Institutional Banking
Our Institutional Banking business targets non-borrowing Corporates and Not-for-Profit Institutions and Organizations including:
- Local and International Non-Governmental Organizations
- Donor-funded Government Parastatals
- Donor-funded Government Ministries
- Diplomatic Missions and their affiliate Donor/Aid entities
- Faith-Based Organizations
- Local and Multinational Corporate Organizations
Our focus is on meeting the cash management and service delivery needs of this key market segments by placing great emphasis on and attention to:
- Our responsiveness and solution-driven approach to our customers’ needs
- Comprehensive range and quality of our product offering
- Relationship banking that ensures delivery of superior and genuinely personalized service
- Our commitment to technologically driven financial solutions
Institutional banking Accounts enjoy the following special features:
1. Interest on Current Account
The Bank pays interest on both your Local and Foreign Currency denominated current accounts.
2. Concessions on Current Account Charges
The Bank fully waives the following charges, which would normally be levied on the accounts:
- Monthly ledger fee
- Opening and minimum balance requirements
- Periodic Bank statement production (daily, weekly, monthly)
- Over the counter cash handling fee
- Third party encashment fee (for agents introduced to the bank)
- Incoming SWIFT transfer charge
- Incoming Real Time Gross Settlement
- Online Banking set-up fee
- Orchard Premium Savings Account
The Bank pays monthly tiered interest on both local and foreign currency denominated Orchard Premium Savings Accounts where the required minimum balances are maintained throughout the month.
- Call and Fixed Deposits
We offer market competitive interest rates on both Kenya Shilling and Foreign Currency Call and Fixed deposit placements. We shall be pleased to quote favourable rates should you wish to place funds with NIC Bank.
- Preferential Foreign Currency Conversion Rates
Our Treasury Dealers, equipped with the latest Reuters Dealing, 3000Extra screens and Bloomberg used to monitor real time movements in both local and international markets, offer customized solutions to help you manage your Foreign Exchange transactions thus hedging against losses due to Forex rates fluctuation. We quote special competitive foreign exchange rates for all foreign currency conversions for our Institutional Banking customers.
- Transfer and Receipts of Funds: Inward and Outward Remittances
The Bank maintains an extensive Global network of first class Correspondent Banks covering all major worldwide financial centres and currencies. This solid network of corresponding banks ensures that our services are benchmarked to international standards.
The Bank is also a member of and utilizes S.W.I.F.T. the funds transfer system, which ensures that all your remittances, both inward and outward, are processed in a secure and fast manner. All incoming transfers are monitored on a daily basis with prompt notification to our customers on each receipt of funds to their accounts. The Bank will not levy any charge to receive and credit your account with the value of the remittance.
