Frequently Asked Questions

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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.

Does the interest earned attract withholding tax?

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

Is it possible to migrate from an existing savings account to the new SBM Platinum Saver account?

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

Is it possible to migrate from a current account to the new SBM Platinum Saver account?

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

What other solutions are bundled with the Platinum Saver 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.

Can I borrow against my savings?

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

Can I open a Platinum Saver for my child?

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

Will the platinum saver account have access to digital and branchless banking channels such as internet banking, mobile banking and debit cards?

Your Platinum Saver Account may have access to Mobile and Online Banking purely for viewing balances, transferring to own account in SBM (K) and to withdraw funds to your own mobile number

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