abroad
• Additional KYC may be required as per the nature of the institutions.

Rates & Fees

• Corporate Debit Card issuance/replacement fee – Kes. 500
• Monthly ledger fee – Kes. 350
• Standing order – Kes. 300
• Banker’s Cheque – Kes. 400
• Counter withdrawal fee – Kes. 200
• Transaction fee (applied after 14 transactions) – Kes. 25

Business Plus Current Account

Eligibility / Documents Required

• Original and copy of certificate of Incorporation/Certificate of Registration.
• Compliance Certificate issued by Registrar of Companies (for companies incorporated outside of Kenya)
• Original and copy of the Memorandum & Articles of Association (CR1, CR2, CR8)
• CR 12 (valid for 90 days ) or annual returns
• Most recently audited financial statements
• Duly signed and sealed Board of Directors’ Resolution to open an account, signatories & signing mandate
• Company & Directors’ KRA PIN certificates
• Copy of original National ID/Passport of directors & signatories
• Passport size colored photos of director and account signatories.
• Valid business permit
• License from a governing body (e.g. mining, IRA, SASRA etc.)
• Fully completed and signed Foreign Account Tax Compliance & Common Reporting Standard certification forms for Kenyans residing abroad
• Additional KYC may be required as per the nature of the institutions.

Rates & Fees

• Corporate Debit Card issuance/ replacement fee – Kes. 500
• Monthly ledger fee – Kes. 1,250
• Standing order – Kes. 300
• Banker’s cheque – Kes. 400
• Counter withdrawal fee – Kes. 200
• Transaction fee (applied after 50 transactions) – Kes. 25

Term and Call Deposits

Eligibility / Documents Required

• Duly filled and signed deposit booking form
• Minimum deposit amount of Kes. 50,000.00 and FCY equivalent
• Must be an existing SBM account holder

Rates & Fees

• Interest is based on the bank’s card rate which is available on request
• If the deposit is liquidated earlier than scheduled, the customer foregoes the interest

SBM ACCOUNT FOR DIASPORA

SBM Platinum Saver Account

Eligibility / Documents Required

To apply for SBM Platinum Saver Account, visit any SBM (K) Branch to fill in an account
opening form with the following:

• Original Kenyan national ID card and copy or
• Original and copy of valid passport
• Valid VISA
• Alien Certificate, work permits/dependent pass/student pass/internship or
  research pass/certificate of permanent residence
• KRA PIN
• 1 passport size colored photo
• FATCA completed forms for qualifying persons or entities. Any person who
  responds in the affirmative to this question MUST complete the FATCA forms:
  1. Are you a US citizen?
  2. Are you holding a US permanent resident card (Green card)?
  3. Were you born in the US?
  4. Have you ever granted power of attorney or signatory authority to a person
     with a US address?
  5. Do you have a US residential address?
  6. Do you have a correspondence, C/O or hold mail address in the US?
  7. Do you have a standing order to a US Bank account?
  8. Do you have a US telephone no?
  9. Are you a US resident?
• Fully completed and signed Common Reporting Standard (CRS) certification forms
  where applicable.

Who Are The Target Customers?

• A person saving for their first car
• A young professional saving for a diploma or degree
• Someone working towards building an emergency fund
• A business owner saving for new office space
• A couple saving for their first child, or for school fees
• A farmer saving for a new tractor

How to apply for Platinum Saver Account

Below are the documents required to apply for Platinum Saver Account;

• Original Kenyan national ID card and copy or
• Original and copy of valid passport
• Valid VISA for immigrants
• Alien Certificate, work permits/dependent pass/student pass/internship or research pass/certificate of permanent residence
• KRA PIN
• 1 passport size colored photo

FATCA completed forms for qualifying persons or entities. Any person who responds in the affirmative to this question MUST complete the FATCA forms:

• Are you a US resident? (Y/N)
• Are you a US citizen? (Y/N)
• Are you holding a US permanent resident card (Green card)? (Y/N)
• Were you born in the US? (Y/N)
• Have you ever granted power of attorney or signatory authority to a person with a US address? (Y/N)
• Do you have a US residential address? (Y/N)
• Do you have a correspondence, C/O or hold mail address in the US? (Y/N)
• Do you have a standing order to a US Bank account? (Y/N)
• Do you have a US telephone no? (Y/N)

Fully completed and signed Common Reporting Standard (CRS) certification forms

Platinum Saver Account opening balance

The account opening balance is Ksh 100,000

The interest rate is up to 11% per annum

What happens if my balance is below Kes 100,000.00, but I have committed to building the balance to Kes 100K?

You will earn an interest of 4% p.a until such a time when your balances will get to Kes 100,000 threshold or more.

What happens when I withdraw funds more than once within a quarter?

Your account will earn an interest of 4% for all the days within the month of breach and will be tracked for a period of 90 days. The 11% interest rate will resume in the new month post the 90 day breach period provided account balance is maintained at KES. 100,000 and above.

SBM Bank Payment methods and how to send money to the acount

The options available to send money to your Platinum Savings Account are:

SBM(K) Branches – visit a branch to physically deposit cash to the account over the counter (additional documentation on source of funds may be required)

M-Pesa Paybill:

How to send money from your Mpesa to SBM Bank via PayBill

• SBM Bank Paybill Number is 552800
• Go to Lipa na M-Pesa
• Select Paybill
• Enter Business Number (552800)
• Enter Account Number Enter your 13 digit Account Number)
• Enter Amount
• Enter Mpesa pin and end

M-Pesa PIN and the transfer will complete to your account

Real Time Time Gross Settlement (RTGS)/EFT- transfer money via RTGS/EFT as per account details below, whether from an SBM (K) account or any other bank account:

TelegraphicTransfer (TT) – to send funds in USD, GBP, EUR, ZAR, INR, MUR currencies, kindly access TT Corresponding Bank Details depending on the international bank where funds will be transferred from. Funds transferred in other currencies will be converted using the days’ exchange rates (The customer may elect to negotiate for a rate directly with treasury)

You can also write or deposit a cheque with your account name being the payee. Please note that the funds will only earn interest based on cleared balances. It takes one business day for a cheque to clear in addition to the day the cheque is deposited.