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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
8. Fully completed and signed Common Reporting Standard (CRS) certification forms. The following are Member Countries of CRS Reporting.

You can open a Platinum Saver account on Mfukoni if you are an existing SBM Bank customer. Login to Mfukoni to open your account.

The recommended account opening balance is KES. 100,000 and USD 1,000 for the KES and USD accounts respectively. We however encourage customers to take up the solution by depositing any amount and grow their balances to Kes. 100,000 or USD 1,000 and more to enjoy the more best interest rate.

You will earn an interest of 4% p.a. or 3% p.a. for KES and USD respectively, until such a time when your balances will get to higher interest threshold or more

Your account will earn an interest of 4% for KES and 3% for USD for all the days within the month of breach and will be tracked for a period of 90 days. The 11% and 4% interest rates for KES and USD respectively, will resume in the new month post the 90-day breach period provided account balance is maintained at KES 100,000 and above or USD 1,000 and above.

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

The Platinum Saver account is not a transactional account and therefore outgoing funds transfer services such as EFT, Pesalink, RTGS and Cheques are not available. Customers will however be allowed to make internal transfers to their own transactional current account within SBM. Customers will be able to pay into their Platinum Saver accounts through RTGS, EFT and Pesalink or even deposit cheques.