A Guide to Sidian Bank Current Accounts

1. NAWIRI ACCOUNT

Nawiri account is a pay as you go (PAYE) account designed for individuals and sole proprietors running a business under their own name or a business name.

Nawiri Account Key Features & Benefits:

• One free monthly e-statement
• Available in Kenyan Shilling (KES), US Dollar (USD), British Pound (GBP), and Euro (EURO)
• Online banking access
• Free inward Real-Time Gross Settlement (RTGS) transactions
• Cheque book facility
• Sidian Debit Card

Nawiri Account Terms & Conditions:

The terms and conditions of the nawiri account include:

• No opening balance required
• No minimum balance required
• No ledger fees
• Free deposits

Nawiri account fees & charges:

• All fees and charges are subject to a 20% excise duty.
• Over-the-counter (OTC) withdrawal fee: KES 100.00
• Inward Electronic Funds Transfer (EFT) fee: KES 100.00
• Outward cheque deposits: KES 25.00 per cheque

Transaction Process:

• Withdrawals:
  • All Sidian Bank branches
  • Mobile banking via SidianVIBE
  • Online Banking
• Deposits:
  • Direct deposit to account via sidian bank paybill number 111999
  • Pay Bill/Till to bank deposit

2. BUSINESS ACCOUNT

The Sidian bank business account is ideal for limited companies, SMEs, large corporations, and even sole proprietors with high business volumes.

Business Account Key Features & Benefits:

• One free monthly e-statement
• Free access to online banking platform
• Salary processing platform (negotiable fees)
• Dedicated Relationship Manager for personalized service
• Available in Kenyan Shilling (KES), US Dollar (USD), British Pound (GBP), and Euro (EURO)
• Cheque book facility

Business Account Terms and Conditions:

• No minimum balance requirement
• Unlimited daily deposits and withdrawals

Business Account Fees & Charges:

• All fees and charges are subject to a 20% excise duty.
• Opening balance: KES 2,000.00
• Ledger fee: KES 300.00 for the first 15 transactions, KES 20.00 for each additional transaction

Transaction Process:

• Deposits:
  • Retail/Corporate internet banking
  • Pay Bill/Till to bank deposit
  • Direct deposit to account via sidian bank paybill number 111999
• Withdrawals:
  • All Sidian Bank branches

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3. Ungana Current Account

The Sidian bank ungana current account is an account designed for investment groups, chamas, or other collective saving entities with a shared goal of accumulating funds for investment purposes. It facilitates small to medium-sized investments.

Key Features & Benefits of the Ungana Current Account:

• One free monthly e-statement
• Group investment training sessions offered by the bank
• Available in Kenyan Shilling (KES), US Dollar (USD), British Pound (GBP), and Euro (EURO)
• Free inward Real-Time Gross Settlement (RTGS) transactions
• Cheque book access
• Free deposits

Ungana Current Account Terms and Conditions:

• Minimum balance: KES 2,000.00
• Opening balance: KES 2,000.00
• No ledger fees

Ungana Current Account Fees & Charges:

• All fees and charges are subject to a 20% excise duty.
• Over-the-counter (OTC) withdrawal fee: KES 100.00
• Inward Electronic Funds Transfer (EFT) fee: KES 100.00

Ungana Current Account Requirements:

• Certificate of Registration from the Registrar of Societies
• Constitution with rules and bylaws signed by all members
• List of members’ names
• KRA PIN Certificate or Tax Exemption Certificate
• Resolution to open the account
• National ID/Passport and KRA PIN of authorized officials

Transaction Process:

• Withdrawals:
  • All Sidian Bank branches
• Deposits:
  • Online Banking
  • Direct deposit to account via sidian bank paybill number 111999
  • Pay Bill/Till to bank deposit

4. Flexxy Account

The Sidian bank flexxy account is a bundled account ideal for individuals who make frequent transactions and comes with a flat monthly fee.

Key Features & Benefits of the Flexxy Account:

• One free monthly e-statement
• Dedicated relationship manager for personalized service
• Available in Kenyan Shilling (KES), US Dollar (USD), British Pound (GBP), and Euro (EURO)
• Sidian Debit Card
• Free ATM withdrawals at Sidian Bank ATMs
• Cheque book facility (subject to terms)
• Free inward Real-Time Gross Settlement (RTGS) and Electronic Funds Transfer (EFT) transactions

Flexxy Account Terms & Conditions:

• Opening balance: KES 10,000.00
• Fees & Charges:

• All fees and charges are subject to a 20% excise duty.
• Fixed monthly fee: KES 750.00
• Free deposits

Flexxy Account Requirements:

• Personal Account
• Valid National ID or Passport
• One Passport-sized photograph
• KRA PIN
• Declaration of source of funds
• Additional requirements for Kenyans living abroad, foreigners, and foreign nationals residing in Kenya (refer to Sidian Bank for details)

Transaction Process:

• Withdrawals:
  • All Sidian Bank branches
  • Mobile banking via SidianVIBE
  • Online Banking
• Deposits:
  • Direct deposit to account via sidian bank paybill number 111999
  • Pay Bill/Till to bank deposit

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5. Mshahara Account

The Sidian bank mshahara account is a transactional account designed for salaried individuals who prefer a pay-as-you-go approach with no monthly fees or transaction charges. It’s also suitable for individuals who run businesses but earn at least 70% of their income through salary.

Mshahara Account Features & Benefits:

• One free monthly e-statement
• Available in Kenyan Shilling (KES), US Dollar (USD), British Pound (GBP), and Euro (EURO)
• Free inward Real-Time Gross Settlement (RTGS) transactions
• Free deposits

Mshahara Account Terms & Conditions:

• No opening balance required
• No minimum balance required
• No ledger fees

Mshahara Account Fees & Charges:

• All fees and charges are subject to a 20% excise duty.
• Salary processing fee: KES 100.00
• Over-the-counter (OTC) withdrawal fee: KES 100.00
• Inward Electronic Funds Transfer (EFT) fee: KES 100.00

Mshahara Account Requirements:

• National ID or Passport
• One Passport-sized photograph
• KRA PIN
• Declaration of source of funds
• Additional requirements for Kenyans living abroad, foreigners, and foreign nationals residing in Kenya (refer to Sidian Bank for details)

Transaction Process:

• Withdrawals:
  • All Sidian Bank branches
  • Mobile banking via SidianVIBE
  • Online Banking
• Deposits:
  • Direct deposit to account via sidian bank paybill number 111999
  • Pay Bill/Till to bank deposit
• ATMs (charges may apply)

6. Project Account

The Sidian bank project account is a current account ideal for project management committees, government entities, churches, and Non-Governmental Organizations (NGOs).

Project Account Key Features & Benefits:

• One free monthly e-statement
• Free access to online banking platform
• Salary processing platform (negotiable fees)
• Dedicated relationship manager for personalized service
• Available in Kenyan Shilling (KES), US Dollar (USD), British Pound (GBP), and Euro (EURO)
• Corporate internet banking access
• Deposits via Pay Bill/Till to bank deposit
• Free inward Real-Time Gross Settlement (RTGS) transactions
• Inward Electronic Funds Transfer (EFT) fee: KES 100.00
• Cheque book facility (subject to terms)
• Direct deposit to account via sidian bank paybill number 111999

Project Account Terms & Conditions:

• No opening balance required
• No ledger fees
• No minimum balance requirement
• Unlimited daily deposits and withdrawals
• Deposits cannot be made in cash

Project Account Fees & Charges:

• All fees and charges are subject to a 20% excise duty.
• Over-the-counter (OTC) withdrawal fee: KES 100.00

Transaction Process:

• Withdrawals:
  • All Sidian Bank branches
  • Online Banking
• Deposits:
  • Pay Bill/Till to bank deposit
  • Direct deposit to account via sidian bank paybill number 111999

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7. Sidian Advocate Account

The Sidian Advocate Account is a comprehensive financial solution designed specifically for lawyers (advocates) to help them manage their finances effectively.

Sidian Advocate Account Key Features & Benefits:

• Dedicated relationship manager for personalized service
• Available in Kenyan Shilling (KES), US Dollar (USD), British Pound (GBP), and Euro (EURO)
• Free inward Real-Time Gross Settlement (RTGS) transactions
• Corporate invoice discounting to improve cash flow
• Access to overdraft facilities
• Preferential rates on Professional Indemnity (PI) insurance premiums
• Competitive interest rates on fixed and call deposits
• Cheque book facility (subject to terms)

Sidian Advocate Account Terms & Conditions:

• Opening balance: KES 2,000.00

Sidian Advocate Account Fees & Charges:

• All fees and charges are subject to a 20% excise duty.
• Ledger fee:
  • KES 300.00 for the first 15 transactions and KES 20.00 for each additional transaction (applicable to accounts with balances below KES 500,000.00)
• No ledger fees for accounts with balances above KES 500,000.00