Kingdom Bank is one of the best banks in Kenya. It offers you opportunity to save and invest your money. They also offer different types of loans. Below we list the accounts offered by the bank, account opening requirements and costs.
Kingdom Bank account opening requirements
- National ID
- Coloured passport size photo
- KRA Pin
- Account opening balance
- Minimum Operating Balance
- Monthly Maintenance fee
The opening and operating balances vary depending on the type of account.
Kingdom Bank List of Accounts
Current Account
Features
- Minimum Opening Balance – Ksh. 2,500.
- Minimum Opertating Balance – Ksh. 0.
- Monthly Maintenance fee – Ksh. 400.
You will be earning interest through this account. Their annual interest is 1% to 4%.
Savings Account
Features of the Kingdom Bank Savings Account
- Minimum Opening Balance – Ksh. 500
- Minimum Opertating Balance – Ksh. 500
- No monthly maintenance fee/ charges.
- Interest payable quarterly at 4% per annum for amount above Ksh. 5,000
- Permits only one withdrawal per calendar quarter.
- Regular staements every 6 months.
- No Debit Card
Account Opening Requirements.
- Parent’s or guardian’s original ID Card or Passport.
- Copy of birth certificate of the child.
- Copy of parent’s or guardian’s KRA PIN.
Savings account has low opening balance compared to current account. The interest is also high. If you save Ksh 100,000,you will earn Ksh 4,000 every quarter, which is impressive.
Junior Savings Account
Junior Savings account is targeting Kenyans aged below 18 years. As a parent, it’s important to open an account for your child ,save money. The money will help him/her pay fee and start a business in future.
Features of the Junior Savings Account
- Minimum Opening Balance – Ksh. 500
- Minimum Opertating Balance – Ksh. 500
- Free PIGGY BANK on opening a new account.
- Discounted bank cheques for fees payment.
- Free birthday card / Gifts on child’s birthday anniversary.
- Interest payable at 2% per annum for amount above Ksh. 5,000
Account Opening Requirements.
- – Parent’s or guardian’s original ID Card or Passport.
- – Copy of birth certificate of the child.
- – Copy of parent’s or guardian’s KRA PIN.
The 2% interest per year is good. This means that if you save Ksh1 million,you will earn interest of Ksh 20,000 every year. Assume that the money remains in the account for 5 years,you will earn more than Ksh100,000 interest.
Transaction account
This account is ideal for people doing regular transactions. If you are depositing and withdrawing money daily, this is the type of account to open.
Features of the Transaction Account
- Minimum operating balance – Ksh. 200.
- No Minimum operating balance.
- No monthly ledger fee.
- Access to funds as many times as required.
- Account holder can access business loans.
- Debit Card available for withdrawals as well as for payment purposes.
- Convenient mobile banking and internet banking available.
- (optional) Checkbook.
- Normal Tarrif fees to apply.
Account Opening Requirements.
- Copy of national ID card.
- Copy of KRA PIN
Chama Account
If you are in a Chama, open this account. You money will earn interest of 4% per year. You will also get a loan of up to Ksh40 million.
FEATURES:
- Minimum opening balance – Kes 1,000
- Minimum operating balance – Nil
- No monthly ledger fee
- Interest accrues on cleared balances daily and credited to the account monthly at 4%
- Interest is earned for balances starting from Kes. 10,000
- Access to funds as many times as required
- 1st withdrawal transaction for the month is free of charge
ENJOY ACCESS TO:
- Free E-statements
- Internet banking
- Cheque book
- Dedicated Account Relationship Officer
- Chama Investment loan (for purchase of land, construction, buy ready built and equity-release loans, movable asset acquisition) of up to Kes 40 million
- Group working capital solutions for members
- M-collection and Lipa Na M Pesa integration
Micro Group Account
If you have a goal as a group, you want to save money and start a project, this is the ideal account to open.The good thing is that your money will earn interest of 4% per year.
FEATURES:
- Minimum opening balance – Kes 1,000
- Minimum operating balance – Nil
- No monthly ledger fee.
- Interest accrues on cleared balance daily and credited to the account monthly at 4%
- Access to funds as many times as required.
- Interest is earned for balances starting from Kes. 5,000
- Copy of the group Constitution.
- Duly completed and signed Account Opening Mandate
- Copies of ID and PIN of authorized officials
ENJOY ACCESS TO:
- Free E-statements
- Internet banking
- Cheque book
- Dedicated Account Relationship Officer
- Chama Investment loan (for purchase of land, construction, buy ready built and equity-release loans, movable asset acquisition) of up to Kes 40 million
- Group working capital solutions for members
- Free standing order to the group savings account
- M-collection and Lipa Na M Pesa integration
DIASPORA BANKING ACCOUNTS
If you live in Diaspora, Kingdom Bank has specific accounts for you. You will be depositing money into your account such that when you arrive in Kenya, it will be easier to invest the cash and do projects.
Below is a list of the accounts for the Diaspora Banking
Diaspora Transactional Account
FEATURES
- Available in KES, GBP, EUR, USD
- Minimum opening balance – KES 5,000, GBP 50 , EURO 50 & USD 50
- Minimum operating balance KES 1000 GBP 10 , EURO 10 & USD 10
- No monthly ledger fees
- Access to funds as many times as required
- Visa Debit Card available for withdrawals as well as for payment purposes (for KES accounts only)
- Convenient mobile banking and internet banking available
- Free monthly e-statement
BENEFITS
- Access to Mobile banking and Internet Banking
- Visa Debit Card available for withdrawals and payment (for KES accounts only)
- Unlimited access
- Monthly e-statement
- Access to plot /house loan upon satisfactorily banking with us for at least 6 months.
- 24/7 Customer service
Diaspora Savings Account
FEATURES
- Available in KES, USD, GBP & EURO.
- Minimum Opening Balance KES 10,000, USD 100, GBP 100, EURO 100
- Minimum Operating Balance KES 10,000, USD 100, GBP 100 & EURO 100.
- Convenient mobile banking and internet banking available
- No monthly maintenance fee/ charges.
- Permits only one free withdrawal per calendar quarter.
- Regular statements every 6 months.
- No Visa Debit Card (to encourage savings).
BENEFITS
- Interest payable quarterly at 4% per annum for amounts above Ksh. 20,000 & equivalent in forex at 0.25% pa
- Discounted bank cheques for fees payment (for junior account)
- Access to plot/house loan upon satisfactorily banking with us for at least 6 months
- 24/7 Customer service
Wale watu mko Gulf, this is the account to open. You will save your money and earn interest of 4% per year. But your savings must be above Ksh 20,000 for you to earn interest.
Diaspora Current Account
FEATURES
- Available in KES, USD, GBP, EURO
- Minimum Opening Balance KES 5,000, USD 100, GBP 100, EURO 100
- Minimum Operating Balance KES 2,000, USD 25, GBP 25, EURO 25
- Monthly maintenance fee Kes 400, USD 5.GBP 5, EURO 5
- Minimum Interest-earning balance KES. 5,000
- Convenient mobile banking and interest banking available
- Free Monthly Statements
- Cheque Book available on request
- Visa Debit Card available (for only KES accounts)
BENEFITS
- Access to Mobile banking and Internet Banking
- Visa Debit Card available for withdrawals and payment (for KES accounts only)
- Unlimited access
- Monthly e-statement
- Access to plot /house loan upon satisfactorily banking with us for at least 6 months.
- 24/7 Customer service
Kingdom Bank is one of the best banks in Kenya. Your money will be safe because no client has ever reported that they money was stolen.