June 14, 2024

All You Need To Know About Sidian Bank Current Accounts

All You Need To Know About the Sidian Bank Q Loan
  1. NAWIRI ACCOUNT

A pay as you go (PAYE) account designed for individuals and sole proprietors running a business under their own name or a business name.

Key Features & Benefits:

  • One free monthly e-statement
  • Available in Kenyan Shilling (KES), US Dollar (USD), British Pound (GBP), and Euro (EURO)
  • Online banking access
  • Free inward Real-Time Gross Settlement (RTGS) transactions
  • Cheque book facility
  • Sidian Debit Card

Terms:

  • No opening balance required
  • No minimum balance required
  • No ledger fees
  • Free deposits

Fees & Charges:

  • All fees and charges are subject to a 20% excise duty.
  • Over-the-counter (OTC) withdrawal fee: KES 100.00
  • Inward Electronic Funds Transfer (EFT) fee: KES 100.00
  • Outward cheque deposits: KES 25.00 per cheque

Transaction Process:

  • Withdrawals:
    • All Sidian Bank branches
    • Mobile banking via SidianVIBE
    • Online Banking
  • Deposits:
    • Direct deposit to account via sidian bank paybill number 111999
    • Pay Bill/Till to bank deposit

2. BUSINESS ACCOUNT

This account is ideal for limited companies, SMEs, large corporations, and even sole proprietors with high business volumes.

Key Features & Benefits:

  • One free monthly e-statement
  • Free access to online banking platform
  • Salary processing platform (negotiable fees)
  • Dedicated Relationship Manager for personalized service
  • Available in Kenyan Shilling (KES), US Dollar (USD), British Pound (GBP), and Euro (EURO)
  • Cheque book facility

Terms:

  • No minimum balance requirement
  • Unlimited daily deposits and withdrawals

Fees & Charges:

  • All fees and charges are subject to a 20% excise duty.
  • Opening balance: KES 2,000.00
  • Ledger fee: KES 300.00 for the first 15 transactions, KES 20.00 for each additional transaction

Transaction Process:

  • Deposits:
    • Retail/Corporate internet banking
    • Pay Bill/Till to bank deposit
    • Direct deposit to account via sidian bank paybill number 111999
  • Withdrawals:
    • All Sidian Bank branches

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3. Ungana Current Account

This account is designed for investment groups, chamas, or other collective saving entities with a shared goal of accumulating funds for investment purposes. It facilitates small to medium-sized investments.

Key Features & Benefits:

  • One free monthly e-statement
  • Group investment training sessions offered by the bank
  • Available in Kenyan Shilling (KES), US Dollar (USD), British Pound (GBP), and Euro (EURO)
  • Free inward Real-Time Gross Settlement (RTGS) transactions
  • Cheque book access
  • Free deposits

Terms:

  • Minimum balance: KES 2,000.00
  • Opening balance: KES 2,000.00
  • No ledger fees

Fees & Charges:

  • All fees and charges are subject to a 20% excise duty.
  • Over-the-counter (OTC) withdrawal fee: KES 100.00
  • Inward Electronic Funds Transfer (EFT) fee: KES 100.00

Requirements:

  • Certificate of Registration from the Registrar of Societies
  • Constitution with rules and bylaws signed by all members
  • List of members’ names
  • KRA PIN Certificate or Tax Exemption Certificate
  • Resolution to open the account
  • National ID/Passport and KRA PIN of authorized officials

Transaction Process:

  • Withdrawals:
    • All Sidian Bank branches
  • Deposits:
    • Online Banking
    • Direct deposit to account via sidian bank paybill number 111999
    • Pay Bill/Till to bank deposit

4. Flexxy Account

This bundled account is ideal for individuals who make frequent transactions and comes with a flat monthly fee.

Key Features & Benefits:

  • One free monthly e-statement
  • Dedicated relationship manager for personalized service
  • Available in Kenyan Shilling (KES), US Dollar (USD), British Pound (GBP), and Euro (EURO)
  • Sidian Debit Card
  • Free ATM withdrawals at Sidian Bank ATMs
  • Cheque book facility (subject to terms)
  • Free inward Real-Time Gross Settlement (RTGS) and Electronic Funds Transfer (EFT) transactions

Terms:

  • Opening balance: KES 10,000.00
  • Fees & Charges:
  • All fees and charges are subject to a 20% excise duty.
  • Fixed monthly fee: KES 750.00
  • Free deposits

Requirements:

  • Personal Account
  • Valid National ID or Passport
  • One Passport-sized photograph
  • KRA PIN
  • Declaration of source of funds
  • Additional requirements for Kenyans living abroad, foreigners, and foreign nationals residing in Kenya (refer to Sidian Bank for details)

Transaction Process:

  • Withdrawals:
    • All Sidian Bank branches
    • Mobile banking via SidianVIBE
    • Online Banking
  • Deposits:
    • Direct deposit to account via sidian bank paybill number 111999
    • Pay Bill/Till to bank deposit

Read Also : How to Apply for KCB Salary Advance

5. Mshahara Account

This transactional account is designed for salaried individuals who prefer a pay-as-you-go approach with no monthly fees or transaction charges. It’s also suitable for individuals who run businesses but earn at least 70% of their income through salary.

Key Features & Benefits:

  • One free monthly e-statement
  • Available in Kenyan Shilling (KES), US Dollar (USD), British Pound (GBP), and Euro (EURO)
  • Free inward Real-Time Gross Settlement (RTGS) transactions
  • Free deposits

Terms:

  • No opening balance required
  • No minimum balance required
  • No ledger fees

Fees & Charges:

  • All fees and charges are subject to a 20% excise duty.
  • Salary processing fee: KES 100.00
  • Over-the-counter (OTC) withdrawal fee: KES 100.00
  • Inward Electronic Funds Transfer (EFT) fee: KES 100.00

Requirements:

  • National ID or Passport
  • One Passport-sized photograph
  • KRA PIN
  • Declaration of source of funds
  • Additional requirements for Kenyans living abroad, foreigners, and foreign nationals residing in Kenya (refer to Sidian Bank for details)

Transaction Process:

  • Withdrawals:
    • All Sidian Bank branches
    • Mobile banking via SidianVIBE
    • Online Banking
  • Deposits:
    • Direct deposit to account via sidian bank paybill number 111999
    • Pay Bill/Till to bank deposit
  • ATMs (charges may apply)

6. Project Account

This current account is ideal for project management committees, government entities, churches, and Non-Governmental Organizations (NGOs).

Key Features & Benefits:

  • One free monthly e-statement
  • Free access to online banking platform
  • Salary processing platform (negotiable fees)
  • Dedicated relationship manager for personalized service
  • Available in Kenyan Shilling (KES), US Dollar (USD), British Pound (GBP), and Euro (EURO)
  • Corporate internet banking access
  • Deposits via Pay Bill/Till to bank deposit
  • Free inward Real-Time Gross Settlement (RTGS) transactions
  • Inward Electronic Funds Transfer (EFT) fee: KES 100.00
  • Cheque book facility (subject to terms)
  • Direct deposit to account via sidian bank paybill number 111999

Terms:

  • No opening balance required
  • No ledger fees
  • No minimum balance requirement
  • Unlimited daily deposits and withdrawals
  • Deposits cannot be made in cash

Fees & Charges:

  • All fees and charges are subject to a 20% excise duty.
  • Over-the-counter (OTC) withdrawal fee: KES 100.00

Transaction Process:

  • Withdrawals:
    • All Sidian Bank branches
    • Online Banking
  • Deposits:
    • Pay Bill/Till to bank deposit
    • Direct deposit to account via sidian bank paybill number 111999

Read Also : A Comprehensive Guide to Equity Bank’s Salary Advance

7. Sidian Advocate Account

This is a comprehensive financial solution designed specifically for lawyers (advocates) to help them manage their finances effectively.

Key Features & Benefits:

  • Dedicated relationship manager for personalized service
  • Available in Kenyan Shilling (KES), US Dollar (USD), British Pound (GBP), and Euro (EURO)
  • Free inward Real-Time Gross Settlement (RTGS) transactions
  • Corporate invoice discounting to improve cash flow
  • Access to overdraft facilities
  • Preferential rates on Professional Indemnity (PI) insurance premiums
  • Competitive interest rates on fixed and call deposits
  • Cheque book facility (subject to terms)

Terms:

  • Opening balance: KES 2,000.00

Fees & Charges:

  • All fees and charges are subject to a 20% excise duty.
  • Ledger fee:
    • KES 300.00 for the first 15 transactions and KES 20.00 for each additional transaction (applicable to accounts with balances below KES 500,000.00)
  • No ledger fees for accounts with balances above KES 500,000.00