Frequently Asked Questions

How can we assist you today?

What is the minimum amount required for a senior citizens fixed deposit?

The recommended minimum amount is kes. 1 million

How is the interest paid-out?

Interest is paid out on a monthly basis to the client’s preferred SBM transactional or savings account

Does the interest earned attract withholding tax?

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

Can I withdraw money before the maturity date?

Yes, you can withdraw money before the maturity date without incurring any penalty subject to review by your branch manager on emergency cases only.

What options do I have in case I do not qualify for early withdrawal?

You may access an overdraft facility secured by your SCFD subject to your application being approved.

What happens to my FD after maturity?

You can either renew the FD for another term or withdraw the principal amount and accrued interest.

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.

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Quick Answers for Your Banking Queries about SBM Bank