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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.

The options available to send money to your Platinum Savings Account are:

1. SBM(K) Branches - visit a branch to physically deposit cash to the account over the counter (additional documentation on source of funds may be required)

1. M-Pesa Paybill: go to Lipa na M-Pesa > Select Paybill > Select Enter Business Number > Input 552800 > Select Account Number > Enter your 13 digit Account Number > Enter Amount

> Enter

M-Pesa PIN and the transfer will complete to your account

1. Real Time Time Gross Settlement (RTGS)/EFT- transfer money via RTGS/EFT as per account details below, whether from an SBM (K) account or any other bank account:
   • BANK: SBM(K) Limited
   • AccountName: Your Account Name
   • AccountNumber: Your 13 digit account number
   • BankCode: 060
   • SwiftCode: SBMKENYA
2. TelegraphicTransfer (TT) – to send funds in USD, GBP, EUR, ZAR, INR, MUR currencies, kindly access TT Corresponding Bank Details depending on the international bank where funds will be transferred from. Funds transferred in other currencies will be converted using the days’ exchange rates (The customer may elect to negotiate for a rate directly with treasury)
3. You can also write or deposit a cheque with your account name being the payee. Please note that the funds will only earn interest based on cleared balances. It takes one business day for a cheque to clear in addition to the day the cheque is deposited.

Withdrawals on the account are restricted to one every quarter. The account will earn an interest of 4% if the number of quarterly withdrawals are more than 1.

SBM Bank will provide you with free monthly e-statements to your email to be able to track account balances. You can call your account manager at the branch or SBM contact center to request for account balance for ad hoc requests.

Yes, a withholding tax of 15% is applicable to the interest earned.

Yes, you can easily migrate from your existing SBM savings account to the new Platinum Savers account. Visit your nearest SBM branch to fill in the account product transfer form. 

No, customers with an existing current account who wish to enjoy Platinum Saver benefits must apply for a new account.

At the moment there are no solutions or services that are bundled with the service. The bank may introduce other value adding products on to the Platinum Saver in future.

Yes, you may borrow against your savings. The amount will however be lien marked and will be inaccessible until you clear your loan.

Yes, the account is applicable to all customers. Children, Youth, Individuals and Joint account holders.