Stanbic Bank Kenya has introduced an insurance-linked transactional salary account dubbed Smart Direct targeted at salaried individuals.
This is a Pay As You Go account, which means the customer only pays for what he/she uses on the account while transacting.
“We created this product with the needs and aspirations of a mid-level salaried employees in mind, hence it offers 24/7 access to funds through free internet and mobile banking, ability to transact online and at points of sale , creating convenience for the customer,” Stanbic Bank Head of Personal and Business Banking Adam Jones said.
The account attracts a minimum opening balance of Sh1, 000 with no minimum operating balance and offers a transactional banking which enables the account holder to do payments through cheques, bank transfers, debit card payments, drafts or online transfers.
Apart from offering everyday banking services the account holder also gets an income protection cover at a monthly fee of Sh100, with a waiting period of 6 months (the period one should have purchased the income protection plan before they can access it). The waiting period is however waived for existing customers.
“Income protection comes in once the customer loses their job on retrenchment terms only. They are paid 70% of their net salary for 3 months. The monthly premium of Sh100 also gives the account holders access to funeral and life insurance (death) cover,” he said.