For better money management, one must have a bank account. A bank will help you record your account properly. There are so many benefits of owning a bank account; One of the biggest benefits is getting funds for your own projects, from student loans to business loans to mortgages and so on.
Kenya Commercial Bank (KCB) is one of the most important banks that have a major impact on the Kenyan economy. Aside from being among the most popular banks in Kenya, it has embraced technology at a faster pace to provide improved services to its customers.
Before we think about how to open a bank account, let’s take a little look with Kenya Commercial Bank about the different packages that are available to you and how to choose one that suits you best.
See also: How to open a Kenyan bank account
Types of Bank Accounts Available e
There are a number of bank accounts in Kenya Commercial Bank. You need to understand the details so that you can make an advantageous choice. Below are some of the options you might consider.
- save accounts
A savings account is an account in which funds can be accumulated. The bank also pays interest on your funds as long as you meet the minimum balance.
- Transaction Accounts
This account is quite similar to the current account. The only difference is that this is mainly aimed at the market segment and a checkbook would not be appropriate.
- Current Accounts
checking accounts include; Salary accounts, student account and day account. This type of account provides instant access to your funds.
- fixed deposit accounts
This type of account allows you to accumulate your money without paying monthly fees. With this type of account, your money earns interest as long as you meet the minimum balance. Such accounts have access restrictions for a period of time as most of that money is lent to other clients.
Now that you have had a quick look at some of the accounts that you can choose from, below is how to open a bank account with Kenya Commercial Bank.
1. Preparation
Opening a bank account requires proper preparation. You need more information about your bank of choice. In this case, you need to find useful information that will help you choose an account that suits your needs. It is always advisable to visit your branch for more detailed information.
2. Requirements
After identifying the type of account you’re opening, it’s a good idea to know all of the requirements before contacting the specific branch for the initial process. Unfortunately, the requirements vary slightly between different accounts.
For starters, here are the basic yet common bank account requirements.
Original and a copy of your ID card
Depending on the account you want to open, these are some of the requirements you may need.
· Letter from employer
· 2 high-quality passport photos
· Your business documents
As you have seen the difference in these accounts, it is important that you consult more information. Take your time and understand how each account works as well as their limitations as you will not want a compromise situation in the future.
After you are fully prepared and equipped with the correct documents, you can proceed to your nearest Kenya Commercial Bank branch. In the bank, the procedure will be as simple as this:
I. You will definitely meet with Kenya Commercial Bank agent who will work for you in any way he can to offer you the best possible service. Personally, I am impressed with the quality of services provided at this bank. You can expect the best.
ii. At this point that you know the account you need, the agent will give you the special form that needs to be filled out. Please be very careful when filling out this form and make sure the information you provide is correct. The consideration is very important to you and should be taken with the utmost seriousness.
Take your time filling out the form and contact the agent if necessary. Use the bank agents to simplify this process.
iii. After the documents are filled out correctly and this is done after verification, the officer opens your account through a PC. Note that most Kenya Commercial Bank branches will certainly have a digital camera for passport photos, but you can always carry it with you.
IV. After a detailed check, your account will be opened and you will be informed of the account details. Note the ATM cards as you may need to deposit some money for processing.
Benefits of Banking with Kenya Commercial Banks
Let’s take a look at some of the benefits you get as an account holder by being one of the leading banks in Kenya in terms of services.
online banking
With the advancement in technology, it is always a refreshing thought to know that you can access your banking services anytime, anywhere. Internet banking is one of the best things that has ever happened to the banking industry. Make sure to apply for internet banking to enjoy the quality internet banking services. This can save you the time you would rather have spent visiting the bank branch physically or in person.
mobile banking
Mobile banking hits the Kenyan economy with a bang. It’s so much easier to be in control of your bank account from your mobile phone. This offers a solution to the long bank queues. Just like the big banks, Kenya Commercial Bank has invested well in mobile banking and it is a service that you must apply for and it is a good idea to do so when you create the bank account.
In summary, the above accounts are fair but a few to choose from. Once you’ve found a bank that’s right for you, make a note of all the requirements. Then go to your nearest Kenya Commercial Bank branch to open the account. And for the Kenyan citizens outside the country, there is always an online account opening form that you can fill out.