Kenyans seeking to access premium banking services at the Standard Chartered Bank now need to have a minimum balance of Sh. 4 million, monthly deposits of Sh. 4 million or a mortgage of Sh. 12 million.
Customers seeking these services without meeting the requirements will now be downgraded at the end of the year.
“To continue enjoying your priority banking status and benefits, we encourage you to maintain one of the above criteria. Should you not qualify for priority banking at the end of this year, we will migrate you to premium banking where a premium executive will be at hand to assist you with all your banking needs,” Stanchart said in a communication to its customers.
Stanchart closes accounts of small businesses with less than Sh. 10 million
According to the bank, these premium services are part of its priority banking program, in which prospective account holders are required to have a monthly net salary of Sh. 300,000.
“The goal of Priority Banking is to grow the client’s wealth. The exercise of assessing clients is completed annually. There has not been a change of this criterion for at least 10 years. Clients are encouraged to have Asset Under Management in Investments or Deposits or both of Sh. 4 million and above or home loan of Sh. 12 million and above,” Paul Njoki who is the Stanchart head of wealth management said.
He adder that the bank is effecting these changes in a bid to align correctly with its clients’ needs.
“This entails reviewing the products that we offer in alignment with market changes to ensure the client receives the best experience with our bank. We recently wrote to our clients to update them on enhancements to the Priority category, which is an exercise we undertake every year,” said Njoki.
“We, therefore, invite clients to have detailed conversations with their relationship managers and to agree on the best outcome based on the client’s needs and aspirations. I would emphasize ‘aspirations’ as the Priority relationship is geared to achieving the client’s life goals.”
