SBM Bank Kenya Limited offers a range of financial solutions for individuals, businesses, and corporates. From overdraft facilities to Platinum Saver accounts, loans, and fixed deposits, SBM Bank provides flexible banking options tailored for Kenyan customers. This guide explains how each product works, eligibility, fees, interest rates, and how to access them digitally or through branches.
Overdraft Accounts in Kenya: How SBM Bank OD and TOD Loans Work
What is an Overdraft (OD) Loan?
An overdraft (OD) loan is a short-term borrowing facility linked to your SBM Bank account. It allows you to withdraw funds beyond your account balance up to a predetermined limit. Interest is charged only on the amount overdrawn, making it ideal for managing cash flow changes.
What is a Temporary Overdraft (TOD) Loan?
A Temporary Overdraft (TOD) is designed for very short-term needs. It comes with a fixed limit and repayment period, usually days or weeks, making it suitable for unexpected expenses requiring immediate funding.
Eligibility
OD and TOD loans are available to individuals, small and medium enterprises (SMEs), and corporate customers.
Fees and Interest
- Overdraft and TOD loans may attract fees for each transaction covered.
- Delayed repayment can result in additional interest charges.
How to Access and View OD/TOD Details
Customers can view overdraft details via the Mfukoni Mobile Banking App or Online Banking:
- Log in to Mfukoni App/Online Banking
- Navigate to Accounts > OD Accounts > View OD/TOD Details
- Check account number, currency, OD/TOD limits, expiry dates, accrued interest, and status
If no OD account exists, a message will display: “Dear customer, you do not have any active OD accounts with SBM Bank.”
Contact for Assistance
- Phone: +254 709 800 000 / +254 730 175 000
- WhatsApp: +254 773 758 196
- Email: atyourservice@sbmbank.co.ke
- Social: X and Facebook @sbmbankkenya
- Branch visits are also welcome
Biometrics Login on SBM Bank Mfukoni App
What is Biometrics Login?
Biometrics Login allows secure access to SBM Bank accounts using fingerprint or facial recognition on the Mfukoni app.
How to Enable Biometrics Login
Android/Huawei App and iOS App:
- Log in using Mfukoni Pin
- Main Menu > Biometrics Login > Enable > Submit
- Receive pop-up confirming activation
- Log out and log in again to apply settings
Security and Device Requirements
- Biometric data is stored locally and not shared with SBM Bank.
- Only supported devices with fingerprint or facial recognition sensors can use this feature.
Troubleshooting
- You can still log in using your Mfukoni Pin if biometrics fail.
- Biometrics Login can be disabled or re-enabled via the app.
- Each device requires separate setup; lost or changed devices need new activation.
SBM Platinum Saver Account in Kenya: Benefits, Eligibility, and How to Open
What is the SBM Platinum Saver Account?
The Platinum Saver Account is designed to help individuals, businesses, or corporates earn high interest on their savings. It allows you to set financial goals and accelerate savings growth.
How to Open a Platinum Saver Account
- Mfukoni Mobile Banking App or Online Banking
- Log in, select Platinum Saver, choose goal, deposit amount, target date, and source of funds
- Confirm details and OTP to finalize
- Receive confirmation via pop-up and SMS
- Branch Visit
- Provide Kenyan ID or passport, visa or work permit (for foreigners), passport photo, KRA PIN, and completed FATCA forms if applicable
Account Requirements
- Opening balance: Minimum Ksh. 100,000 for 11% p.a interest; balances below Ksh. 100,000 earn 4% p.a.
- No minimum operating balance required
- Interest drops to 4% if balance falls below threshold or withdrawals exceed limits
Transactions and Deposits
- Not a transactional account; outgoing transfers like EFT, RTGS, or Pesalink unavailable
- Internal transfers to SBM current account allowed
- Deposit via Mfukoni App, branch, M-Pesa Paybill (552800), RTGS/EFT, telegraphic transfer, or cheque
Borrowing and Eligibility
- Borrow against savings; lien marked until loan cleared
- Available for children, youth, individuals, businesses, and joint account holders
Interest and Tax
- Withholding tax of 15% applies on interest earned
SBM Bank Loan Accounts: Types, Statements, and How to Apply
What is a Loan?
A loan is money provided by SBM Bank to individuals, businesses, or corporates, repayable with interest.
Types of Loans
SBM Bank offers loans for individuals, businesses, and corporates. Details are available under the bank’s “For You” sections online.
Loan Statements and Online Access
- Access via Mfukoni App/Online Banking: Accounts > Loan Accounts > Loan Statements
- Download formats: PDF or Excel
- Statement includes disbursed amount, payments, balance, accrued interest, and arrears
Loan Application
- Online applications are under development
- Visit your nearest branch to apply
Loan Calculator
- Estimate interest, monthly installments, and total repayment
- Final terms depend on credit rating and security
Fixed Deposit Accounts at SBM Bank Kenya: How They Work
What is a Fixed Deposit?
A Fixed Deposit (FD) is a savings product where you deposit money for a set period at a fixed interest rate.
Opening an FD
- Use Mfukoni App or Online Banking: Accounts > Fixed Deposits > Create FD
- Select source account, tenure, and amount, confirm with OTP
- Receive notification of principal, interest, and maturity date
Key Features
- Minimum balance: Ksh. 50,000
- No top-ups; create a new FD for additional deposits
- Early withdrawal forfeits interest
- Maturity: Principal plus interest credited to source account
- Interest taxed at 15% withholding tax
- Account available to children, youth, and joint holders
- Non-transactional; cannot perform payments or transfers
- Borrowing against FD allowed; funds inaccessible until loan cleared
Summary
SBM Bank Kenya offers comprehensive banking solutions tailored for individuals, SMEs, and corporates. Key products include:
- Overdraft and Temporary Overdraft Loans: Short-term flexible borrowing with fees on usage and interest on overdrawn amounts
- Biometrics Login: Secure fingerprint or facial recognition access via Mfukoni app
- Platinum Saver Account: High-interest savings for goal-oriented customers with Ksh. 100,000 threshold
- Loans: Various products with online statement access and loan calculators
- Fixed Deposits: Safe savings with fixed returns and flexible tenure
For more information, visit SBM Bank branches or contact the bank via phone, WhatsApp, email, or social media.
