Postbank is primarily focused on the mobilization of savings for Kenyan citizens with the aim of achieving national development. Individuals and groups can make deposits to their accounts even through their mobile phones and access a couple of services. Also, the financial institution leverages on technology to ensure they deliver affordable and cost-effective financial services. Here is a coverage of all the Postbank Kenya services.
Postbank Kenya history dates back to 1910 when it was established and placed under the regulation of the Kenya Post Office Savings Bank Act Cap 493B. At the moment, similar services were being offered in different countries of the East African region. In 1977, the EAC broke up, and this led to the establishment of the country’s savings bank by the Kenyan Government. The financial institution is owned entirely by the government, reporting directly to the ministry of finance.
Throughout the period, Postbank has evolved with the changing needs of the Kenyan saver and thus has a couple of services tailored for different consumer groups. Here are the different types of accounts that you can open with Postbank and they vary according to the service you need.
Bidii Savings Account for the employed saver
This form of savings account allows you more flexibility when it comes to account transactions. With it, you also get additional flexible options to help you run various types of accounts such as Personal Account for yourself, Joint account for two or three individuals, and Trust Account that you can open for anyone below the age of 18. Note that the party under the Trust Account must be under the care of a company, Public Trustee, or any body that is legally constituted.
Here are some of the benefits of this account:
- Pocket-friendly opening balance of Sh. 600
- No ledger/maintenance fee
- A lower minimum operating balance (Sh. 200)
- Tax-free interest
- Paperless banking
Grow your savings with the Akiba Savings Account
This is an account meant for savings only and any Kenyan above the legal age can open it. Akiba Savings Account does not require you to have a Postbank Kenya ATM, and its operations are carried out exclusively over the counter. Instead of the ATM, you will be issued with the account details card.
Here are the benefits:
- Affordable opening balance
- No monthly charges
- Tax-free interest
- Fast services without having to queue
- Access to funds from 98 countrywide branches
Enjoy the convenience of Postbank mobile banking by opening an M-Sawa Account
M-Sawa refers to the mobile phone account that you can open with Postbank. All you will be required to do is open your account from your handset, and you will be able to check your balance. Moreover, you can deposit, withdraw, and transfer funds regardless of your location.
Basically, this is one of those Postbank Kenya services that brings the convenience of a bank right on your palms; but how do you open it?
How to open your Msawa Account:
- From your handset, navigate to the Mpesa menu then tap on Lipa na Mpesa
- Select the option ‘Pay Bill’
- Enter 200999 as the business number, and press OK
- You will be prompted to enter an account number. Here, you will key in the initials ID and your national ID number without entering a space. For instance, it may read ID123456789. Notably, neither the Alien Card nor Passport numbers can be used.
- Next, you will enter the deposit amount that you intend to transfer to your Postbank account (a minimum of Sh. 10) then key in your Mpesa PIN. A confirmation message will be displayed, and if the details are correct, you will press OK
- You will then receive a message from Mpesa to confirm that the amount has been transferred to Postbank.
- Once they have verified all your identification details, you will get a message from Postbank to confirm both the account and PIN numbers
Now, your account is active and you can carry out deposits and withdrawals
Save as you earn with the SAYE account
Also known as Save As You Earn, this account lets you save today as you build your tomorrow. If you are one of those who aspire to fulfil their future goals, then this is for you. This simple savings plan offers you the opportunity to keep money for your future needs or aspiration. This type of account is similar to those of Bidii Savings a/c, and you can use any method to deposit your cash. These include the standing order/check-off system, cheque/cash deposits, and using the Paybill number.
Here are its benefits:
- Tax-free interest.
- No maintenance or ledger fees.
- Flexibility as you can operate several contracts simultaneously.
- Mature contracts can be rolled over.
- In case of emergency, you can make premature payments.
M-Chama Account for group savings
The product service targets both unregistered and registered groups that satisfy any of the conditions below:
- The group has been registered officially by the government under the Society Act, and whose operations are regulated through by-laws.
- The group was introduced by a Non-governmental organization that has signed a Memorandum of Understanding.
Here are the entry requirements that you must fulfil:
- Your group must have by-laws or, even better, a group constitution.
- Registered chamas must issue a valid Certificate of Registration.
- Unregistered groups should have a Letter of Introduction issued by the NGO.
- A resolution or Minutes that caption the agreement to create a Postbank account.
- Valid identification documents, both copies, and originals, of group officials.
- List of the members in the group with their names, national ID number, phone number, and signatures/thumb marks
Benefits of opening an M-Chama Account with Postbank
- It ensures fund security to group members
- Facilitates transparency in the way the group funds are managed. Usually, the designated group members receive messages in their phones to reinforce accountability
- Members enjoy convenient and secure access to group funds at any time of the day through their phones
- Group members can withdraw or deposit funds at any of the Postbank branches, Mpesa outlets, and Mashinani agent.
- The opening and operating balances are flexible
- Group officials get personalized cards exclusively for over the counter operations
- You are not limited to the number of withdrawals you can make. Except for ATMs, you can withdraw as many times as the available account balance can support
- You are also free to deposit as many times as you can at no extra cost
Be a financially aware teenager with the Postbank Smata Account
This account is specifically tailor-made for individuals below the age of 18. Savers aged between 12 and 18 years can operate the account with minimal supervision and can even own an ATM card with their names on it.
Benefits of having a Smata Account:
- Savers get an ATM card for free
- The account opening balance is affordable
- Keeps students abreast with financial information hence promoting a saving culture
- Encourages the younger generation to control their expenditure and embrace financial budgeting
STEP Account for visionary youths
This account is designed for students and youths between the age of 18-28 years. The initials STEP stand for Smart, Trendy, Electronic, and Portable. You only need an original and photocopy of your valid passport or ID and an opening amount of Sh. 200. Here are the benefits of having the account.
- Free ATM card (Visa).
- Free deposits.
- Branchless banking.
- A convenient account that is also easy to maintain.
Save every payday with the Bidii Salary Account
Whether in the private or public sectors, all employees with a guaranteed monthly income can open a Bidii Salary account. Here are the benefits of having one:
- A one-off Sh. 400 debit card processing fee
- No maintenance/ledger fee
- Access to your funds at any time of the day through Postbank, Visa, and Kenswitch enabled ATMs.
- The monthly salary processing fee is affordable
- You get your annual bank statement for free
- You are not limited to withdrawals
Akiba Pension Account for retirement benefits
Through this bank account, the savers get to experience the ultimate experiences in both financial planning and saving. Here are the benefits:
- No ledger or maintenance fees
- No operating and opening balances
- You can operate the account conveniently from any part of the country
- Free Visa debit card
Waridi Savings Account for empowered ladies
This account is only for ladies above the age of 18 years. Users get to enjoy benefits such as:
- Untaxed preferential interest rates.
- Pocket-friendly operating balance (Sh. 100).
- Discounted transactional fees.
- You get a free bankers check after one year.
- A free annual bank statement.
- Qualification for Postbank Kenya loans (Jijenge) after operating the account for six months.
- Unlimited transactions at Mashinani outlets and Postbank branches.
- Savers have the option of internet and mobile banking services.
Pamoja Group Acount for ambitious chamas
Similar to M-Chama, this account is designed for registered groups and chamas interested in growth and investment through savings. Below are the benefits:
- Affordable, efficient, and fast banking
- Attractive untaxed interest
- Half yearly installments for free
- A bonus interest of 10 percent for interest earned
- A free bankers check every three months
- Flexibility with unlimited withdrawals
Postbank Kenya contacts
There are various Postbank services that you can access. If you have any questions, you can visit any of the numerous Postbank Kenya branches or reach them via the contact details provided below.
Postbank House, 16 Banda Street,
P.O Box 30311-00100, Nairobi.
Switchboard: 020 2229551-6
Help Desk 020 2803333/248/341/350
Mobile: +254716918999, +254734856353
Email: [email protected]
Alternatively, you can visit the Postbank Kenya website for any other information.
Do you think opening an account with Postbank would be worth it? Share your comments about Postbank Kenya services with us in the comments section below.
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