KCB Bank Kenya has several savings accounts targeting different groups of customers. KCB offers various savings accounts for individuals, businesses and chamas, each with a set of opening requirements and features.
Kids are not left behind. To cultivate a saving culture in your little one, you can open a KCB Cub account that earns interest of up to 8.5% per year on savings.
KCB Bank Savings Accounts
KCB’s savings account types are categorized as follows:
1. Personal Savings Accounts
- Goal Savings Account
- Cub account
- Fixed Deposit Account
2. SME Savings Accounts
- Simba Savings Account
- Business Goal Savings Account
3. Chama Savings Account
To apply for an account, you can visit your nearest KCB Bank branch or fill out the contact form online for further assistance.
Let’s explore each account’s features and requirements in detail:
Read: KCB Salary Advance Loan Features, How to Apply.
01. KCB Goal Savings Account (Personal)
You can lock your savings for a period of between 6 months to 5 years and earn interest on your funds as you work towards achieving your financial goal. This account has no monthly maintenance fees.
Account Opening Requirements
- Valid Kenyan ID or passport
- Your KRA PIN certificate
- Opening balance of KSh. 1000.
02. KCB Cub Account
This account helps your child save while earning a competitive interest of up to 8.5% p.a. The opening balance is KSh. 1000 and there are no monthly fees.
Opening Requirements
- Kenyan ID or Passport of the parent or guardian
- Quality passport photo of the parent or guardian
- Child’s birth certificate
03. Fixed Deposit Account
The fixed deposit account helps you to lock your funds for a chosen period and earn an interest of up to 6% p.a on the savings. This rate applies to both local and foreign currencies.
The interest will be accrued only if the money remains in the account for the agreed tenor.
04. KCB Simba Savings Account
This business savings account offers a competitive interest rate of up to 8.5% p.a. on your savings.
Features and Benefits
- 8.5% p.a interest rate on savings
- One withdrawal a month
- Pennywise savings
- Free deposits
- No monthly fees
- Opening balance of KSh. 1,000
- Minimum operating balance of KSh. 1,000
- Zero monthly maintenance fees
The rates are exclusive of taxes.
Opening Requirements
- Kenyan ID or passport
- KRA PIN certificate
- Certificate of Registration/ Incorporation
- VAT Certificate
- Trading License
- Partnership Deed where applicable
- Board resolution where applicable
05. Business Goal Savings Account
This business savings account lets earn interest on your profits as you set up your business for future expansion and acquisition of assets.
Features and Benefits
- Access loans of up to 100% of your savings
- Flexible savings period between 6 months and 5 years
- Free standing order for payments into other accounts
- You can open unlimited Goal Savings accounts
- The opening balance is KSh. 1000
- Has zero monthly fees
Opening Requirements
- Certificate of Registration/ Incorporation
- KRA PIN Certificate
- VAT Certificate
- Valid Trading License
- Company’s Partnership Deed (where applicable)
- Board Resolution (where applicable)
06. Chama Savings Account
This account enables your chama to get closer to their goals by locking savings for a period between 6 months and 5 years, earn interest on savings and borrowing up to 100% of your savings. The account attracts zero charges.
Requirements for Chama Account
Both original and copies of the following documents are required:
Self Help Groups
- Certificate of Registration
- Constitution
- National ID/ passports of office bearers
- Confirmed minutes signed by Chairman and Secretary authorizing opening of account
- One passport-sized color photo for each signatory
Groups registered as a limited company
- Certificate of Incorporation
- Memorandum and Articles of Association/CR1, CR2 and CR12
- Board Resolution
- ID/Passport (Alien certificate in case of non–nationals) of Directors and signatories
- Company PIN certificate
- One passport-sized color photo for each signatory
Unregistered groups
- ID of signatories
- KRA PIN of signatories
- Confirmed minutes signed by Chairman and Secretary authorizing opening of account
- Unaudited accounts for new groups and audited accounts for groups less than one year old
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