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Yes, it is mandatory, this is a requirement by the Central Bank of Kenya for all RTGS payments.

There is a drop down to choose the purpose from if you are processing using online banking and Mfukoni, the system will then generate the code for the transaction as per your selection.

You can find the closest that relates to the transaction, the Central Bank released an initial list which might be reviewed later to accommodate additional purpose of payment codes

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To apply for SBM Platinum Saver Account, visit any SBM (K) Branch to fill in an account opening form with the following:

1. Original Kenyan national ID card and copy or
2. Original and copy of valid passport
3. Valid VISA for immigrants
4. Alien Certificate, work permits/dependent pass/student pass/internship or research pass/certificate of permanent residence
5. KRA PIN
6. 1 passport size colored photo
7. FATCA completed forms for qualifying persons or entities. Any person who responds in the affirmative to this question MUST complete the FATCA forms:
   • Are you a US resident? (Y/N)
   • Are you a US citizen? (Y/N)
   • Are you holding a US permanent resident card (Green card)? (Y/N)
   • Were you born in the US? (Y/N)
   • Have you ever granted power of attorney or signatory authority to a person with a US address? (Y/N)
   • Do you have a US residential address? (Y/N)
   • Do you have a correspondence, C/O or hold mail address in the US? (Y/N)
   • Do you have a standing order to a US Bank account? (Y/N)
   • Do you have a US telephone no? (Y/N)
8. Fully completed and signed Common Reporting Standard (CRS) certification forms. The following are Member Countries of CRS Reporting.

The recommended account opening balance is KES. 100,000. We however encourage customers to take up the solution by depositing any amount and grow their balances to Kes.100,000 or more to enjoy the 11% p.a interest.

You will earn an interest of 4% p.a until such a time when your balances will get to Kes 100,000 threshold or more.

The minimum operating balance is KES 100,000.00.

Your account will earn an interest of 4% for all the days within the month of breach and will be tracked for a period of 90 days. The 11% interest rate will resume in the new month post the 90 day breach period provided account balance is maintained at KES. 100,000 and above.

The Platinum Saver account is open to individual and business customers.