Kenya Commercial Bank (KCB) is the largest bank in Kenya with over 7 million account holders and a network of 192 branches spread out across the 47 counties
The bank has various banking services for individuals and businesses. These services are primarily offered through different types of banking accounts that are tailored for the needs of the customer.
The accounts offered by KCB can be grouped into three main types:
- Current Accounts – an account which you can deposit and withdraw money to and from at any time and provides the holder with a chequebook to make payments without using cash.
- Transactional Accounts – an account similar to the current account but usually with no access to cheque books
- Savings Accounts – an account for depositing savings with interest but with restrictions on withdrawals
Each of these three main types are further customized into different types of accounts for individuals and businesses. Let’s take a look at them.
KCB Personal Accounts
These accounts are meant for individual persons. They include:
1. Current Account
A current account for individuals with access to a chequebook and KCB Visa Debit Card.
2. Advantage Current Account
A personalized current account with a dedicated relationship manager and
access to premium services at KCB Advantage Banking centres.
1. Jiinue Account
An account targeting the employed and self-employed with low opening and operating balances, no restrictions on deposits and withdrawals and access to loans.
2. Bankika Personal Account
An account targeting the youth with no monthly fees (charges transactions instead), a low operating balance and with access to limited cheque book.
3. Mapato Account
An account tailored for individuals with salaries with no restrictions on deposits and withdrawals and with access to salary advance facilities including personal loans.
4. Student Account
An account targeting university and college students with no restrictions on deposits and withdrawals or monthly charges. It allows deposting of HELB loans and provides a KCB Visa debit card.
1. Goal Savings Account
A savings account with an attractive interest rate (7% p.a.), free standing order and a loan facility based on one’s savings.
2. Simba Savings Account
An interest earning account with a low operating balance and that is restricted to one withdrawal per month.
3. Advantage Simba Savings Account
A personalized savings account with competitive interest rates, a dedicated relationship manager and access to premium services at KCB Advantage Banking centres.
4. Cub Account
A savings account for children below the age of 18 years. It includes a free life insurance cover and a free kit to save at home.
Other Personal Accounts
1. KCB Platinum Account
A premium product with options for current and transactional accounts. It includes a dedicated relationship manager, exclusive KCB platinum centres and express counters.
2. Fixed Deposit Account
An account that allows for saving unlimited amounts over fixed periods with competitive interest rates (6% p.a).
3. Advantage Mortgage Account
An account with discounted interest rates on mortgage.
KCB Diaspora Banking
These accounts target Kenyans residing abroad.
1. Diaspora Transactional Account
A transactional account available in the major foreign currencies (USD, Euro & GBP) with access to internet and mobile banking.
2. Diaspora Junior Account
An interest earning savings account targeting parents with children living abroad. It’s automatically upgraded to the diaspora transactional account when the child turns 18 years old.
Mobile Banking Accounts
1. KCB M-Benki Account
Part of KCB Mobile banking, this type of account can be opened conveniently using one’s mobile phone. Depositing and withdrawal is available through Safaricom M-PESA services and KCB Mtaani Agents. Has access to loans and supports transferring money to other bank accounts.
The account however has restrictions on some services which can be removed by doing an account update at a KCB branch.
2. KCB M-PESA
An account available on the M-PESA menu that gives Safaricom customers easy access to instant loans from KCB. The account however also includes saving options with interest rates (6.3% p.a.).
KCB Business Accounts
These accounts target business people, investment groups, corporates and other institutions. They are grouped into the following categories:
- SME (Small and Medium Enterprises)
1. Tuungane Current
This is a current account that targets investment groups (chamas). It provides access to a chequebook and has no monthly charges or restriction on withdrawals.
In addition to mobile banking, it can be managed through the KCB Mobi Chama service.
1. Boresha Biashara
A transactional account targeting small scale businesses with non-registered businesses. It has low operating balance and provides access to business loans.
2. Bankika Business
This account targets the youth who have non-registered and sole proprietorship businesses. It has no monthly charges, minimum operating balance or restrictions on withdrawals and deposits. It also provides access to business loans.
3. Tuungane Investment
A savings account that targets investment groups that are registered or unregistered.
1. Business Current Account
A current account for registered businesses. It’s ideal for businesses with a high number of transactions and has no minimum operating balances. It also provides access to business loans and overdrafts
2. Business Privilege Account
A business account that targets registered businesses with high transaction volume. It has a flat fee for all monthly transactions costs and provides access to an unlimited cheque book.
3. School Current Accounts
An account for registered schools to facilitate collection of fees. It has no charges.
1. Entrepreneur Account
This is an affordable business account that charges per transaction and has no maintenance fees.
2. Community Account
An account targeting registered non-profit organisations, charities and religious bodies. It has no charges.
1. Mavuno Account (Farmers Account)
An account tailor made for farmers with no minimum operating balance and maintenance fees. It also waiver charges for account activation as these accounts become dormant periodically.
D. Corporate Accounts
1. Current Account
An account for businesses with custom chequebooks and online statements.
2. Transactional Account
A transactional account for businesses with no minimum operating balance, standing orders, and a custom chequebook.
1. Business Account
An interest earning savings account for businesses.
2. Fixed and Short Term Deposit Account
An account that allows for saving unlimited amounts over fixed periods (long or short term) with competitive interest rates (6% p.a). It offers flexible investment periods of between one month to a year.
3. Call Deposits Investment
An interest earning account for saving investment funds but that allows for withdrawals alike a current account.