Frequently Asked Questions

How can we assist you today?

Can I open the SCFD in other currencies?

Yes. The product is available in Kes, USD, EUR and GBP

Whom can I talk to for any assistance required from the bank?

a)24/7 Contact Centre

Phone: +254 709 800 000 / +254 730 175 000

WhatsApp: +254 773 758 196

Email: atyourservice@sbmbank.co.ke

X: sbmbankkenya

Facebook: sbmbankkenya

  1. b) Contact your dedicated Relationship Manager.
  1. c) Visit any of our branches during our hours of operation and we will be happy to help.

What is the minimum interest earning balance?

  • KES Account: Earn 4% interest on balances below KES 100,000 and 10% interest from KES 100,000 and above
  • USD Account: Earn 3% interest on balances below $1,000 and 4% interest from $1,000 and above

What happens if my balance is below the required amount of Kes. 100,000 or $1,000, but I have committed to building the balance?

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

What happens when I withdraw funds more than once within a quarter?

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 10% 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.

Can I open an SBM Platinum Savings Account for my business?

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

Can I make payments directly from my platinum saver account?

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.

How can I send money to the account once operational?

  • The options available to send money to your Platinum Saver Account are:

  • 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)
  • 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

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
Account Name: Your Account Name
Account Number: Your 13 digit account number  
Bank Code:

060

Swift Code: SBMKKENA

 

  • Telegraphic Transfer (TT) - to send funds in USO, 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)
  • 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.
  • You can send money to your account via PesaLink via Mfukoni:
  1. Login into SBM Mfukoni Mobile or Online Banking> Funds Transfer> Pesalink> Select Source Account > Send To Account > Enter Account, Select from List of Banks, Enter Amount, Remarks> OTP & Submit NB: Ensure you have the correct account number and bank name. Learn more about using Pesalink here: Pesalink FAQs

Can I withdraw funds from the account?

Withdrawals on either KES or USD accounts are restricted to one every quarter.

The account will earn an interest of 4% for KES and 3% for USD for all the days within the month if the quarterly withdrawals are more than 1.

Can I view the account balance and access statements online or via mobile banking?

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.

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